ST Engg: orderbook update.
Its aerospace unit secured over $260m worth of new maintenance contracts in 2Q, for terms ranging btwn 3-12 mths each to be carried out in the Americas, Asia-Pac and Europe. This does not include a recently announced 20-yr logistics support contract for 12 M346 aircraft worth ~$50m.
In 2Q, STE redelivered 114 aircraft for maintenance and modification work, as well as 62 engines and 14k components for other customers. The co also launched line maintenance services for TransAsia Airways at Changi Airport.
Stock currently trades at 18X P/E.
The majority of Street has Buy ratings with recent TP ranging btwn $3.28-3.90.
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