Temasek Holdings’ weak performance in FY2020 ended March 31 — owing to the impact of the Covid-19 pandemic — has not differed materially from its preliminary results released in July. While it continues to make new or bigger bets on long term growth trends such as technology, healthcare and financial services, some of its long-held Singapore portfolio companies could certainly do better.

For starters, Keppel Corp and Sembcorp Marine (Sembmarine) continue to be weighed by the prolonged downturn in the oil industry. Things look unlikely to improve any time soon following the March crash in crude oil prices.

Market observers have long speculated that Temasek intends to hive off the offshore and marine business of Keppel and merge it with Sembmarine. This comes after Sembmarine ceased to be a subsidiary of Sembcorp Industries, following a restructuring and recapitalisation exercise.

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