Seatrium - Maybank Research 2026-03-27: Riding The Energy Security Wave; Initiate BUY

• We initiate coverage of Seatrium (SGX:5E2) with a BUY rating, supported by structural demand tailwinds and improving margins leading to an expected 27% FY25-28 EPS CAGR.

Order wins and margins lift to drive rerating

• - Read this at SGinvestors.io -
• Our Seatrium's target price S$3.10 target price is based on DCF, using an 8.4% WACC and 1% terminal growth.

Energy security & diversification fuels order upcycle

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• With geopolitics reinforcing energy security and supply diversification, Seatrium’s more than S$32b pipeline looks well supported. Its historical order-win correlation to oil prices of ~0.74 further strengthens the setup. We therefore model order wins ramping to S$10– 11b annually over 2026–28 (vs. ~S$4b in 2025), supporting a ~S$10–11b revenue run-rate that is 1–18% above street forecasts.

Margin upside: Better mix, clean book & cost control

• Read more at SGinvestors.io.

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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