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.
Boustead: 2Q14 Net Profit Down 41% To S$9 Million, 2 Cents Interim Dividend Declared.
08 Nov 2013 18:06
Revenue of S$113.3 million for 2Q FY2014 was marginally ahead of 2Q FY2013 while revenue of S$242.0 million for 1H FY2014 was 7% higher than 1H FY2013. Profit attributable to owners of the company of S$9.0 million for 2Q FY2014 was 41% below 2Q FY2013, while it decreased by 3% for 1H FY2014. After adjusting for non-recurring items totalling a net amount of S$10.1 million in 2Q FY2013, the profit attributable to owners of the company for 2Q FY2014 would have increased by 75% over that of 2Q FY2013 and by 54% for 1H FY2014. The Board of Directors declared an interim cash dividend of 2 cents per share, matching that paid for 2Q FY2013...