Brokers' take

Sembcorp Industries

Buy

OCBC Investment Research | Feb 18 |

Feb 18 close: S$4.24

Target price: S$4.84

SEMBCORP Industries (SCI) posted a 10.4 per cent year-on-year drop in revenue to S$2.7 billion and a 7.5 per cent rise in net profit to S$240.6 million in Q4 2014, such that FY14 net profit of S$801.1 million (-2 per cent) was 4 per cent higher than our full-year estimate; within our expectations.

After fine-tuning our estimates and taking into account our lower fair value estimate for Sembcorp Marine, …