SINGAPORE (March 2): UOB KayHian has upgraded ST Engineering to “buy” with a higher target price of $3.28 from $3.25 previously.

The brokerage says it is positive on the outlook of the company, which provides engineering solutions to the aerospace, marine, land systems and electronics industry.

“While [recent] earnings were lacklustre, we believe that Singapore Technologies' diversified business and enhanced capabilities lower the risk profile of the firm, as compared with other industries,” it says.

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