Raising Our ST Engineering FVE to SGD 4.36 on Improved Capital Efficiency
After fine-tuning our earnings and capital efficiency assumptions for narrow-moat Singapore Technologies Engineering, and to reflect contributions from the proposed purchase of Belgian satcom company Newtec, we raise our fair value estimate to SGD 4.36 per share from SGD 3.76. We like the acquisition of Newtec and expect its contribution to raise revenue growth for STE’s electronics arm to 10% from 9% over our explicit five-year forecast period. Coupled with the acquisition of MRA Systems, which...Singapore Technologies Engineering is an investment holding company. Co. and its subsidiaries have four business sectors: Aerospace, which provides a range of aircraft maintenance, engineering and training services for both military and commercial aircraft operators; Electronics, which engages in the design, development and integration of electronics and communications systems; Land Systems, which delivers integrated land systems, specialty vehicles and their related through-life support; and Marine, which provides customised shipbuilding, repair and conversion services to both naval and commercial vessels, at Co.'s yards in Singapore and the U.S.
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