Broker Name: OCBC Group Research
Date of Report: 26 February 2026

Excerpt from OCBC Group Research report.

Report Summary

• Sembcorp Industries (SCI) reported softer results for 2H25, mainly due to weaker Gas and Related Services (GRS) from lower contract renewal spreads in Singapore and reduced demand in the UK, though this was partially offset by higher contributions from Senoko Energy.
• Despite the headwinds, SCI declared a higher FY25 dividend per share of 25 Singapore cents (+8.7% YoY) and plans to increase its dividend payout ratio over time; the company remains focused on renewables growth and is well positioned to benefit from rising data centre-driven power demand, with a BUY rating and a slightly lowered fair value of SGD 7.48.

Above is an excerpt from a report by OCBC Group Research. Clients of OCBC can be the first to access the full report from the OCBC website : https://www.ocbc.com/