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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Singapore Technologies Engineering Ltd    STEG   SG1F60858221

SINGAPORE TECHNOLOGIES ENGINEERING LTD

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Garuda Indonesia, Lion Air to explore joint ventures for aircraft maintenance - document

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01/16/2019 | 09:51pm EDT
A Lion Air Boeing 737-900 parked at Denpasar airport

JAKARTA (Reuters) - The engineering arms of Indonesia's two largest airlines, Garuda Indonesia and Lion Air, have agreed to explore setting up joint ventures to maintain aircraft, engines, components and tire retread, showed a document seen by Reuters.

The agreement between Garuda's GMF AeroAsia and Lion's Batam Aero Technic, due to be formally signed on Thursday evening, brings together the two rivals in an effort to jointly develop the aircraft maintenance, repair and overhaul (MRO) industry in the region, the document showed.

GMF AeroAsia and Batam Aero Technic service their respective airlines but also look to compete for business from third parties against regional rivals like Singapore Technologies Engineering Ltd and SIA Engineering Company Ltd.

Airframe and engine manufacturers like Airbus SE, Boeing Co and Rolls-Royce Holdings PLC are also stepping up sales of packages that supply customers with maintenance, engineering and parts in a market that is valued at $77 billion a year by consulting firm Oliver Wyman.

A Lion spokesman declined to comment on the GMF AeroAsia deal, while GMF AeroAsia could not be reached immediately for comment.

(Reporting by Cindy Silviana; Writing by Jamie Freed; Editing by Christopher Cushing)

By Cindy Silviana

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE 1.01% 120.24 Real-time Quote.43.21%
BOEING COMPANY (THE) 0.68% 380.07 Delayed Quote.17.85%
GARUDA INDONESIA (PERSERO) TBK PT End-of-day quote.
GARUDA MAINTENANCE FACILITY ARASA TBK PT End-of-day quote.
ROLLS-ROYCE 0.09% 907.8 Delayed Quote.9.37%
SIA ENGINEERING COMPANY LTD -0.40% 2.48 End-of-day quote.8.30%
SINGAPORE TECHNOLOGIES ENGINEERING LTD 0.26% 3.87 End-of-day quote.10.57%
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Financials (SGD)
Sales 2019 7 779 M
EBIT 2019 712 M
Net income 2019 608 M
Debt 2019 1 000 M
Yield 2019 4,00%
P/E ratio 2019 19,90
P/E ratio 2020 17,78
EV / Sales 2019 1,68x
EV / Sales 2020 1,53x
Capitalization 12 084 M
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 4,14  SGD
Spread / Average Target 7,0%
EPS Revisions
Managers
NameTitle
Sy Feng Chong President, Chief Executive Officer & Director
Chong Seng Kwa Chairman
Chee Keng Foo Chief Financial Officer
Bernard Chew Chief Information Officer
Weng Yip Chan Chief Technology & Digital Officer
Sector and Competitors
1st jan.Capitalization (M$)
SINGAPORE TECHNOLOGIES ENGINEERING LTD10.57%8 919
UNITED TECHNOLOGIES CORPORATION28.66%118 140
LOCKHEED MARTIN CORPORATION20.02%88 875
RAYTHEON19.00%51 138
GENERAL DYNAMICS12.49%51 069
NORTHROP GRUMMAN CORPORATION14.81%47 786