Broker Name: CGS International
Date of Report: December 12, 2025
Excerpt from CGS International report.

Report Summary

• Seatrium Ltd (STM) secured its fourth HVDC contract from TenneT, valued at approximately S\$2bn, bringing 2025 year-to-date order wins to around S\$4bn. The project, located in the German North Sea, will see major fabrication work at STM’s Singapore and Batam yards, with delivery expected in 2031.
• CGS International reiterates an “Add” rating on Seatrium Ltd with a target price of S\$2.67, citing order wins, margin improvements, and potential asset monetisation as key catalysts for further upside. Risks include 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/