Sembcorp Industries - Maybank Research 2023-06-29: Chance To Buy Ahead Of Potential MSCI Inclusion

• The recent pullback of Sembcorp's share price creates a buying opportunity.
• In our view, with Sembcorp (SGX:U96) crossing S$10bn in market cap, the group could potentially be included in the MSCI index in Aug/Nov 23. While this can be a positive catalyst, the market is also anticipating positive news for Sembcorp like its new renewable capacity target, capital recycling with potential partial stake sales and improved 2Q23E results on elevated power prices.
• - Read this at SGinvestors.io -

TPC aims to dampen huge electricity price swings

• - Read this at SGinvestors.io -
• We see limited impact from the regulator’s implementation of the TPC on Singapore’s wholesale electricity prices from 1 Jul. Given the TPC will only be activated if prices stay high for a prolonged period in the day, we estimate only a ~4% occurrence, reducing the average USEP (Uniform Singapore Energy Price) by a mere 8.1%.

Sembcorp has locked in two-thirds of its energy capacity

• Read more at SGinvestors.io.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-12-16 Sembcorp - Accretive Purchase, But Higher Gearing & Emissions.

Previous report by Maybank:
2025-08-11 Sembcorp Industries - Fully Valued, Downside Risk To Earnings.

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 Dividend Payout Dates & Corporate Actions,
Sembcorp News