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ST Engineering (S63.SG) is up 0.6% at $3.31 after it says its aerospace arm clinched around $320 million worth of new contracts in 4Q.
The company says the contracts, which range from 3-12 months in duration, include new components and engine maintenance contracts, as well as airframe contracts involving heavy maintenance checks, passenger-to-freighter and passenger-to-passenger/cargo conversions and interior refurbishments.
The company says the contracts, which range from 3-12 months in duration, include new components and engine maintenance contracts, as well as airframe contracts involving heavy maintenance checks, passenger-to-freighter and passenger-to-passenger/cargo conversions and interior refurbishments.
The company does not expect these to have any material impact on NTA, or EPS for the current FY. OCBC says ST Engg’s Aerospace business contributed 34% of 9M10 revenue of $4.37 billion, and made up 42% of PBT of $433.9 million.
“STE currently has an order book of some $10.8 billion (at 30 Sep. 2010), with $1.2 billion expected to be delivered in 4Q10,” it says.
The house puts its Buy rating, and $3.68 fair value under review due to a change of analyst. ST’s stock rose 2.0% on November 9, after announcing 3Q contracts worth around $370 million. N/T cap is tipped at $3.39.
