ST Engineering’s Marine Segment Is Still Waterlogged, but This Doesn’t Change Our Outlook and FVE
We retain our fair value estimate on Singapore Technologies Engineering, or STE, at SGD 3.30 following second-quarter results that fell short of estimates. We lower our 2017 net profit forecast by 6% to reflect losses at its marine segment, driven by provisions at its VT Halter Marine operations in the United States. Otherwise, our outlook is unchanged, with profitability in its key aerospace division improving in line with our expectations. This supports our narrow moat rating on STE, whose air...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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