The analyst has, however, lowered his target price to $4.20 from $4.50 previously as he ups ST Engineering’s risk-free rate and cost of debt.
Maybank Securities analyst Kelvin Tan has kept “buy” on Singapore Technologies Engineering (ST Engineering) as he sees the group as a “defensive giant” in trying times.
The trying times Tan was referring to, is the spate of aggressive rate hikes made by the US Federal Reserve (US Fed) in a bid to combat inflation.
