新科工程的业绩持平

综合工程集团新科工程(Singapore Technologies Engrg)在截至2013年3月31日的首季表现平平。其收入微增0.3%至15亿4,470万元，净利则下跌0.3%至1亿3,400万元。电子业务和电脑公司Miltope的收入贡献跌幅抵消了陆地系统、航空和海事业务的贡献增幅。业绩平平主要是由于完工项目减少，项目价值也较低。上一年通过联号公司从2012年新加坡航空展取得利润也把本年的表现比下去。公司的总裁兼首席执行官陈平福就公司业绩表示：“我们集团的财务状况继续增强，包括所管理的基金在内的现金与现金等值物增加至25亿元。”

启示：赢得新合约把公司的订单额推高至130亿元新高，并料将推动未来业绩。公司预期本财年余下的9个月将完成总值36亿元的订单。

ST Engg

新科工程赢得1亿5,100万元合约
新科工程(Singapore Technologies Engrg)的电子单位新科电子(Singapore Technologies Electronics)在今年首季赢得总值约1亿5,100万元的合约，涉及铁路电子、卫星通讯及智能公用事业项目。新科电子的总裁Lee Fook Sun表示，公司在2013年取得开年红，并料将赢得更多铁路电子方案合约及进军北美市场。所赢得的合约包括马来西亚、台湾和北美的地铁项目；卫星通讯系统；以及高科技仪表方案等等。展望未来，新科电子将专注于通讯及智能公用事业领域的商机。

启示：虽然新科工程并没有透露各个单位的订单额，但其去年的总订单额为121亿元，其中43亿元的订单料将在今年交付。

STEngg: trades at 22x trailing P/E, above its 5-year historical average P/E of 18.5x

ST Engineering: Group announced that Bouchard Transportation has exercised its option for an additional Articulated Tug Barge unit that was announced on 15 Feb 2013. The value of the unit is in the region of US$100m (S$125m). Both barges will measure 625 feet by 91 feet by 47 feet and each will have a 250,000-barrel capacity. They will be used to transport liquid petroleum. The barges will be American Bureau of Shipping and United States Coast Guard certified for Jones Act service. The 10,000hp twin screw ATB tug, classed by ABS as A1 Towing Vessel, Dual Mode, USCG Sub-chapter M, will be equipped with an Interconnected Coupler System. The construction of the first barge will begin in Apr 2013 at ST Engg's US shipyard, VT Halter Marine, with delivery scheduled in mid-2015. Construction of the second barge will begin in 4Q2013 with delivery scheduled in 1Q2016. Group trades at 22x trailing P/E, above its 5-year historical average P/E of 18.5x; and +1 std. dev. P/E of 21x.

ST Engineering

ST Engineering: Nomura downgrades to Neutral, with $4.30 TP. House positive outlook but valuations seem stretched Steady growth, good yields at 4.2% but valuations no longer as compelling at FY13/14F P/E of 21x and 20x, on the top end of its historical P/E band of 11-25x.