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Most analysts call ‘buy’ on ST Engineering, but Citi calls ‘sell’

Lim Hui Jie
Lim Hui Jie8/16/2022 02:55 PM GMT+08  • 6 min read
Most analysts call ‘buy’ on ST Engineering, but Citi calls ‘sell’
Citi has broken from consensus to hand a "sell" call to the stock
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Analysts from five brokerages have mostly given “buy” calls on Singapore Technologies Engineering (ST Engineering) after its 1HFY2022 results were released, except for one.

DBS Group Research, RHB Group Research, Maybank Securities, and CGS-CIMB Research have all maintained their “buy” calls, but Citibank has broken from the consensus to hand the stock a “sell” rating and target price of $3.49.

Citi analyst Jamie Osman says he reiterates his “cautious view” on ST Engineering, as he continues to see structural challenges to its core demand for its maintenance, repair and operations (MRO) segments ahead, while efforts to pivot to passenger to freighter (PTF) aircraft conversions face headwinds like cost inflation and skilled labour shortages.

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