Sembcorp Industries - Maybank Research 2024-02-21: Driving Energy Transition; Strong Finish To FY23

Sembcorp Industries - Driving Energy Transition; Strong Finish To FY23

Sembcorp (SGX:U96) | SGinvestors.ioSembcorp (SGX:U96)

Strong finish to the fiscal year

  • 2H23 profit of S$426m grew 15% y-o-y. Revenue for 2H23 fell 14% y-o-y due to lower power prices; this was partly offset by higher revenue from renewable and other business segments.
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  • While Sembcorp's near-term earnings have likely peaked, the green transition theme is intact with a de-risked revenue profile.

Continued growth for renewables segment

  • Net profit before EI for the renewables segment grew 42% to S$200m, from S$141m in FY22, driven by contributions from acquisitions in China and India, as well as higher contributions from energy storage and solar operations in Singapore.
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  • Over the year, Sembcorp secured 4GW of gross renewables capacity through organic growth and M&As, bringing group’s renewable capacity to 13.8GW, at 55% of its 2025 target of 25GW.
  • Integrated Urban Solutions revenue fell 6% y-o-y to S$418m due to cessation of a public waste collection contract.

Receding tailwind of elevated power prices

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2024-02-21

Previous report by Maybank:
2023-08-04 Sembcorp Industries - Strong 1H23 Earnings, Tops Consensus.

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 Dividends & Corporate Actions,
Sembcorp News Articles


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