- We initiate coverage on ST Engineering with a BUY recommendation and discounted cash flow target price of S$4.50.
- Singapore stepped up defence and security spending by 12% and 17% in FY21 and FY22, respectively. This is expected to rise further, fuelled by heightened geopolitical tensions and cybersecurity threats, providing revenue visibility for ST Engineering. Total contracts won for defence and security in 1H23 is 20.9% higher than the whole of FY22.
- - Read this at SGinvestors.io -
- TransCore’s acquisition is on track to be earnings accretive from 2H23e, we believe, leading to a positive FY23e EBIT for the urban solutions and Satcom division.
About ST Engineering
- - Read this at SGinvestors.io -
- Though ST Engineering has built a reputation in strong research and development capability in advanced defence and mobility technologies, about two-thirds of revenue is derived from commercial projects.
- ST Engineering’s operations are grouped under three divisions:
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Peggy Mak Phillip Securities Research | https://www.stocksbnb.com/ 2023-09-26
Read also Phillip's most recent report:
2024-11-19 ST Engineering - Revenue Momentum Intact.Previous report by Phillip:
2024-08-18 ST Engineering - Broad-based Growth.Price targets by 4 other brokers at ST Engineering Target Prices.
Listing of research reports at ST Engineering Analyst Reports.
Relevant links:
ST Engineering Share Price History,
ST Engineering Announcements,
ST Engineering Dividends & Corporate Actions,
ST Engineering News Articles
