Brokers' take

Sembcorp Industries > Neutral Target price: S$3.60 Nov 3 close: S$3.30 Credit Suisse, Nov 3

UTILITIES' net profit of S$28 million in Q3 '17 was impacted by S$56 million of impairments in Singapore related to an ageing boiler and goodwill for a cogen plant. This was offset by S$14 million writeback of provision related to Jurong Aromatic Corporation (JAC). Excluding these one-offs, Q3 '17 profit of S$70 million was below expectations, driven by losses in India. There were no updates on the strategic review, which chief executive Neil McGregor said was in the final stages an…