As such, Jaiswal is applying a higher valuation multiple on this counter, leading to a higher target price of $8.90 from $8.30.
Shekhar Jaiswal of RHB Bank Singapore, citing how the gain in ST Engineering's share price year to date has lagged regional peers, has maintained his "buy" call on the counter.
"Given its growing potential for international defence contract wins, diversified orderbook, and increasing capabilities in conventional and digital defence", the company should benefit from the global surge in defence spending.
