SINGAPORE (Oct 3): Maybank Kim Eng is upgrading Sembcorp Industries to “hold” from “sell” as it believes the negatives have been priced into the stock and prefers to wait for its plants in India to deliver.

In a Monday note, analyst Yeak Chee Keong says India seems to be the only major source of earnings growth for utilities in FY17-18E.

He expects Thermal Powertech Corporation India Limited (TPCIL) to start delivering from 3Q16 after resolving its technical issues, improving its load factors and winning long-term deals.

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