ST Engineering's 1Q Shows Decent Improvement in Core Earnings, No Change in Our View
We keep our fair value estimate of ST Engineering, or STE, at SGD 3.40 following a decent first-quarter performance that was largely in line with our estimates. The adoption of SFRS(I) makes year-over-year comparisons less exact but we think STE should be on track to meet our full-year net profit forecast of SGD 579 million, which represents 13% EPS growth. First-quarter net profit of SGD 118 million grew 18% year over year under the accounting adjustment. Our forecasts factor in an improving op...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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