Sembcorp Ind: Sembcorp Ind-led consortium Vietnam Singapore Industrial Park Joint Venture Co (VSIP JV) with partner co Becamex IDC, signed a MOU with provincial authorities to conduct a feasibility study of a 1k hectare integrated township and industrial park in central Vietnam’s Quang Ngai province.
This comprises a 500-hectare industrial park within the Dung Quat Economic Zone, where government-supported incentives are made available to manufacturers. Separately, under consideration are 520 hectares of land zoned for commercial and residential purposes near downtown Quang Ngai city.
CS maintained Outperform with a TP$4.90 yday and noted that utilities business is trading at a P/E of 6.3x close to historical low. Co at 1.48x P/E is just 7% above 08-09 low of 1.38x.
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