Broker's take: Maybank Kim Eng raises 'underappreciated' SIA Engineering to 'buy'

MAYBANK Kim Eng has upgraded its call on SIA Engineering to"buy" with an unchanged target price of S$2.85, saying shares in the provider of aviation maintenance, repair and overhaul services were trading at attractive valuations.

On July 5, rumours of a possible privatisation of SIAEC by its parent, national carrier Singapore Airlines , sent its share price surging 8.4 per cent to close at S$2.72. SIAEC's maintenance, repair and overhaul business has undergone structural changes, which have posed challenges, but the company's"cost control, service diversification and efficiency improvement initiatives are starting to show results".

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