Sembcorp Industries - Phillip Securities 2024-02-22: Renewables To Be The Key Earnings Driver

• Sembcorp (SGX:U96)'s FY24e's net profit is expected to fall due to major maintenance for 60 days at the Singapore power plant (we estimate S$66mil impact) and the handover of the Vietnam Phu My 3 power plant in Feb 2024.
• - Read this at SGinvestors.io -

The Positives

Singapore gas energy portfolio has locked in 99% of its capacity on contracts with average tenure of 12 years.

• These contracts are on a pre-determined dollar margin, with cost passed through to the customers. This provides visibility and stability to about 65% of earnings, making them highly visible and stable.
• - Read this at SGinvestors.io -
• Sembcorp’s 600MW hydrogen-ready cogen plant will be completed in early 2026.

Renewable capacity increased by 4GW to 13.8 GW, of which 9.8 GW (+18.1% y-o-y) is operational.

• Read more at SGinvestors.io.

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/.

Read also Phillip's most recent report:
2026-03-02 Sembcorp - Pending Acquisition To Drown Out Softness.

Previous report by Phillip:
2025-12-15 Sembcorp Industries - Acquiring Growth To Fill Future Gaps.

Price targets by 3 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