RHB Group Research analyst Shekhar Jaiswal has kept “buy” on Singapore Technologies Engineering (ST Engineering) with a target price of $4.85, as he deems the group as preparing for its “next leg of growth”.

To Jaiswal, the group’s defensive business model has enabled it to deliver “credible earnings” in the FY2020 even though the Covid-19 pandemic has delayed the achievement of its growth targets that were set in 2018.

To this end, ST Engineering has identified new 2026 targets for its reorganised business. The group has indicated that it intends to grow its annual revenue at two to three times the global GDP growth, to over $11 billion by 2026.

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