We Raise Our ST Engineering FVE on Improved Capital Efficiency
Although Singapore Technologies Engineering's full-year revenue growth came in slightly below our forecasts at 2.7%, we are pleased with net profit growth (excluding one-off charges) of 9.2% year over year, helped primarily by a cyclical upswing in the marine and land businesses. We've increased our fair value estimate slightly to SGD 3.76, mainly due to a stronger recovery for the marine and land segments. We remain positive on the long-term outlook for the company as it moves up the value chai...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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