SINGAPORE (June 1): DBS Group Research’s analyst Ho Pei Hwa is upgrading her call on Sembcorp Industries to “buy” from “hold” previously with an unchanged target price of $1.70.

Sembcorp was sold down by 10% last Friday, underperforming the Straits Times Index (STI) and Sembcorp Marine (SembMarine) by 12% and 8% respectively over the past one week.

“We believe the sell-off was due largely to its removal from MSCI Index, pushing valuation to an unwarranted low of 0.34 times price-to-book ratio,” says Ho.

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