SCI

SCI: Deutsche cuts FY13-15e net earnings by 7-8%, citing rising competitive pressures for utilities, which should lead to lower power prices in the coming years and shrink Singapore utilities margins by 100-120 bps. Singapore contributed ~70% of FY12 utilities earnings. Given lack of further drivers, Deutsche expects the stock price to be range bound. Downgrades to Hold from buy, on reduced TP of $5.25 from $6.35.