With the fast and furious surge, ST Engineering’s current share price has overshot the wave of raised target prices after the company on Feb 27 reported its FY2024 ended December 2024 earnings growth, further buttressed by a bullish medium-term outlook painted by the management less than a month later.
Singapore Technologies Engineering remains the top-performing component stock of the Straits Times Index for the year, as investors chase after the “halo effect” from the worldwide resurgence in appetite for defence stocks amid growing geopolitical uncertainty.
Since the start of the year, ST Engineering shares gained as much as 64.6% to $7.67 on May 9, before easing on May 13, as investors, cheered by the trade truce between the US and China, flocked to other previously beaten-down stocks.
