Brokers' take

ST Engineering | Buy (maintained) May 22 close: S$3.92 Target price: S$4.45 RHB Research Institute, May 22

Amidst strong order wins by its Aerospace and Electronics businesses during Q1, ST Engineering reported an outstanding order book of S$14.1 billion as at end-March 2019, a a record high. It also offers two years of revenue visibility.

ST Engineering expects to recognise S$4.2 billion of its order book as revenue over the next three quarters. This provides scope for organic revenue growth and accounts for 76 per cent of our estimated revenue for the rest of 2019.