RHB Group Research analyst Shekhar Jaiswal is maintaining his “buy” call on Singapore Technologies Engineering (ST Engineering), as the group announced its contract win on Sept 2.

The contract, worth $180 million, will see the consortium by ST Engineering and Siemens Mobility renewing and modernising the communications system for Singapore’s MRT and LRT lines.

On this, Jaiswal has kept his target price unchanged at $4.50, representing a 19% upside to the group’s last-closed share price of $3.77 as at Sept 9.

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