SIAEC’s 1HFY2024 net profit of $59 million showed a 75% increase h-o-h and 83% increase y-o-y, which was largely in-line with expectations, forming 52% of the analyst’s forecast and 50% of Bloomberg’s consensus FY2024 forecast.
CGS-CIMB Research has kept its “hold” call on SIA Engineering (SIAEC) with an increased target price of $2.51 from $2.46 previously, while UOB Kay Hian has maintained its "buy" call at an unchained target price of $2.67, following the group’s 1HFY2024 results ended Sept 30.
In their Nov 3 report, CGS-CIMB analysts Kenneth Tan and Lim Siew Khee write that SIAEC’s current valuation appears fair at 20x its calendar year (CY) 2024 price-to-earnings ratio (P/E), which is near the FY2014 to FY2019 average.
