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ST Engineering poised for 'next leg up', indirectly benefits from US uncertainties

Benjamin Cher
Benjamin Cher6/17/2019 08:00 AM GMT+08  • 8 min read
ST Engineering poised for 'next leg up', indirectly benefits from US uncertainties
(June 17): For months, stock markets have been in choppy waters, no thanks to the multi-pronged trade wars started by the US. The Singapore market, facing prospects of a sharp economic slowdown, has suffered as well.
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(June 17): For months, stock markets have been in choppy waters, no thanks to the multi-pronged trade wars started by the US. The Singapore market, facing prospects of a sharp economic slowdown, has suffered as well.

Amid the volatility, investors have fled to the relative safety of Singapore Technologies Engineering, which traded at a 52-week high of $4.10 on June 11. Year to date, it has gained 17.2% versus the Straits Times Index’s 4.75% rise in the same period.

Of the 30 component stocks in the STI, analysts are the most positive on this stock. According to Bloomberg data, ST Engineering has the biggest proportion of “buy” calls compared with other index stocks. Just two analysts, Royston Tan of Daiwa and Lorraine Tan of Morningstar, have “hold” calls on the stock; the remaining 13 rate it a “buy” or equivalent. Their price targets range between $3.90 and $4.70. Daiwa’s and Morningstar’s price targets are $4.07 and $4.36, respectively.

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