Seatrium - CGSI Research 2024-03-15: Can It Achieve Its Targets Before FY28?

Seatrium - Can It Achieve Its Targets Before FY28?

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • We believe Seatrium will be able to achieve its target S$1bn EBITDA in FY26F, two years ahead of its scheduled target date of FY28F.

Setting financial targets for the first time

  • - Read this at -
  • ROE of at least 8%;
  • net debt/EBITDA of 2-3x;
  • revenue of S$10bn-12bn;
  • S$300m in annualised synergies and cost savings (to be achieved by end-FY25F);
  • S$200m in procurement savings achieved, with the merger boosting project margins.

Equal cost savings via standardised pricing, SG&A, depreciation

  • Seatrium expects its S$300m cost optimisation target to be equally shared (~S$100m each) between
    1. - Read this at -
    2. reduction in corporate SG&A by the removal of duplication processes; and
    3. depreciation from asset rationalisation or yard closures.
  • Seatrium expects the cost savings to be fully reflected from FY26F.

Can Seatrium achieve EBITDA of at least S$1bn before FY28F?

  •

Above is the excerpt from research report by CGSI Research.
Clients of CGS International may access the full report in PDF @

LIM Siew Khee CGS International Research | 2024-03-15

Read also CGSI's most recent report:
2024-03-28 Seatrium - Final Settlement For Brazil.

Price targets by 4 other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
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Seatrium Dividends & Corporate Actions,
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