SINGAPORE (Oct 30): DBS is keeping its “buy” call on Sembcorp with a higher price target of $4.20 as better marine earnings and ramp-up in India power plant should drive sequential recovery.

Sembcorp’s PATMI slid 38% y-o-y to $122.3 million in 3Q15, largely due to the 70% plunge in Sembcorp Marine earnings.

Its utilities segment was also affected by a $16 million bad debt provision and widening losses from first Indian power plant TPCIL of $12 million, partially offset by S$18m gain on disposal of Zhumadian China Water.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook