Based on Senoko’s estimated FY2024 profit, Sembcorp's $137 million implies a c.1.2x earnings, a valuation level similar to that which it paid back in November 2024 when it took a 30% stake from ENGIE for $96 million.
Lim Siew Khee and Meghana Kande of CGS International have revised their target prices for Sembcorp Industries (SGX:U96
) from $7.41 to $8.14 after it plans to lift its effective stake in Senoko Power which they estimate will lead to a 2% increase in earnings.
On April 2, Sembcorp says it is paying $137 million to increase its stake in Senoko Partner from 30% to up to 70%, subjected to pre-emptive rights from another fellow shareholder Marubeni Corp.
