ST Engineering: (S$3.06) 1Q16 bolstered by new aerospace acquisition; fairly valued
- Net profit of $110.2m (-15%) trailed estimates.
- Revenue grew 8% largely from acquisition and higher value project milestone completions.
- Order book dipped slightly to $11.5b (end-FY15: $11.7b).
- Trading at 18.3x forward P/E against its historical 13-24x range and 3.3% dividend yield.
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