Brokers' take
ST Engineering | buy Fair value: S$4.00 Feb 7 close: S$3.28 OCBC Investment Research, Feb 7
Singapore Technologies Engineering (STE) announced in Jan 18 that its aerospace arm (ST Aerospace) and electronics arm (ST Electronics) secured new contracts worth S$510 million and S$742 million in Q4 2017, respectively. These contract wins bring the total new orders received in FY17 for ST Aerospace and ST Electronics to S$2.8 billion and S$2.2 billion, respectively.
Looking ahead, with the first converted aircraft redelivered, we expect the costs associated with the learning curve of converting this first A330-300 passenger aircraft to freighter for DHL to progressively decline for the rest of the conversion.
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