Sembcorp Industries - Exceptional Margin From Conventional Energy

Sembcorp Industries - Phillip Securities 2023-08-07: Exceptional Margin From Conventional Energy

Sembcorp Industries - Exceptional Margin From Conventional Energy

SGinvestors.io

Published: 2023-08-07 08:50 AM

Sembcorp (SGX:U96)

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Together with temporary price controls implemented by the Energy Market Authority (EMA) from 1 July, we think 2H23e conventional energy margin would normalize.

Sembcorp began to accrue interest income of S$122mil from S$2bn deferred payment note it received from the sale of Indian power plants in Jan 2023. This includes a S$38mil fair value gain from a stronger Rupee. But it also booked a one-time non-cash accounting loss of S$78mil on reversal of currency translation and capital reserves.

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The Positives

Surge in Singapore power price in 2Q and lower gas prices boost profit from conventional energy.

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

SGinvestors.io

Peggy Mak Phillip Securities Research | https://www.stocksbnb.com/ 2023-08-07

Read also Phillip's most recent report:
2025-12-15 Sembcorp Industries - Acquiring Growth To Fill Future Gaps.

Previous report by Phillip:
2025-08-11 Sembcorp Industries - Wait For The Payout.

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