Brokers' take

Sembcorp Industries | Buy Fair value: S$3.59 Nov 21 close: S$3.06 OCBC Research, Nov 21

This has been an eventful year for Sembcorp Industries. With the group's moves in India - it raised its stake in a renewable-energy business to 100 per cent, won two wind- power projects and was awarded master development rights to Andhra Pradesh's upcoming capital city - an IPO of its Indian business would not be surprising.

However, the greater focus will still be on the results of the strategic review, due by year's end. There has been speculation of a potential privatisation or divestment of the marine business and possible divestments of non-core assets and utilities assets in more mature markets to invest in marine or emerging- markets' utilities assets.