SCI

SCI: 1Q16 net profit of $107m (-24.7% y/y) was 21% of CIMB’s full year forecast, and 20% of consensus.
-Utilities profit stable y/y, thanks to Stronger China, Mid East, UK, but weaker q/q due to competitive spark spread in Singapore
-Overseas assets account for ~60% of utilities profit.
- India may only start to perform from 3Q due 1o seasonality and shutdown
- CIMB maintains Add with TP of $3.10. Stronger profits from overseas assets and divestment of non-core assets could be catalysts.