We remove the stock following its weaker-than-expected 3QFY24 results due to cost inflation, supply chain bottlenecks and FX losses that offset strong revenue from higher work volumes and pricing adjustments. With an anticipated increase in work volumes that may continue to be offset by cost related inflation in the foreseeable future, we think investor interest in SIAE could stay muted considering its relatively low liquidity. Including the 2Scts dividend paid out last November, SIA Eng shares returned a flat performance for Equity Picks.
DBS: SIA Engineering – Remove from Growth at $2.34
