DBS Vickers raises SembCorp Industries (U96.SG) target price to $5.70 from $5.20 as the “core utilities and marine divisions are both revving up.”

The house says utilities are poised for more growth next year and beyond: “Apart from the first full year contribution from Cascal, which adds some 6% to utilities earnings, other new drivers include SembGas expansion by 26% (2011-12), and Salalah (Phase one in 3Q11; full completion in 2H12).”

The house adds, the second cogen plant on Jurong Island and the coastal power plant in India will start operations in 2013, noting marine, through SembCorp Marine (S51.SG), “will continue to make waves.”

DBSV raises FY12 order wins projection to $5 billion from $4 billion from FY11’s $4.5 billion.

“This, along with adjusted orderbook recognition schedule given shorter lead times, has raised Marine FY11-12 (earnings forecasts) by about 1%.” The house keeps at Buy.

The shares are flat at $5.01.