Seatrium - OCBC Investment Research 2025-02-21: Eyes On The Target

• Seatrium’s FY24 net profit exceeded our full year forecast by 3.9%, which we deem to be slightly above our expectations.

Stronger than expected revenue recognition in 2H24

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• EBITDA more than doubled from S$236m in FY23 to S$627m in FY24 on cost optimisation and restructuring initiatives, translating to an expansion of EBITDA margins from 3.2% in FY23 to 6.8% in FY24.

Unlocked significant cost savings from utilities & labour optimisation

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• Excluding write-downs, provision for onerous contracts, legal and corporate claims, and merger expenses, Seatrium’s underlying EBITDA would have grown 23% y-o-y at S$771m, while underlying net profit would have come in at S$200m (versus a loss of S$28m in FY23).

Unexpected final dividend of S$0.15

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2026-02-27 Seatrium - Optimisation In Progress.

Previous report by OCBC:
2025-11-13 Seatrium - A Series Of Unfortunate Events.

Price targets by 3 other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividend Payout Dates & Corporate Actions,
Seatrium News