DBS slashes ST Engineering sales and net earnings forecast

In spite of stronger 4Q13 ahead.

Commenting on ST Engineering's 3Q13 results, DBS announced that "while we cut FY13 sales and net earnings by 3.8% on account of weaker Land Systems earnings, 4Q13 will be a seasonally stronger quarter, which will lift Marine, Aerospace and Electronics profits to outperform 2012."

ST Engineering saw net earnings dip 10% yoy for the quarter to S$131.4m, slightly disappointing DBS. But the research firm sees Marine as offsetting the declines being seen in other divisions.

"Marine will be the brighter spot, riding on ongoing project deliveries for AHTS/OSV vessels for Swire Pacific and Hornbeck Offshore, and patrol vessels for Oman," said DBS.

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