Shares of ST Engineering (S63.SI) are soaring 5.18% in Thursday's intraday trading, following the release of the company's ambitious 2029 targets and a positive analyst report. The technology, defense and engineering group's stock reached S$6.91, reflecting investor optimism about its long-term growth prospects.

RHB Research analyst Shekhar Jaiswal has expressed confidence in ST Engineering's ability to achieve its newly announced 2029 targets. The company aims for an 8.6% revenue CAGR and up to 13.6% profit CAGR from 2024 to 2029. Jaiswal noted that the company's track record of meeting previous five-year targets lends credibility to these new goals.

The analyst highlighted specific growth drivers for ST Engineering's key segments. The Commercial Aerospace segment is expected to reach S$6.0 billion in revenue by 2029, driven by investments in next-generation capabilities in composite aerostructures. Meanwhile, the Defence & Public Security segment could deliver over S$7.5 billion in revenue by 2029, partly due to the expansion of its international defence business. In light of these positive factors, RHB Research has significantly raised its target price for ST Engineering from S$5.90 to S$7.80, maintaining a buy rating on the stock.