Seatrium - UOB Kay Hian 2024-03-18: No Surprises At Its Inaugural Investor Day

Seatrium - No Surprises At Its Inaugural Investor Day

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • Seatrium’s inaugural Investor Day held few surprises with the 2028 EBITDA target of at least S$1b being the key metric that the market will focus on. In our view, this should be eminently achievable with the renewables and repairs & upgrades segments being the key drivers.
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Seatrium's inaugural Investor Day

  • Seatrium (SGX:S51) held its inaugural Investor Day last week after an extensive strategic review in the aftermath of 2023’s merger with Keppel Offshore Marine.
  • During the event, Seatrium’s CEO, CFO and four heads of its key business segments (namely oil & gas, offshore wind, repairs & upgrades, and carbon capture and storage & new energies), presented on the market outlook and strategies to continue profitable growth.

Some targets for 2028.

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  • We highlight that our 2028 revenue, EBITDA and ROE forecasts are more conservative than Seatrium’s. In addition, we note that having achieved underlying EBITDA of S$628m in 2023, it would appear that Seatrium’s target of at least S$1b is an attainable goal.

What does that mean for order wins?

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

Adrian LOH UOB Kay Hian Research | 2024-03-18

Previous report by UOB:
2024-02-28 Seatrium - 2023 Underying EBITDA & Profit Are Encouraging.

Price targets by 4 other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividends & Corporate Actions,
Seatrium News Articles


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