ST Engineering clinches $460m of aerospace deals in 1Q

It includes a two-year deal with a major airline.

According to OCBC Investment Research, Singapore Technologies Engineering Ltd (STE) has won new aerospace orders worth S$460m in 1Q14, which cover a wide range of the aerospace sector's suite of capabilitiesfrom airframe, component and engine maintenance, to cabin reconfiguration and engine wash.

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Included in the contracts is a two-year deal with a major airline for heavy maintenance of 20 Embraer E-190 aircraft at its San Antonio facility. While STE said the contracts are not expected to have any material impact on its NTA or EPS for FY14, the orders will add to its already quite substantial order book of S$13.2b (as of end 2013). Due to a change in analyst coverage, we are reviewing our Hold rating and S$3.84 fair value