SINGAPORE (Oct 6): Investors should take advantage of ST Engineering's post-results price declines, says OCBC, arguing that a selloff that started after the firm reported earnings in mid-August has created value.

OCBC notes that ST Engineering's shares fell to their lowest since mid-2012 in August, which it says was sparked by a general market selloff and rising interest rate concerns.

"Although STE's share price has since recovered somewhat to around $3.00, we believe that valuations around current levels are looking more interesting and less demanding," OCBC says, upgrading its rating to buy from hold and leaving its fair value estimate unchanged at $3.33.

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