Singapore Stock Market News
SIA Engineering - Emerging value
StockFanatic
Publish date: Wed, 18 Sep 2013, 11:44 AM
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SIA Engineering (SIE) is likely to benefit from stronger regional travel,
spurred by weak currencies. The share price has pulled back by 11%
from its peak in May, making it more attractive. We upgrade our
rating to Outperform from neutral.
We roll over our valuations to CY15
and upgrade our target price to
S$5.20, still based on blended P/E
and DCF. SIE is one of the top 10
non-REIT, high-yield Singaporean
plays that are in a net cash position
and has sustainable earnings growth
prospects. We raise our EPS by 2% in
FY16 based on higher growth in the
line maintenance business. The
catalysts are better-than-expected
earnings and dividends.
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