SINGAPORE (Dec 4): OCBC is maintaining its “buy” call for Sembcorp Industries (SCI) with $3.88 fair value as it expects 2016 to be a better year.

In a Dec 4 report, lead analyst Low Pei Han said 2015 has been a relatively muted year in terms of earnings for Sembcorp as the Singapore power business was affected by an overcapacity issue which resulted in lower power spreads, and the marine segment also dragged overall profits down due to the weak operating environment.

In addition, the Indian TPCIL plant saw some initial operating losses, which is not surprising given that the plant is within its first year of operations.

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