Sembcorp to be hit by power price wars in Singapore

But here's the silver lining.

According to CIMB, uncertainties over Singapore power margins are likely to persist through 2014.

Here's more:

Sembcorp Singapore’s 9M13 net profit fell 12% yoy, taking into account lower vesting contract prices (-10% yoy) and
pool-power prices (-24% yoy).

We have factored in zero growth for its Singapore operations in FY14. The silver lining is that spark spreads seemed to have stabilised in 3Q13, implying that margins could hold firm.

However, if Singapore contributions fall another 15% in 2014, the impact on group EPS is estimated at 4%.

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