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RHB keeps ST Engineering as defensive stock amid uncertain economic outlook

Chloe Lim
Chloe Lim5/23/2022 12:2 PM GMT+08  • 3 min read
RHB keeps ST Engineering as defensive stock amid uncertain economic outlook
Photo: TransCore / ST Engineering
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RHB Group Research Shekhar Jaiswal has kept a “buy” rating on ST Engineering with a target price of $4.80.

For 1QFY2022 ended March, ST Engineering reported in-line revenue of $2 billion, some 13% higher y-o-y, with all segments - commercial aerospace (CA), urban solutions & satcoms (USS) and defence & public security - booking growth.

ST Engineering’s CA revenue rose to $674 million, up 22% y-o-y, at 26% of Jaiswal’s FY2022 estimate, while USS revenue increased by 12% y-o-y to $297 million, 23% of the analyst’s 2022 estimate.

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