The contracts are for North Atlantic Treaty Organisation (NATO) standard 155 millimetre (mm) ammunition orders for new European customers, while the company also received orders for 40 mm ammunition from European customers.
RHB Bank Singapore analyst Shekhar Jaiswal has kept his “buy” call and target price of $4.50 unchanged on Singapore Technologies Engineering (SGX:S63
) (ST Engineering), following the company’s recent order wins and positive updates.
In June, the company secured contracts worth over $100 million for its defence and public security (DPS) segment.
