- 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
- - Read this at SGinvestors.io -
- 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
- - Read this at SGinvestors.io -
- 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 the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2025-02-21
Previous report by OCBC:
2025-02-14 Seatrium - Double Happiness.
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
