The Sembcorp Energy Storage System (ESS) is Southeast Asia’s largest ESS and is the fastest in the world of its size to be deployed. /Sembcorp Industries

Sembcorp Industries’ long-term contracts show optimism: broker

This despite concerns on its earnings tapering off.

Sembcorp Industries received a “buy” call with an increased target price of $4.35 amidst its growth prospects, Maybank Securities said.

The firm reported a net profit of $848m, 204% increase year-on-year (YoY), which surpassed estimates.

This is due to the company’s renewables segment that surpassed expectations, with a net profit soaring 150% YoY.

The company achieved its renewables target of 10GW well ahead of schedule. 

Disclaimer: The photo has been revised due to a previous error in uploading.

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