Brokers upgrade SIA Engineering after 3Q upside surprise

SINGAPORE (Feb 5): OCBC Investment Research and DBS are upgrading their calls on SIA Engineering Company (SIAEC) to “buy” from “hold” previously with a higher fair value and target price of $3.70 and $3.86, respectively.

This comes after the group last week reported 3Q18 earnings of $54.8 million, up 4.2% from $52.6 million on higher share of profits of associated and JV companies – particularly the Singapore Aero Engine Services (SAESL) JV, which deals in Rolls Royce engine & component repair and overhaul.

See: SIA Engineering posts 4.2% increase in 3Q earnings to $54.8 mil

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