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SEMBCORP INDUSTRIES LTD U96.SI Sembcorp Industries - Focus on overseas assets
- 1Q16 net profit of S$107m (US$79m) was in line at 21% of our FY16 forecast and 20% of consensus.
- Utilities profit was stable yoy, thanks to stronger China, Middle East and UK, but weaker qoq due to competitive spark spread in Singapore.
- Overseas assets account for c.60% of utilities profit.
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