While DBS’s target price is based on a blended valuation framework and includes a 20% merger and acquisition (M&A) / privatisation premium, Phillip lower target price compared to $3.57 previously gives an implied FY19E forward P/E multiple of 22 times.
SINGAPORE (July 20): DBS Vickers Securities and Phillip Capital are maintaining “buy” and “accumulate” calls on SIA Engineering (SIA EC) with the respective target prices of $3.92 and $3.56.
This comes after SIA EC recorded earnings of $40.5 million for the 1Q ended June, representing a 10.4% increase from a year ago.
