For him, ST Engineering's 1QFY2025 revenue was largely in line but "uneven", with the defence and public security segment growing at a much faster pace compared to the other major business lines.
With a "stellar" run of more than 65% year to date, Jason Sum has downgraded his call for Singapore Technologies Engineering (SGX:S63
) from "buy" to "hold", but with a slightly higher target price of $7.70, up from $7.50 previously.
"We believe the risk-reward has turned neutral, given that its strong earnings visibility and momentum are already baked in," writes Sum in his May 27 note.
