Sembcorp Industries - DBS Research 2023-02-10: Relentless Green Growth; More Catalysts Ahead

• Sembcorp Industries (SGX:U96) is due to announce its FY22 results on 21 Feb (before market open). Stripping out S$92m gains from gas hedges (S$68m) and other income (S$24m) in 1H22 that is not recurring, Sembcorp's core profit in 2H22 is expected to decline by S$60-80m to S$320-340m in anticipation of a moderation of the spark spread and dark spread in Singapore and India. Although, the tariff seems rather sturdy in 2H, which suggests a potential upside surprise.

Singapore spot electricity prices continue to stay high.

• - Read this at SGinvestors.io -

India tariff has also improved in 2022.

• - Read this at SGinvestors.io -

Potential special dividend from Sembcorp

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-08-11 Sembcorp Industries - Short-term Setback, Long-term Engines Intact.

Previous report by DBS:
2025-02-28 Sembcorp Industries - Powering Growth & Yield, Target Price Raised To S$8..

Price targets by 2 other brokers at Sembcorp Target Prices.

Listing of research reports at Sembcorp Analyst Reports.

Relevant links:
Sembcorp Share Price History,
Sembcorp Announcements,
Sembcorp Dividend Payout Dates & Corporate Actions,
Sembcorp News