Singapore Technologies Engineering's growth outlook appears upbeat with its aggressive 2029 targets, UOB Kay Hian's Roy Chen says in a research report.
According to management, the technology, defense and engineering group targets revenue CAGR of 2X global GDP growth rate to S$17 billion by 2029.
This implies five-year revenue CAGR of over 8.6% in 2025-2029, the analyst notes.
Given the Singapore-listed company's strong track record, the brokerage has high hopes that ST Engineering will be able to deliver these growth targets.
UOB Kay Hian lifts its 2025-2027 core earnings forecasts for the company by 2%-16%. It raises the stock's target price to S$6.80 from S$5.55 with an unchanged buy rating.
Shares are 3.2% lower at S$6.69.
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