ST Engineering’s Purchase of GE’s MRAS Should Lift Our FVE to SGD 3.68
We think Singapore Technologies Engineering’s, or STE’s, purchase of MRA Systems, or MRAS, is positive, with returns looking to be accretive and cash flow contribution positive, leading to a rise in our fair value estimate to SGD 3.68 from SGD 3.60. Our revised fair value estimate factors in the ramp-up in the delivery of the Airbus A320neo, for which the nacelles produced by MRAS jointly with Safran are the sole source for the CFM Leap-1A engine. We also include MRAS’ underfunded pension into o...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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