Singapore Technologies Engineering Ltd (SG1F60858221) Singapore Daily -...
KEY HIGHLIGHTS Update Singapore Technologies Engineering (STE SP/BUY/S$3.73/Target: S$4.07): A more solid BUY with palatable valuation. TRADERS’ CORNER SATS (SATS SP): Trading Buy Thai Beverage (THBEV...
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We believe STE’s recent share price weakness was triggered by the core profitability miss of its 1H22 results. With STE now trading at 19.5x FY24 PE (based on our more conservative FY24 EPS estimate at...
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Compares key performance metrics against industry peers. [...]
View ArticleSingapore Technologies Engineering Ltd (SG1F60858221) Singapore Technologies...
9M22 revenue of S$6.5b was a slight miss, at about 69% of our full-year projection. Orderbook stood at a record high of S$23.1b (excluding the disposed US marine businesses) as of end-3Q22, 71% higher...
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KEY HIGHLIGHTS Results Singapore Technologies Engineering (STE SP/BUY/S$3.49/Target: S$4.07): 3Q22: Revenue a slight miss; ongoing review to uplift quality of group portfolio. TRADERS’ CORNER Singapore...
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GREATER CHINA Sector Property: CSRC resumes equity financing for developers; property industry seeing a key inflection point. Property Management: Sector re-rating continues on developers’ improving...
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GREATER CHINA Sector Healthcare: The fascinating laggards. INDONESIA Update Indocement Tunggal Prakarsa (INTP IJ/BUY/Rp13,725/Target: Rp17,900): 30% hoh volume recovery in 2H20 paved the way for...
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KEY HIGHLIGHTS Results StarHub (STH SP/HOLD/S$1.28/Target: S$1.35): 4Q20: Within expectations. 2021 to see stable earnings and a yield of 4%. ST Engineering (STE SP/HOLD/S$3.75/Target: S$4.00): 2H20:...
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Our credit view of this issuer reflects our expectation of very high government support, constrained by its execution and integration risks from ongoing overseas expansion. [...]
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2022 headline net profit of S$535m (-6.2% yoy) was helped by a number of one-off items. Core net profit of S$435m (+35.2%) was a miss, due to lower-than-expected margins of the CA and DPS segments. We...
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KEY HIGHLIGHTS Sector Banking: 4Q22 round-up: Scaling greater heights in dividend payout. Results ComfortDelGro Corporation (CD SP/HOLD/S$1.20/Target: S$1.29): 2022: Slight miss, riding into upcoming...
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GREATER CHINA Sector Consumer: A pause in the upward trend. INDONESIA Small/Mid Cap Highlights Pertamina Geothermal Energy (PGEO IJ/NOT RATED/Rp875): Leading the domestic geothermal energy companies in...
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Compares key performance metrics against industry peers. [...]
View ArticleSingapore Technologies Engineering Ltd (SG1F60858221) Singapore Technologies...
Our credit view of this issuer reflects the expectation of very high government support, against improving operating metrics, reducing leverage and good liquidity [...]
View ArticleSingapore Technologies Engineering Ltd (SG1F60858221) Singapore Technologies...
STE’s 1Q23 revenue of S$2.29b (+12.5% yoy) was broadly in line with our expectations, at 23.7% of our full-year projection. The stronger-than-expected contribution by CA was partly offset by the slight...
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GREATER CHINA Strategy Small-Mid Cap Biweekly: Positive on SOE reform; Qingdao Port International as an attractive play with low valuation. Sector Commodities: Weekly: Gold continues to shine amid...
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KEY HIGHLIGHTS Results ComfortDelGro Corporation (CD SP/HOLD/S$1.18/Target: S$1.27): 1Q23: Flat results in line; no upcoming catalysts. CSE Global (CSE SP/BUY/S$0.340/Target: S$0.420): 1Q23: Revenue in...
View ArticleSingapore Technologies Engineering Ltd (SG1F60858221) ... Singapore Strategy...
Our analysis of compensation in Singapore suggests that for 2022, companies were generally fair in remunerating their CEOs and board of directors. Compared with their net profit, YZJ, SingTel and SIA...
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1H23 headline net profit of S$281m was driven by the significantly improved core earnings (S$285m, +41% yoy), which formed 54% of our full-year forecast. The beat was due to exceptionally strong DPS...
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KEY HIGHLIGHTS Sector REITs: 3QFY23: FLT (in line); 2Q23: SASSR (in line). Results Bumitama Agri (BAL SP/BUY/S$0.560/Target: S$0.650): 1H23: Results beat our and consensus expectations, thanks to its...
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