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SEMBCORP INDUSTRIES LTD U96.SI Sembcorp Industries - All For Utilities
- Sembcorp Industries’ utilities business would be its main earnings driver, with a visible pipeline of project deliveries unt il FY18.
- We think the current weakness in its marine business would be partially cushioned by its utilities segment.
- Maintain BUY and SOP-based TP of SGD4.00 (45% upside).
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