Sembcorp Industries Ltd Faces Downgrades from Leading Financial Institutions
Sembcorp Industries Ltd has received downgrades from Morgan Stanley, HSBC, and Maybank. The downgrades were triggered by the company’s recent earnings miss, which resulted in a drop in net profit due to lower turnover from its gas business.
Downgrades and Share Price Impact
The downgrades have led to a decline in the company’s share value. On Friday, the company’s shares fell by 13.9%. Maybank also reduced its target price for the company’s shares to SGD 6.40 from SGD 7.10.
Continued Share Price Decline
The company’s shares continued to fall on Monday, closing at SGD 6.49, down 3.4% from the previous day. The overall market sentiment remains cautious, with the Straits Times Index (STI) falling 0.2% on Monday.
Key Statistics
- Downgrade triggers: Earnings miss due to lower turnover from gas business
- Share price decline on Friday: 13.9%
- Maybank’s revised target price: SGD 6.40
- Share price decline on Monday: 3.4%
- Straits Times Index (STI) decline on Monday: 0.2%