Sembcorp Industries - Phillip Securities 2024-08-12: Earnings Visibility Further Improves

• Sembcorp's 1H24 revenue was within expectations, but net profit exceeded. 1H24 revenue and PATMI were 47%/64% of our FY24e forecast. Associate and DPN income were higher than expected due to urban land sales and foreign exchange gains.
• - Read this at SGinvestors.io -
• We raised our FY24e earnings by 10% to S$912mil, from higher associate and DPN income. We upgraded our recommendation from ACCUMULATE to BUY due to the recent weakness in Sembcorp's share price.

The Positive

Growth in renewable capacity.

• - Read this at SGinvestors.io -
• Curtailment in 1H24 rose around 2% points to 5.5% to 6.0%.

The Negative

Weakness in gas power earnings.

• 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:
2025-03-05 Sembcorp Industries - Property Saves The Day.

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 Dividend Payout Dates & Corporate Actions,
Sembcorp News