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| Symbol(s): |
SCIL.SI |
| Date: |
9-Nov-09 |
| Author: |
Siew Khee Lim |
| Contributor: |
CIMB_GK Research Pte Ltd. |
| Title: |
Sembcorp Industries Ltd-Utilities undervalued |
| Document Size: |
6 pages |
| Price: |
$25 |
| Document Type: |
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| Maintain Outperform; in line. We are maintaining our S$4.62 sum-of-the-parts target price. 3Q09 net profit (S$148m, +2% yoy) met our expectations (27% of full year) and consensus. Despite weak earnings from the UK, Utilities’ 3Q09 net profit grew 10% yoy to S$52m from a better-than-expected performance in Singapore. SCI remains our top pick in the conglomerates space given its attractive valuations against peers.
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