SINGAPORE (Nov 19): OCBC Investment is upgrading ST Engineering to a “buy” with $3.22 fair value as the market has priced in most of the bad news and the group has an order book worth $12.2 billion.

ST Engineering reported a softer-than-expected set of 3Q15 results on 6 Nov, where revenue and core earnings both slipped 3% from a year ago.

Due to the still weak outlook for the Marine sector, it has also lowered its FY15 PBT guidance from comparable to lower than FY14.

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