Seatrium - DBS Research 2025-08-01: Slowly But Surely; Strong Margin Recovery In 1H25

• Seatrium reported net profit of S$144mil for 1H25. which met the lower end of consensus’ profit forecast range of S$290-400mil for FY25F.

1H25 core operating performance is stronger than it appears.

• - Read this at SGinvestors.io -
• The solid performance is commendable, despite the ~S$28mil net forex loss from US$ depreciation and S$2mil share of losses from associates and joint ventures (JVs) due to vessel downtime in 1H25 (vs. positive gains or earnings during the same period last year).

Gross margin expansion set to continue.

• - Read this at SGinvestors.io -
• The legacy US projects – the wind turbine installation vessel and the dredger – are nearing completion and scheduled for delivery by the end of the year, eliminating the uncertainty for further provisions for onerous contracts going forward.

Orderbook moderated to S$18.6bn.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2025-02-24 Seatrium - Slowly But Surely.

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