Singapore Stock Market News
ST Engineering - 2Q18: Mounting up its wings
StockFanatic
Publish date: Mon, 13 Aug 2018, 01:42 PM
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■ 2Q18 net profit of S$117m missed our S$130m forecast due to one-off interest for early redemption of US$500m bond and weaker-than-expected Miltope performance.
■ Aerospace was the star with 26% yoy growth in 2Q profit, lifted by S$9m of divestment gain and sustainable upcycle of stronger repair for CFM engines.
■ Electronics is milking the smart nation, cyber security and urbanisation trend, with a 20% yoy growth in profit. Aero and Electronics made up >80% of STE's 2Q profit.
■ DPS of S$0.05 (flat yoy) was declared. Maintain Add and S$3.80 TP. Read More
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