We Reinitiate Coverage on ST Engineering, Keeping Our Narrow Moat Rating but Raising Our FVE
We reinitiate coverage on Singapore Technologies Engineering, or STE, with narrow moat and stable moat trend ratings and a fair value estimate of SGD 3.30. We believe STE’s moat is underpinned by the intangible assets it derives from being Singapore’s main defense contractor, while some of its command and control, satellite telecommunication and surveillance products also enjoy switching costs. Its geographically diversified aircraft maintenance, repair, and overhaul service facilities, along wi...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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