ST Engrg: Announced its land systems arm ST Kinetics has bagged a US$46m defence export order to supply its patented 120mm Super Raid Advanced Mortar System (SRAMS) to an unidentified overseas customer. The 120mm SRAMS is the first mortar system in the world with a recoil force of less than 20 tonnes when firing at maximum charge. Weighing only 1,200kg, it can be mounted on a variety of platforms. Delivery is expected to be completed by 2014. In Feb 08, ST Kinetics was also awarded a $45m contract to supply the SRAMS to a Mid-East customer.
The share currently trades at forward P/E of 17x, which lies in the mid-range of its 12-24x historical valuation range and offers an attractive dividend yield of 5.2%. The street has 9 Buys, 5 Holds and 2 Sell calls on this stock with a consensus price target of $3.13.
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