DBS Group Research analyst Suvro Sarkar has upgraded SIA Engineering Company (SIE) and Singapore Technologies Engineering (ST Engineering) to “buy” after Singapore announced additional support measures for companies in the aerospace, aviation, and tourism sectors to cope with the Covid-19 pandemic.
Sarkar has also increased his target prices for SIE and ST Engineering to $2.40 and $3.80 respectively.
On August 17, Singapore Deputy Prime Minister Heng Swee Keat announced that the Jobs Support Scheme (JSS) will be extended by another seven months to March 2021, with firms in the aerospace sector receiving up to 50% in wage support.
