ST Engineering's stock price rose strongly in the early trading Monday (March 3), setting a record high, continuing its gains last Friday (February 28).

As of 12:00 a.m. during the lunch break, the company's stock price rose to 5.87 yuan, an increase of 8.5%. The company's stock price has risen by more than 15% in the past week, up about 26% so far this year.

Xinke Engineering released its results last Thursday (27th), with net profit increasing by 19.6% year-on-year to 365.7 million yuan in the second half of last year, driving the annual net profit to increase by almost the same rate to 702.3 million yuan, setting a new high.

Brokerage companies have also raised their ratings on the stock. Maybank Securities raised its rating for Xinke Engineering from “hold” to “buy” and raised its target price from 4.70 yuan to 5.70 yuan.

The report of Phillip Securities believes that the company is currently “growing in all aspects” and has raised its target price from 5 yuan to 6.10 yuan.

Further reading

Xinke Engineering's net profit increased to 702 million yuan for the whole year last year.

Xinke Engineering's net profit increased to 702 million yuan for the whole year last year.

Xinke Engineering obtained Korean Air's engine maintenance contract

Xinke Engineering obtained Korean Air's engine maintenance contract

OCBC believes that defense spending is in an upward cycle, which is conducive to the development of Xinke Engineering-related businesses, and has given the company a “buy” rating, with a fair price of 6.3 yuan.