Broker: Maybank Research Pte Ltd
Date of Report: 1 April 2026
Excerpt from Maybank Research Pte Ltd report
Report Summary
- Seatrium: Initiated with BUY recommendation. Target Price: SGD3.10. Seatrium is expected to benefit from strong offshore energy and renewables demand, with a >SGD32b project pipeline and anticipated annual order wins of SGD10–11b from 2026–2028. Gross margins are projected to improve from 3.1% in FY24 to 7.4% in FY25, with earnings CAGR of 27% for FY25–28. Balance sheet strength is highlighted with net leverage at 0.8x and free cash flow generation of ~SGD800m.
- Yangzijiang Shipbuilding: Initiated with HOLD recommendation. Target Price: SGD4.15. The company maintains a robust USD22.4b orderbook, but shipbuilding is moving past its peak, with order wins at a 5-year low and margins likely to normalize from 34%.
Focus: Investors should focus on Seatrium for its offshore growth exposure and clear BUY recommendation with a target price of SGD3.10. Yangzijiang Shipbuilding is rated HOLD, suggesting limited upside.
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 Research Pte Ltd website : https://www.maybank.com/
