SembCorp Ind: IIFL reiterate Buy, TP $5.70, Note that Utilities business growing nicely.
Note that over the nx 3yrs, power generation capacity would rise by 67% to 5.5GW. water treatment capacity would be boosted by 67% to 10m m3/day by 2015.
Sg contributes to 56% of utilities net profit with the remaining coming from China, UK and the Middle East. Non-marine businesses (utilities and industrial parks) currently trade at 6.9x FY12 P/E, valuing the marine business at current market price. Overall, reiterate Buy on high visibility and robust growth outlook of the utilities and marine businesses
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