Sembcorp Industries - DBS Research 2023-08-07: Raising The Bar, Again

• Sembcorp (SGX:U96)'s 1H23 core profit of S$608m beat expectations, surging 56% y-o-y, excluding operating earnings from SEIL which has been divested. The outperformance was driven largely by the stronger than expected Conventional Energy earnings in Singapore attributable to high Uniform Singapore Energy Price (USEP).

Conventional Energy was the star performer.

• - Read this at SGinvestors.io -
• Sembcorp's management guided that if TPC were in place in 1H23, profits would be impacted by S$60m (pre-tax), or ~8% of conventional energy profits.

Singapore power income steadier and more predictable going forward.

• - Read this at SGinvestors.io -
• Unique proposition of Sembcorp as the largest gas importer in Singapore, ensuring gas supply for its power plant and as an effective hedge against gas price fluctuations.

Stellar Renewable performance.

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

Previous report by DBS:
2024-08-07 Sembcorp Industries - Unwarranted Discount To Peers; 1H24 Demonstrated Earnings Resiliency.

Price targets by 4 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