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Sembcorp Industries upgraded on emergence of value & limited downside

Michelle Zhu
Michelle Zhu6/29/2018 02:53 PM GMT+08  • 2 min read
Sembcorp Industries upgraded on emergence of value & limited downside
SINGAPORE (June 29): UOB Kay Hian is upgrading Sembcorp Industries (SCI) to “buy” from “hold” on limited downside and an improving outlook in India.
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SINGAPORE (June 29): UOB Kay Hian is upgrading Sembcorp Industries (SCI) to “buy” from “hold” on limited downside and an improving outlook in India.

The research house is keeping its target price of $3.60 unchanged, valuing the non-marine business at 8.4 times FY19 earnings.

In a Friday report, lead analyst Foo Zhi Wei notes that current valuations imply the non-marine unit to be trading at 6 times earnings, which is below its long-term forward mean P/E of 8 times to indicate the emergence of value.

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