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Morgan Stanley initiates coverage on Singapore’s O&M industry with bearish view

Michelle Zhu
Michelle Zhu8/25/2017 04:00 PM GMT+08  • 3 min read
Morgan Stanley initiates coverage on Singapore’s O&M industry with bearish view
SINGAPORE (Aug 25): Morgan Stanley Research has initiated coverage on Singapore’s offshore marine and utility segment with two “underweight” ratings and one “equal weight” call.  
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SINGAPORE (Aug 25): Morgan Stanley Research has initiated coverage on Singapore’s offshore marine and utility segment with two “underweight” ratings and one “equal weight” call.

In its ASEAN Energy & Utilities report released on Thursday, the Morgan Stanley research team says while it believes Singapore’s shipyards will benefit from bigger order books resulting from the rising global gas glut, it has yet to see any significant competitive edge that can help the industry drive order book growth above the research house’s base case.

“Even though there has been a lot of focus on the gas value chain and power plants for both Sembcorp group and Keppel, the oversupplied electricity markets in Asia offer limited opportunities to grow this more expensive solution compared to renewables and on-land gas based power plants,” explains the research team.

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