ST Engineering - Defensive growth | I3investor

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ST Engineering - Defensive growth

StockFanatic

Publish date: Wed, 17 Jun 2015, 01:43 PM

Deliveries of new generation airframe and engines, as well as OEM's after-sales service, were investors' top concerns during our recent one-week NDR in Toronto and the US. We believe demand for airframe MRO will be firm in the medium term, backed by ageing fleet, extended operational life of older aircraft on lower oil prices. Engine shop visits could surge by 2016, as maintenance cannot be deferred indefinitely.

We see recent share price weakness as a buying opportunity. STE is trading below its 7-year mean (19x). Potential catalysts include sizeable contract wins in electronics and stronger MRO demand. Maintain Add and target price, based on blended P/E, DCF and dividend yield valuation.

ST Engineering (S63)

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