Broker: Maybank Research Pte Ltd
Date of Report: 2 Apr 2026

Excerpt from Maybank Research Pte Ltd report.

Report Summary

• Seatrium: Initiate BUY, Target Price SGD3.10. Maybank highlights Seatrium as its top pick in Singapore Industrials for its strong offshore energy and renewables growth exposure. Seatrium is pursuing a SGD32b project pipeline with annual order wins of SGD10–11b expected in 2026–28. Gross margins are projected to improve from 3.1% in FY24 to 7.4% in FY25, and earnings CAGR of 27% is forecast for FY25–28. Balance sheet is de-risked with net leverage at 0.8x and strong free cash flow of ~SGD800m.
• Yangzijiang Shipbuilding: Initiate HOLD, Target Price SGD4.15. Although YZJ’s USD22.4b orderbook provides visibility, shipbuilding is moving past its peak. Order wins are at a 5-year low and margins are likely to normalise from 34%.

above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com