An uphill battle awaits Sembcorp in India

SINGAPORE (Aug 3): CIMB is downgrading its “add” call on Sembcorp Industries to “hold” and lowering its target price for the utilities and marine company to $2.66 from $3.10 previously

Sembcorp on Tuesday posted a 47.1% fall in 1H16 earnings to $193.49 million from a year ago. 2Q16 net profit was down 19% q-o-q to $86 million, which came below CIMB’s and consensus estimates.

(See: Sembcorp’s 1H earnings plunge 47.1% to $193.5 mil on lower profits from all segments)

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