ST Engineering: CLSA feels that recovery is on the horizon.
- U/G to Buy from O/P, TP: $3.53 from $3.10
- Steady ship backed by orderbook of $11.7b and potential 4.7% yield.
- While headwinds in the Aerospace division remain, utilisation can improve from conversion and reconfig contracts
- On the electronics side, new launches can add to strong momentum
- Initiatives will help address weakness in Marine and Land division
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