Broker Name: CGS International

Date of Report: December 12, 2025

Excerpt from CGS International report.

Report Summary

• Seatrium Ltd (STM) secured its fourth high-voltage direct current (HVDC) contract from TenneT, valued at approximately S\$2bn, bringing total year-to-date order wins to about S\$4bn. The new project involves the BalWin5 offshore HVDC grid in Germany, with delivery expected by 2031.
• CGS International reiterates an “Add” rating with a target price of S\$2.67, citing clear profit recovery, strong order book, and potential re-rating catalysts such as further order wins, arbitration resolution with Maersk, and asset monetisation. Project gross margins are estimated to be in the high single-digits, and STM is expected to secure up to S\$6bn in new orders in 2026.

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