STE is seeing good recovery with S$1.5bn new contracts in 1Q21 (mainly defenceand public security), raising order book to $15.7bn (Dec: S$15.4bn). Timely 50/50 JV with Temasek for freighter PTF/leasing to capture strong demand for freighter aircraft. Est. equity for STE: S$30m p.a. for 5 years. Cost saving efforts on track with S$70m achieved in 1Q21 vs. guidance of S$250m for FY21F. Reiterate Add with an unchanged TP of S$4.00.
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