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UOB Kay Hian lifts Sembcorp Industries' TP to $3.59, as it deems the counter a 'key blue-chip holding'

Felicia Tan
Felicia Tan4/18/2022 5:27 PM GMT+08  • 4 min read
UOB Kay Hian lifts Sembcorp Industries' TP to $3.59, as it deems the counter a 'key blue-chip holding'
UOB Kay Hian has also upped its earnings estimates by 6% to 11% for FY2022 to FY2024. Photo: Sembcorp Industries
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UOB Kay Hian analyst Adrian Loh is keeping his “buy” call on Sembcorp Industries (Sembcorp) as it has been actively making deals focused on expanding its renewables footprint.

In his report dated April 18, Loh is very much positive on Sembcorp, calling the counter a “key blue-chip holding in any Singapore portfolio” and raising its target price to $3.59 from $2.95 previously.

The new target price is based on a target P/E of 13.6x and is 1 standard deviation above Sembcorp’s past five-year average P/E of 11.2x (excluding 2020 where the company reported impairment-related losses).

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