SIA Engineering: CIMB maintains O/p with $4.56 TP. Note that SIA Engineering has all the ingredients of a quality stock: stable earnings growth, high ROEs, net cash, attractive div yields and undemanding valuations against peers.
House peg a higher P/E of 15x in blended valuation following a more positive outlook for its MRO business. This has resulted in a higher target price of $4.56. Maintain Outperform rating, with catalysts anticipated from strong earnings growth.
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