ST Engineering

ST Engineering: Announced that it won $446m of orders my marine division in 4Q13, for logistics management, maintenance, major upgrade and conversion projects, which would be carried out at its Singapore shipyards. This is a significant number contrasting 2012’s marine order win of $492m. However, these contracts are no material to ST Engineering’s overall earnings, where MKE estimates $3b worth of contracts was awarded in 2013. MKE has a Hold on this stock at TP: $4.21, citing an expensive 20x FY14e P/E