Singapore Stock Market News
SIA Engineering - Positives priced in
StockFanatic
Publish date: Mon, 11 Nov 2013, 04:56 PM
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SIE still offers steady earnings growth and yields of 4.5%, backed by
net cash of S$495m. However, we believe its near-term positives have
been priced in, as its share price has nicely recovered since our
upgrade in Sep, now at 19x CY14 P/E, +1.5 s.d. above its 5-year mean.
1H14 core EPS was in line, at 49% of
our FY14 forecast. A 7 Sct interim
dividend has been declared, similar to
1H13 levels. We keep our target price,
still based on blended valuations (19x
P/E and DCF). However, we
downgrade the stock to Neutral from
Outperform in view of limited
catalysts for a further re-rating in the
near term.
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