CGS-CIMB Research has maintained its ‘add’ rating for Sembcorp Industries with an unchanged target price of $1.97 after the company announced it had been awarded with a 60 megawatt-peak (MWp) solar project by the Housing Development Board (HDB) and the Economic Development Board (EDB).
CGS-CIMB analyst Lim Siew Khee notes that the new project boosts Sembcorp’s solar power capacity in Singapore to a total of 362.3 MWp or 302 megawatts (MW), making it the leading solar energy provider in Singapore. In comparison, Sunseap Group’s solar power capacity stands at around 300 MWp (as of May 2020).
