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What’s next for Sembcorp Industries shares?

The energy conglomerate is now expecting for 2022 full-year earnings to be ‘significantly higher’ than 2021.

Sembcorp industries share price target ratings Source: Bloomberg
  • Sembcorp Industries Ltd (SGX: U96) share price rose further on Wednesday (10 August 2022)
  • The energy company saw turnover burgeon 94% year-on-year in the first half
  • DBS, Maybank and UOB analysts have reiterated ‘buy’ calls on the stock
  • Keen to trade Sembcorp Industries shares? Open an account with us to start today.

How did Sembcorp Industries fare in the first half?

Sembcorp Industries (SCI) shares have rallied nearly 5% since reporting its financial results for the first half (1H) of 2022.

The energy and urban development company recorded a turnover of S$4.8 billion in 1H 2022, up 45% from S$3.3 billion recorded a year ago.

The group’s net profit before exceptional items increased 94% to S$490 million, with higher contributions from the renewables and conventional energy segments. Net profit for the renewables segment increased to S$76 million from S$24 million in 1H 2021.

The stronger performance was driven by contributions from SDIC New Energy and Shenzhen Huiyang New Energy in China in January 2022 and June 2022 respectively. Wind assets in India and solar operations in Singapore also performed better.

The board of directors announced an interim dividend of S$0.04 per ordinary share (up from S$0.02 a share in 1H 2021), which will be paid on 23 August 2022.

Sembcorp Industries stock price: what’s the latest forecast?

The large cap stock has been on an uptrend for the last one month, increasing roughly 10% since 12 July 2022. The counter is also up 60% on a year-to-date basis.

In terms of stock outlook, Sembcorp Industries shares have an average price target of S$3.23 and rating of ‘outperform’, based n the latest SGX StockFacts consensus data.

The latest investment calls came from DBS, Maybank and UOB’s equity research teams, who reiterated ‘buy’ ratings on the stock.

All three teams also lifted their price targets, with DBS raising it to S$3.80 (from S$3.70), Maybank to a more bullish S$4.50 (from S$3.40), and UOB to S$4.10 (from S$3.59).

In light of the latest results, DBS analysts raised its earnings forecast for FY2022 and FY2023 for Sembcorp Industries by 46% and 18% respectively.

Meanwhile, Maybank analysts pushed up its earnings forecast for FY2022 to FY2024 by 76% to 82%, on the expectation that Sembcorp Industries’ second half performance will accelerate.

Thinking of trading Sembcorp Industries shares?

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