ST Engineering's Outlook Remains Upbeat -- Market Talk

Dow Jones05-06

0313 GMT - ST Engineering's latest contract win to modernize Singapore's public buses is set to add to the company's high orderbook of S$27.4 billion, RHB Research analyst Shekhar Jaiswal says in a note. The contract win implies a book-to-bill ratio of 2.7 years for the engineering and technology group, he adds. The company's recent share price weakness could be related to concerns over its leverage and market expectations for higher-for-longer rates, the analyst says. However, RHB sees limited earnings risk as only 38% of its debt is exposed to floating rates. RHB remains upbeat on the company, which offers defensive dividends of S$0.04 per quarter and strong profit growth. The brokerage keeps its buy rating on the stock with a target of S$4.50. Shares were at S$3.95.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

May 05, 2024 23:13 ET (03:13 GMT)

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However, RHB sees limited earnings risk as only 38% of its debt is exposed to floating rates. RHB remains upbeat on the company, which offers defensive dividends of S$0.04 per quarter and strong profit growth. The brokerage keeps its buy rating on the stock with a target of S$4.50. 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