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Sembcorp gets an upgrade despite substantial 1Q earnings miss

Michelle Zhu
Michelle Zhu5/9/2018 12:54 PM GMT+08  • 2 min read
Sembcorp gets an upgrade despite substantial 1Q earnings miss
SINGAPORE (May 9): Phillip Capital is upgrading its call on Sembcorp Industries to “buy” with a lower target price of $3.83 compared to $3.86 previously due to the higher expected return from the counter’s last closing price of $3.06.
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SINGAPORE (May 9): Phillip Capital is upgrading its call on Sembcorp Industries to “buy” with a lower target price of $3.83 compared to $3.86 previously due to the higher expected return from the counter’s last closing price of $3.06.

The upgrade comes even as Sembcorp’s 1Q18 net profit missed the research house’s expectations substantially, says analyst Chen Guangzhi in a Wednesday report, which was due mainly to weak performance from its marine segment.

In view of prolonged weak profitability from Sembcorp Marine (SMM), the analyst has tweaked FY18E earnings per share (EPS) downwards to 18.9 cents from his previous estimate of 19.8 cents.

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