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Seatrium (SGX:5E2) posted net profit of S$373mil (+158% y-o-y), boosted by net divestment gain of S$161mil. Stripping this out, core profit surged 47% y-o-y, 28% h-o-h to S$212mil, making up 48% of our full year estimate.
Divestment of non-core assets
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Seatrium has sold off a string of non-core assets, including the AmFELS yard in Texas (~US$51mil or S$66mil), the Guanabara Navegação platform supply vessels in Brazil (~US$60mil or S$78mil), the Karimun Yard in Indonesia (~S$22mil), a fleet of 17 tugboats in Singapore (~S$104mil), and the Crescent Yard floating dock (~US$13mil or S$17mil).
Order momentum: timing not demand.
Pei Hwa HO DBS Group Research | https://www.dbs.com/insightsdirect/ 2026-08-03
Previous report by DBS:
2026-05-29 Seatrium Limited - 1Q26 Business Update.
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
