DMG has raised Sembcorp Industries (U96.SG) target price to $4.92 from $4.63 to factor in contributions from company’s expansion in United Arab Emirates, says Dow Jones.

DMG says latest US$200 million ($280 million) investment to build desalination plant in UAE highlights group’s strong position in global utilities segment.

The research house notes, earnings visibility in utilities business strong, underpinned by pipeline of new projects, including wastewater treatment facility in Singapore’s Jurong Island, as well as contributions from existing projects in Oman, India.

Keeps Buy call. Shares off 1.2% at $4.03.