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Analysts remain positive on ST Engineering given 'strong order wins' for 4QFY2021

Chloe Lim
Chloe Lim3/2/2022 11:25 AM GMT+08  • 4 min read
Analysts remain positive on ST Engineering given 'strong order wins' for 4QFY2021
Analysts are remaining positive on ST Engineering where it surprised positively with strong order wins in 4QFY2021 ($3.2 billion)
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Analysts are remaining positive on Singapore Technologies Engineering (ST Engineering), where it surprised positively with strong order wins in 4QFY2021 ($3.2 billion) and FY2021 ($11.7 billion), firming up the group’s order book to a record $19.3 billion.

CGS-CIMB Research analysts Lim Siew Khee and Kenneth Tan have kept their “add” rating on ST Engineering, with an increased target price to $4.70 from $4.54.

“ST Engineering’s 2HFY2021 net profit of $274 million (-7% h-o-h, +4% y-o-y) was in line with consensus but slightly below our expectations on lower h-o-h margins from commercial aerospace (higher investment and accelerated hiring) and urban solutions (chip shortage),” say Lim and Tan.

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