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PhillipCapital downgrades Sembcorp Industries to 'neutral' after recent run-up in share price

Felicia Tan
Felicia Tan7/25/2022 04:03 PM GMT+08  • 3 min read
PhillipCapital downgrades Sembcorp Industries to 'neutral' after recent run-up in share price
Sembcorp, on July 19, said that it was expecting its financial results for the 1HFY2022 to be “materially higher”. Photo: Sembcorp
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PhillipCapital’s senior research analyst Terence Chua has downgraded his recommendation on Sembcorp Industries (Sembcorp) to “neutral” from “accumulate” after the recent run-up in its share price.

Shares in Sembcorp crossed the $3 mark on July 20, which marked a 52-week high.

Despite the downgrade, Chua has raised his target price on the counter to $2.96 from $2.94 previously. His new target price is still based on an FY2022 P/BV of 1.2x, which is the average of its peers.

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