Sembcorp Industries | Hold
Target price: S$2.40
Oct 3 close: S$2.57
Maybank Kim Eng Research, Oct 3
WE upgrade Sembcorp Industries (SCI) from "sell" to "hold" as we believe negatives have been priced in. That said, near-term India risks could still cap upside and we would prefer to wait for India to deliver. We cut FY16-18 estimated earnings per share by 4-9 per cent for generally lower utilities segment earnings, though our sum-of-the-parts target price climbs slightly from S$2.35 to S$2.40 after rollover...