Monday, May 30, 2011
Sembcorp Ind
Sembcorp Ind: Daiwa maintains O/p and increase TP to $5.80 from $5.68. Tip grp to benef from improved outlook for SembMarine, while Co’s utilities business remains positive. Expect new order wins for SembMarine to drive the share price. SembCorp’s 2011 PER of 14.5x would represent a mid-cycle valuation, which is reasonable.
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