UOB Kay Hian analyst Adrian Loh has upgraded Sembcorp Marine (SembMarine) to “buy” as he deems that much of the negatives have already been priced in.

That said, Loh has lowered his target price to 11 cents from 12.4 cents as he has pegged it to a target multiple of 0.74 times FY2022. The target multiple is a 30% discount to SembMarine’s past five-year average price-to-book (P/B) of 1.07 times.

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