SembCorp Industries

SembCorp Industries: Daiwa maintains Outperform and increases TP to $5.42 from $5.12, based on an improving offshore/marine outlook. Believe grp is likely to be a beneficiary of an industry upcycle for offshore projects. Note that key share-price catalyst for grp tends to be new contract announcements, either for SembMarine or its utilities business. Believe grp and its offshore subsidiary has similar upside potential over the next six months, and like both of them equally.