Margins delivered, order win becomes the key debate
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The order book has declined from S$23.2b (FY24) to S$17.8b (FY25) and further to S$13.3b (1H26), highlighting an elevated backlog burn rate.
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While management also reiterated that Petrobras' transition towards BOT structures does not materially alter Seatrium's EPC opportunity, we believe the stock has become increasingly binary, with the pace of order replenishment now the key driver of share price performance.
Energy tailwinds support long-term order pipeline
- Read more at SGinvestors.io.
Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.
Hussaini Saifee Maybank Research | https://www.maybanktrade.com.sg/ 2026-08-03
Previous report by Maybank:
2026-06-01 Seatrium - Waiting For Next Order Wave.
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
