ST Engineering's aerospace arm pops the champagne on $430m deal wins

It has been a good 2Q13.

According to OCBC, ST Engineering announced that its aerospace arm, ST Aerospace, has secured new contracts worth about S$430m in 2Q13.

This includes the exclusive component Maintenance-By-the-Hour contract worth S$32.25m awarded by Spring Airlines Japan, and the five-year Multi-crew Pilot Licence training contract from Qatar Airways announced in June 2013.

Here's more from OCBC:

In the VIP cabin reconfiguration business, ST Aerospace secured three deals involving Boeing Business Jets (BBJ): a cabin design contract in Eastern Europe, a 12-year maintenance check and interior refurbishment project on a Boeing 737 belonging to a returning Middle Eastern customer, and a maintenance and interior modification contract awarded by a US customer.

The magnitude of the contract wins is in line with our expectations. We maintain our fair value estimate of S$3.97 and HOLD rating on STE.

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