- Sembcorp (SGX:U96) posted FY22 net profit of S$848m (+204% y-o-y) exceeding MIBG and consensus estimates at 101%/102%, respectively. The Conventional Energy segment drove higher earnings on the back of elevated tariff prices in SG and UK, while increased operational capacity in the Renewable Energy segment also contributed.
- - Read this at SGinvestors.io -
- We roll forward our valuation to FY24E. Reiterate BUY call on Sembcorp with a raised SOTP-based target price of S$4.35 (from S$4.00) representing 16% upside.
Renewables exceeded expectation
- - Read this at SGinvestors.io -
- Sembcorp secured 3.7GW of renewables capacity in FY22 through acquisitions and organic growth across key markets, bringing the group’s renewables capacity1 to 9.8GW.
- Sembcorp’s sustainable solution have expanded by CAGR of 35% over the last 2 years, we believe that this could potentially accelerate to grow over 40% y-o-y in FY23E, reflecting full-year contributions from renewable energy acquisitions in FY22.
Conventional Energy boosted by surging prices
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Kelvin Tan Maybank Research | https://www.maybank-ke.com.sg/ 2023-02-21
Read also Maybank's most recent report:
2024-11-12 Sembcorp Industries - Accretive Divestment Of Non-core Business, BUY.
Previous report by Maybank:
2024-09-18 Sembcorp Industries - Accretive 30% Stake In Senoko Energy; Deepening Footprint.
Price targets by other brokers at Sembcorp Target Prices.
Listing of research reports at Sembcorp Analyst Reports.
Relevant links:
Sembcorp Share Price History,
Sembcorp Announcements,
Sembcorp Dividends & Corporate Actions,
Sembcorp News Articles
