STE's Marine Losses Dampen General Improvement in Other Segments; Our FVE Rises to SGD 3.36
Our cash flow forecasts and assumptions for ST Engineering, or STE, are little changed following the company's full-year 2017 results, which reflect continued marine segment challenges offset by lower taxes. The reduction in the U.S. corporate tax rate to 21% from 35% helped lift land systems segment income by around SGD 20 million on a write-back of deferred tax liabilities. Given mainly tax-related adjustments to our cash flow forecasts, our fair value estimate rises slightly to SGD 3.36 from ...
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