In view of SCI’s “strong” renewable energy portfolio and expanded market share in Singapore, Lim and Kande are maintaining “add” on Sembcorp with an unchanged target price of $7.32.
Sembcorp Industries (SCI) has expanded its renewable energy portfolio in India to 5.4 gigawatts (GW) with the win of a 300 megawatt (MW) hybrid wind-solar project from NTPC, announced on Nov 26.
This boosts SCI’s overall renewable energy gross capacity to 16GW, or 64% of its 2028 target of 25GW. This includes a 49MW acquisition pending completion in Vietnam, note CGS International Research analysts Lim Siew Khee and Meghana Kande in a Nov 26 note.
