Share Market update : Why ST Engineering’s lower profit guidance is not a reason to sell ?

SINGAPORE (Aug 17): UOB Kay Hian is keeping its “buy” recommendation on ST Engineering (STE) with a higher target price of $3.60, from $3.50 previously.

“In an environment of weak corporate earnings, we believe STE’s diversified businesses and investment in enhanced capabilities will enable it to weather downturns and deliver growth over the long term,” says UOB lead analyst K Ajith in a Wednesday report.

Despite lower profit-before-tax (PBT) guidance for 2016, Ajith says STE remains optimistic of its long-term growth outlook.

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