Singapore Stock Market News
ST Engineering - Investor Day Takeaways: Capacity for growth
StockFanatic
Publish date: Mon, 26 Mar 2018, 06:27 PM
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● ST Engineering aims to leverage on its track record in Singapore to pursue Smart City and defence export opportunities, with a target to more than double Smart City revenue of S$1 bn in 2017 by 2022.
● Based on our estimates, STE's revenue could potentially grow from S$6.6 bn in 2017 to S$10.1 bn in 2022, representing fiveyear revenue CAGR of 8.7%, and lead to 2020 revenue being 12% above consensus estimates.
● Maintain OUTPERFORM. Our target price of $4.00 is based on a DCF with near-term revenue growth of 5-6%. In a scenario where STE achieves revenue growth of 9% p.a. through 2022 and maintains margins, share price could reach $5.10. Combined with a stable dividend payout implying dividend yield of 4.3%, total shareholder return could reach 12.3% per annum.
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