Sembcorp Industries

Sembcorp Industries: HSBC upgrades to Overweight from Neutral after the stock's 9% fall from its ytd high during the recent market downturn. Says the company is "displaying confidence in tough times," with mgt reiterating at HSBC's annual Asean conference that all of its large utilities projects are on track; SCI is also bullish about expansion and growth opportunities. The house adds, SCI offers O&M cyclical upside potential through its subsidiary SMM , combined with stability of a global utilities portfolio providing recurring earnings security. Keeps its $5.65 TP and earnings forecasts unchanged. The stock is up 1.9% at $4.87