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CGS-CIMB reiterates 'add' on Sembcorp Industries, views valuations as undemanding

Atiqah Mokhtar
Atiqah Mokhtar11/22/2021 10:21 AM GMT+08  • 2 min read
CGS-CIMB reiterates 'add' on Sembcorp Industries, views valuations as undemanding
CGS-CIMB has a target price of $2.52 for Sembcorp Industries.
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Following a visit to Sembcorp Industries’ (SCI) Tengeh floating solar farm on Nov 17, CGS-CIMB Research analyst Lim Siew Khee has reiterated her “add” call for the company with an unchanged target price of $2.51.

In a research note released the same day, Lim notes that the 60 megawatt-peak (MWp) farm, which is owned and operated by SCI, is the largest floating solar farm in Singapore, with 122,000 solar panels spanning 45 hectares.

The solar farm officially opened on Jul 14 in partnership with the National Water Agency Public Utilities Board. “Electricity generated from the floating solar farm will power Singapore’s five local water treatment plants, offsetting [around] 7% of PUB’s annual energy needs,” she notes.

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