Broker: CGS International
Date of Report: December 12, 2025

Excerpt from CGS International report.

Report Summary

• Seatrium Ltd (STM) secured its fourth HVDC contract with TenneT valued at about S\$2 billion, raising STM’s year-to-date order wins to S\$4 billion; work starts in January 2026 with delivery by 2031, mostly fabricated in Singapore and Batam.
• CGS International reiterates an Add rating with a target price of S\$2.67, highlighting earnings recovery driven by new high-margin orders, potential order book wins in 2026, and catalysts such as arbitration resolution and asset monetisation, but notes risks from cost overruns and project cancellations.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com