SINGAPORE (Oct 30): OCBC is keeping its ‘buy”call on Sembcorp Industries with $4.02 fair value, given the group has been expanding its operations steadily over the years in both the utilities and urban development segments.

The bank is also positive on the long-term prospects of the group, given its good track record and sensible strategy of pursuing emerging market growth.

Sembcorp Industries reported a 21.8% drop in revenue to $2.4 billion from a year ago and a 37.8% fall in net profit to $122.3 million in 3Q15, such that 9M15 core net profit accounted for 72% of OCBC’s full year recurring net profit estimate, and was generally in line with the bank’s expectations.

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