Board Change • May 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive & Independent Director Steven Phan was the last director to join the board, commencing their role in 2026. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 29
Upcoming dividend of S$0.16 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 3.8%. Lower than top quartile of Singaporean dividend payers (4.9%). Higher than average of industry peers (3.0%). Reported Earnings • Apr 16
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: S$0.55 (down from S$0.57 in FY 2024). Revenue: S$5.80b (down 9.6% from FY 2024). Net income: S$984.0m (down 4.0% from FY 2024). Profit margin: 17% (up from 16% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 2.9%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 09
Sembcorp, Hexa Climate Solutions Reportedly Vie for the India Renewables Business of Italy's Enel in $300-Million Deal IPO-bound Singapore's Sembcorp Industries Ltd. (SGX:U96)'s Indian renewable energy business and Hexa Climate Solutions (Hexa Climate Solutions Private Limited) are vying to acquire the entire India renewable business of Italy's Enel Group (Enel SpA (BIT:ENEL)) in a deal having an equity and enterprise value of around $100 million and $300 million, respectively, according to two people aware of the development. Sembcorp is present in India throughSembcorp India Private Limited and Sembcorp Green Infra Ltd. (SGIL) along with other subsidiaries., while Hexa is backed by I Squared Capital. The HSBC-run sale process follows a deal signed last year-which later fell through-under which Waaree Energies Ltd. had agreed to buy 100% of Enel Green Power India Pvt Ltd. (EGP India) from its parent Enel Green Power Development S.R.L. for INR 7,920 million. Mint first reported on 15 November 2023 that Enel Group planned to exit its India renewable business. "Enel Group's entire India renewable business is back on offer again and Sembcorp and Hexa are in talks for it," one of the two people cited above said, requesting anonymity. Enel Green Power India's portfolio comprises 760 megawatts (MW) of operational wind and solar assets, and a development pipeline of 2.5 gigawatts (GW). The company has been present in India's renewable sector since 2015 and in 2020 it partnered with Norway's state-owned investment fund Norfund to jointly finance, build and operate new renewable projects in the country. Spokespersons for Enel Group and HSBC, as well as Hexa Climate Solutions' founder and executive chairman Sanjeev Aggarwal declined to comment. Queries emailed to Sembcorp Industries Ltd. on Thursday evening remained unanswered till press time. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from S$6.62b to S$6.97b. EPS estimate fell from S$0.587 to S$0.491 per share. Net income forecast to shrink 10% next year vs 3.4% growth forecast for Integrated Utilities industry in Singapore . Consensus price target down from S$7.10 to S$6.73. Share price fell 7.7% to S$5.72 over the past week. Declared Dividend • Mar 01
Final dividend of S$0.16 announced Shareholders will receive a dividend of S$0.16. Ex-date: 6th May 2026 Payment date: 15th May 2026 Dividend yield will be 4.1%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (45% earnings payout ratio) but not covered by cash flows (248% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 26
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: S$0.55 (down from S$0.57 in FY 2024). Revenue: S$5.80b (down 9.6% from FY 2024). Net income: S$984.0m (down 3.5% from FY 2024). Profit margin: 17% (up from 16% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 2.1%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 26
Sembcorp Industries Ltd Appoints Dinesh Khanna as Alternate Director to Prof Uwe Krueger with Effect from February 25, 2026 Sembcorp Industries Ltd. (Sembcorp) announced the appointment of Mr. Dinesh Khanna as alternate director to Prof Uwe Krueger with effect from February 25, 2026. Mr. Khanna is currently Joint Head, Portfolio Development Group at Temasek International. He partners closely with Temasek Portfolio Companies to drive long-term shareholder value and strengthen governance practices. Prior to joining Temasek International, Mr. Khanna spent over two decades at The Boston Consulting Group (BCG), where he was a managing director and senior partner. He held multiple senior leadership roles, including as global chair of the People Team, member of BCG's executive and operating committees and as head of BCG Singapore from 2014 to 2015. He also led the global advantage practice, the corporate development practice, as well as the corporate development and private equity practice for Asia. Mr. Khanna previously served on the Singapore Future Economy subcommittee and as a member of the World Economic Forum Global Agenda Growth Council. He also served on the board of Safe Horizon, the largest victim services non-profit organisation in the US, from 2019 to 2021. He currently serves on the boards of Singtel, Olam Group, Surbana Jurong, Gate Group and OFI Group. He holds a Bachelor of Technology from Indian Institute of Technology Delhi as an Institute Silver Medallist and a Master of Business Administration from Indian Institute of Management Bangalore, where he graduated as the Institute Gold Medallist. Announcement • Feb 25
Sembcorp Industries Ltd, Annual General Meeting, Apr 29, 2026 Sembcorp Industries Ltd, Annual General Meeting, Apr 29, 2026. Announcement • Feb 20
Macquarie, Blackstone Reportedly Among Bidders for Welspun's Green Arm Global private equity majors and strategic infrastructure investors including Macquarie Group Limited (ASX:MQG), Actis (Actis LLP), Blackstone Inc. (NYSE:BX) and Sembcorp Industries Ltd. (SGX:U96) are preparing to bid for a controlling stake in Welspun Group's clean-energy arm, Welspun New Energy (Welspun New Energy Private Limited), at a valuation higher than was estimated just three months ago, people familiar with the development said. "The company is seeking around $250 million in value. With a lot of consolidation that has happened in the sector recently, the valuation expectations have inched up," one of the persons cited above said on the condition of anonymity. Binding bids are expected soon, a second person said. "Large PE firms and some strategics are likely to bid." Mint reported on 18 November of the company's plans to sell a controlling stake at a then lower valuation of $100 million. The company has appointed EY to help it look for buyers, Mint had reported. The proposed sale of a controlling stake in Welspun New Energy comes in the backdrop of a major cleanup of India's green energy contracts. Emailed queries to Actis, Blackstone, CVC, EY, Macquarie, Sembcorp and the Welspun Group did not elicit any response till press time. Announcement • Jan 29
GIP Reportedly Shortlists Four Entities for Its India Green Energy Biz Sale Global Infrastructure Partners (GIP) (Global Infrastructure Management, LLC), a BlackRock subsidiary, has shortlisted four potential buyers for Vena Energy India, its 1.1 GW renewable energy platform, said people familiar with the matter. Actis (Actis LLP), Sembcorp Industries Ltd. (SGX:U96), KKR & Co. Inc. (NYSE:KKR), and Edelweiss-owned Sekura Energy (SEPL Energy Private Limited) are currently conducting due diligence as part of the sale process, the people said. Torrent Power has also emerged as a potential bidder, although this couldn't be independently confirmed. The platform is expected to command an enterprise valuation of INR 45,000 million-INR 50,000 million ($500 million), the people said. Vena Energy India currently has 957 MW of operational renewable assets, with an additional 59 MW under construction. It is a subsidiary of Singapore-based Vena Energy, which has a global renewable energy development pipeline exceeding 39.2 GW. GIP owns a 76% stake in Vena Energy, with the rest 24% held jointly by China Investment Corporation (CIC) and Canada's Public Sector Pension Investment Board (PSP). BlackRock acquired 100% ownership of GIP in FY25. GIP has appointed Morgan Stanley and Japan's Mitsubishi UFJ Financial Group to advise on the sale of a controlling stake in Vena Energy globally, a deal that could value the company at up to $10 billion, Reuters reported in February last year. Vena Energy, KKR, Sembcorp, and Edelweiss didn't respond to email queries. Actis spokesperson declined to comment. Buy Or Sell Opportunity • Jan 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.9% to S$5.92. The fair value is estimated to be S$7.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 8.6% in 2 years. Earnings are forecast to grow by 9.7% in the next 2 years. Announcement • Jan 15
Sembcorp Industries Ltd to Report Fiscal Year 2025 Results on Feb 25, 2026 Sembcorp Industries Ltd announced that they will report fiscal year 2025 results Pre-Market on Feb 25, 2026 Buy Or Sell Opportunity • Dec 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to S$5.85. The fair value is estimated to be S$7.35, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 8.8% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • Nov 21
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at S$6.08. The fair value is estimated to be S$7.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Buy Or Sell Opportunity • Oct 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to S$6.20. The fair value is estimated to be S$7.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.4% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to S$6.27, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Integrated Utilities industry in Asia. Total returns to shareholders of 109% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at S$7.76 per share. Declared Dividend • Aug 11
First half dividend increased to S$0.09 Dividend of S$0.09 is 50% higher than last year. Ex-date: 15th August 2025 Payment date: 26th August 2025 Dividend yield will be 3.9%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but not covered by cash flows (426% cash payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Aug 09
Now 22% undervalued Over the last 90 days, the stock has risen 2.0% to S$6.72. The fair value is estimated to be S$8.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Announcement • Aug 08
An undisclosed buyer acquired 26% stake in Green Infra Renewable Energy Projects Limited from Sembcorp Industries Ltd (SGX:U96) for approximately INR 150 million. An undisclosed buyer acquired 26% stake in Green Infra Renewable Energy Projects Limited from Sembcorp Industries Ltd (SGX:U96) for approximately INR 150 million on May 5, 2025. A cash consideration of INR 146.35 million will be paid by the buyer. As part of consideration, INR 146.35 million is paid towards common equity of Green Infra Renewable Energy Projects Limited. Post acquisition, Sembcorp Industries Ltd holds 74% stake in Green Infra Renewable Energy Projects Limited.
An undisclosed buyer completed the acquisition of 26% stake in Green Infra Renewable Energy Projects Limited from Sembcorp Industries Ltd (SGX:U96) on May 5, 2025. Announcement • Jul 07
Sembcorp Industries Ltd to Report First Half, 2025 Results on Aug 08, 2025 Sembcorp Industries Ltd announced that they will report first half, 2025 results on Aug 08, 2025 Upcoming Dividend • Apr 23
Upcoming dividend of S$0.17 per share Eligible shareholders must have bought the stock before 30 April 2025. Payment date: 13 May 2025. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Singaporean dividend payers (6.1%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 02
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: S$0.57 (in line with FY 2023). Revenue: S$6.42b (down 8.9% from FY 2023). Net income: S$1.02b (flat on FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) exceeded analyst estimates by 3.3%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Mar 19
SBT Investment 2 Pte. Ltd completed the acquisition of Sembcorp Environment Pte Ltd. from Sembcorp Industries Ltd (SGX:U96). SBT Investment 2 Pte. Ltd entered into a share purchase agreement to acquire Sembcorp Environment Pte Ltd. from Sembcorp Industries Ltd (SGX:U96) for approximately SGD 410 million on November 8, 2024. A cash consideration of SGD 405 million will be paid by SBT Investment 2 Pte. Ltd.
TBS has agreed to retain management and staff of SembEnviro group following the completion of the transaction. Sembcorp will also provide transitional services to support a smooth handover and ensure continued provision of integrated waste management services by TBS.
The transaction is subject to approval by regulatory board / committee and approval of offer by acquirer shareholders. The expected completion of the transaction is January 1, 2025 to June 30, 2025.
SBT Investment 2 Pte. Ltd completed the acquisition of Sembcorp Environment Pte Ltd. from Sembcorp Industries Ltd (SGX:U96) on March 18, 2025. Declared Dividend • Mar 01
Final dividend increased to S$0.17 Dividend of S$0.17 is 113% higher than last year. Ex-date: 30th April 2025 Payment date: 13th May 2025 Dividend yield will be 3.8%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Feb 28
An undisclosed buyer acquired 49% stake in ChongQing SongZao Sembcorp Electric Power from Sembcorp Industries Ltd (SGX:U96). An undisclosed buyer acquired 49% stake in ChongQing SongZao Sembcorp Electric Power from Sembcorp Industries Ltd (SGX:U96) on December 19, 2024.
An undisclosed buyer completed the acquisition of 49% stake in ChongQing SongZao Sembcorp Electric Power from Sembcorp Industries Ltd (SGX:U96) on December 19, 2024. Announcement • Feb 27
Sembcorp Industries Ltd, Annual General Meeting, Apr 25, 2025 Sembcorp Industries Ltd, Annual General Meeting, Apr 25, 2025. Reported Earnings • Feb 27
Full year 2024 earnings released: EPS: S$0.57 (vs S$0.57 in FY 2023) Full year 2024 results: EPS: S$0.57 (in line with FY 2023). Revenue: S$6.42b (down 8.9% from FY 2023). Net income: S$1.02b (flat on FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Jan 24
Sembcorp Industries Ltd to Report Fiscal Year 2024 Results on Feb 27, 2025 Sembcorp Industries Ltd announced that they will report fiscal year 2024 results on Feb 27, 2025 Announcement • Aug 23
Sembcorp Industries Ltd Announces Resumption of Sembcorp Myingyan Independent Power Plant in Mandalay, Myanmar Sembcorp Industries (Sembcorp) announces that it has resumed operations of Sembcorp Myingyan Independent Power Plant (the Plant) in Mandalay, Myanmar following the temporary suspension previously announced on August 12, 2024. The decision was made given that conflicts around the vicinity of the Plant have ceased such that the situation is now assessed to be safe for Sembcorp's personnel to return to the Plant. The date to resume operations has been aligned with the Electric Power Generation Enterprise. Sembcorp will continue to closely monitor the situation, with the safety of its personnel as its utmost priority. The temporary suspension has no material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending December 31, 2024. Announcement • Aug 15
JSW Neo, Sembcorp, ONGC Reportedly Shortlisted to Acquire NIIF Backed Ayana in $800 Million Deal Oil and Natural Gas Corporation Limited (NSEI:ONGC), JSW Group's JSW Neo Energy Limited, and Singapore's Sembcorp Industries Ltd. (SGX:U96) have been shortlisted to submit binding bids to buy a significant majority stake in Ayana Renewable Power Private Limited, two people aware of the development said, in what may rank among the biggest transactions in India's green energy sector. These firms were the ones to submit their non-binding offers (NBOs) for the deal with an equity value of around $800 million, and are presently conducting due diligence, the people cited above said on the condition of anonymity. The National Investment and Infrastructure Fund (NIIF) backed company, which has a 5-gigawatt (GW) portfolio of operational and under-construction projects, is looking to sell a significant majority stake, that may translate into up to 100% stake sale. The sale process is being run by Standard Chartered, with the last date for submitting final bids on 19 August. "The Ayana transaction is a big one for the Indian renewable energy space and is being tracked intently for its outcome," said one of the two people cited above. Mint earlier reported about ONGC entering the fray, and Standard Chartered being mandated to manage the sale of Ayana Renewable Power, with the shareholders also seeking to raise an additional $400 million to finance the company's growth. The Economic Times on 4 May reported about JSW Neo Energy, and Sekura Energy among five bidders that have made non-binding offers to acquire a controlling stake in Ayana Renewable Power; with Masdar, Sembcorp and Macquarie also in the fray. "Post the submission of the NBOs, ONGC, JSW and Sembcorp were shortlisted. They are conducting due diligence to submit their binding bids for which 19 August is the bid submission deadline," the second person said. Ayana Renewable Power is majority-owned by NIIF. Its other shareholders include the UK government's British International Investment and Eversource Capital. Ayana plans to build a 10GW portfolio by 2025 and has projects in Andhra Pradesh, Tamil Nadu, Karnataka, Rajasthan and Gujarat. Spokespersons for Standard Chartered, JSW Group and British International Investment plc declined comment. Spokespersons for NIIF, Ayana Renewable Power, Sembcorp, and Eversource Capital did not respond to queries emailed on late 12 August night. An ONGC spokesperson did not immediately respond to queries emailed on 13 August 2024. Announcement • Aug 14
Sembcorp Industries Announces Temporarily Suspension Operations of Sembcorp Myingyan Independent Power Plant Sembcorp Industries (Sembcorp) has temporarily suspended operations of Sembcorp Myingyan Independent Power Plant (the Plant), a 225MW gas-fired power plant in Mandalay, Myanmar, in view of escalating civil unrest in Myanmar including in Myingyan township, Mandalay where the Plant is located. Sembcorp's priority is to ensure the safety of its employees. The Electric Power Generation Enterprise, a power department within the Ministry of Electricity and Energy of Myanmar, has been informed of the situation and has approved the shutdown. Security measures are in place to safeguard the Plant in the meantime and relevant stakeholders are being notified. Sembcorp will look to resume operations at the Plant as soon as reasonably practicable once conditions are safe. Insurance coverage on the Plant is currently maintained, particularly for cover in respect of property damage. Declared Dividend • Aug 08
First half dividend of S$0.06 announced Shareholders will receive a dividend of S$0.06. Ex-date: 14th August 2024 Payment date: 22nd August 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but not adequately covered by cash flows (98% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 3.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 07
First half 2024 earnings released: EPS: S$0.30 (vs S$0.34 in 1H 2023) First half 2024 results: EPS: S$0.30 (down from S$0.34 in 1H 2023). Revenue: S$3.21b (down 12% from 1H 2023). Net income: S$540.0m (down 11% from 1H 2023). Profit margin: 17% (in line with 1H 2023). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
Sembcorp Industries Ltd to Report First Half, 2024 Results on Aug 06, 2024 Sembcorp Industries Ltd announced that they will report first half, 2024 results on Aug 06, 2024 Announcement • Jun 10
JSW, Torrent, Masdar Among Suitors for Enel's India Assets About half a dozen investors, including Abu Dhabi Future Energy Company PJSC - Masdar of the UAE, Singapore's Sembcorp Industries Ltd. (SGX:U96), JSW Energy Limited (BSE:533148), Torrent Power Limited (NSEI:TORNTPOWER), Sekura Energy Limited and Oil and Natural Gas Corporation Limited (NSEI:ONGC), have submitted non-binding bids to acquire 760 MW of operational assets in India that have been put on the block by Italy's Enel Group, said people aware of the development. HSBC is advising Enel on the sale. The proposed deal may have an enterprise value of $500 million (INR 41.00 billion), the sources said. The portfolio of Enel Green Power India Private Limited comprises 760 megawatts (MW) of operational wind and solar power assets and a development pipeline of 2 gigawatts (GW). Of the operational capacity, solar power projects comprise 420 MW, with the balance 340 MW coming from wind power. Last year, Norwegian Climate Investment Fund, managed by Norfund, and KLP, Norway's largest pension company, had together committed $100 million of equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India. In 2020, Norfund and Enel Green Power (EGP) entered into a joint investment agreement for renewable energy projects in India. Their first project together, the 420 MW Thar solar plant, was announced in 2022. Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 63 GW of installed renewable capacity at 1,300 plants in Asia, Europe, Africa and America. EGP had strengthened its position in India through an acquisition of a majority stake in renewable energy company BLP Energy for INR 30 million (INR 2.20 billion) in 2015.Enel, ONGC, Masdar and Sekura Energy spokespersons declined to comment. JSW, Sembcorp and Torrent didn't respond to queries. Energy producers such as Sekura Energy, Sembcorp and Masdar Energy are already in the race for several Indian renewable assets that are on the block. These three were among the contenders for the 2 GW renewable portfolio of Brookfield in India that's up for sale at an estimated enterprise value of $800 million - 1 billion (INR 66.00 billion - INR 83.00 billion). JSW Neo Energy and Sekura Energy are among the bidders that have made non-binding offers to acquire a controlling stake in Ayana Renewable Power, majority owned by National Investment and Infrastructure Fund (NIIF), at a valuation of about $2 billion, ET had reported. ONGC is another contender for several assets in the clean energy space as part of decarbonising its operations. ONGC plans to have a renewable energy capacity of 10 GW by 2030 at an investment of INR 1 lakh crore. The outlook for the renewable energy (RE) sector remains stable, led by strong policy support from the government, superior tariff competitiveness and sustainability initiatives by large commercial and industrial (C&I) customers. Upcoming Dividend • Apr 22
Upcoming dividend of S$0.08 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 09 May 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Singaporean dividend payers (6.3%). Higher than average of industry peers (2.5%). Reported Earnings • Apr 02
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: S$0.57 (up from S$0.40 in FY 2022). Revenue: S$7.04b (down 10.0% from FY 2022). Net income: S$1.02b (up 45% from FY 2022). Profit margin: 14% (up from 9.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is forecast to stay flat during the next 3 years compared to a 4.4% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Announcement • Mar 18
Masdar, Gentari, Others Reportedly Eye Majority Stake in Ayana Renewable Power About half a dozen investors, including Abu Dhabi Future Energy Company PJSC - Masdar, Petronas-owned Gentari, Singapore's Sembcorp Industries Ltd. (SGX:U96), Public Sector Pension Investment Board and Brookfield Corporation (TSX:BN), are vying to acquire Ayana Renewable Power Private Limited, a clean energy platform owned by the National Investment and Infrastructure Fund (NIIF), multiple people aware of the talks told ET. Declared Dividend • Feb 26
Final dividend of S$0.08 announced Shareholders will receive a dividend of S$0.08. Ex-date: 29th April 2024 Payment date: 9th May 2024 Dividend yield will be 2.5%, which is lower than the industry average of 4.5%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 3.9% over the next 3 years. However, it would need to fall by 75% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 23
Sembcorp Industries Ltd, Annual General Meeting, Apr 23, 2024 Sembcorp Industries Ltd, Annual General Meeting, Apr 23, 2024. Reported Earnings • Feb 20
Full year 2023 earnings released: EPS: S$0.57 (vs S$0.40 in FY 2022) Full year 2023 results: EPS: S$0.57 (up from S$0.40 in FY 2022). Revenue: S$7.04b (down 10.0% from FY 2022). Net income: S$1.02b (up 45% from FY 2022). Profit margin: 14% (up from 9.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 2 years compared to a 4.3% growth forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Jan 20
Sembcorp Industries Ltd to Report Fiscal Year 2023 Results on Feb 20, 2024 Sembcorp Industries Ltd announced that they will report fiscal year 2023 results Pre-Market on Feb 20, 2024 Announcement • Aug 18
ONGC, Four Others Reportedly Vie for Fortum Projects Oil and Natural Gas Corporation Limited (NSEI:ONGC) is in the fray for Finnish state-run power utility Fortum Oyj (HLSE:FORTUM)’s Indian solar projects totaling 185 megawatts (MW), two people familiar with the matter said, adding that the deal may have an equity value of around $130 million. Others in the race include Malaysia's state-run oil and gas company, Petronas unit Gentari Sdn. Bhd., Singapore's Sembcorp Industries Ltd. (SGX:U96), Edelweiss Infrastructure Yield Plus Fund's Sekura Energy Limited, and private equity firm Actis LLP. The five bidders were shortlisted from 11 non-binding offers that were submitted, the people said on condition of anonymity. Kotak Investment Banking is managing the transaction, which is estimated at an enterprise value of around $200 million. The deal has seen significant interest since buyers of power from these projects having AA+ rating include state-run entities such as Solar Energy Corporation of India Limited, NTPC Limited (NSEI:NTPC) and NTPC Vidyut Vyapar Nigam Ltd. "The sale process has entered the second phase with shortlisted bidders doing due diligence," said one of the two people cited above. Sanjay Aggarwal, the president of Fortum India Pvt. Ltd, declined to comment. Spokespeople for Kotak Investment Banking, ONGC, Petronas, Gentari, Sembcorp, and Edelweiss did not respond to queries emailed on August 13, 2023 afternoon. An Actis spokesperson declined to comment. The stake sale is part of Fortum's strategy to take risks early on and eventually monetize projects to raise capital for new ventures. Price Target Changed • Aug 07
Price target increased by 14% to S$6.57 Up from S$5.79, the current price target is an average from 11 analysts. New target price is 7.8% above last closing price of S$6.09. Stock is up 92% over the past year. The company is forecast to post earnings per share of S$0.51 for next year compared to S$0.40 last year. New Risk • Aug 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.5% per year for the foreseeable future. Minor Risk High level of debt (135% net debt to equity). Reported Earnings • Aug 05
First half 2023 earnings released: EPS: S$0.34 (vs S$0.28 in 1H 2022) First half 2023 results: EPS: S$0.34 (up from S$0.28 in 1H 2022). Revenue: S$3.66b (down 23% from 1H 2022). Net income: S$608.0m (up 24% from 1H 2022). Profit margin: 17% (up from 10% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.1% decline forecast for the Integrated Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Announcement • Jul 29
Sembcorp Industries (Sembcorp) Announces Appointment of Kunnasagaran Chinniah as Non-Executive and Independent Director Sembcorp Industries (Sembcorp) announced the appointment of Mr. Kunnasagaran Chinniah as non-executive and independent director with effect from August 1, 2023. Mr. Chinniah is a board member of Changi Airports International, CapitaLand Ascendas REIT Management, Azalea Asset Management and Greenko Energy Holdings. He is a member of the Hindu Endowments Board. Mr. Chinniah last served as the Head of GIC Global Infrastructure Group and Co-Head of Portfolio, Strategy and Risk Group at GIC Special Investments. He retired in 2013 after serving at GIC for more than 20 years, where he held various positions and was responsible for investments in North America, Europe and Asia. Mr. Chinniah is a Chartered Financial Analyst. He holds a Bachelor of Engineering (Electrical) from the National University of Singapore and a Master of Business Administration from the University of California Berkeley. 
