Sembcorp Industries

Sembcorp Industries | Buy

Fair value: $4.50

June 8 close: $2.94

DBS Group Research, June 4

Sembcorp has reached agreement to acquire UK Power Reserve (UKPR) – Britain's largest flexible distributed energy generator – for £216 million (S$386 million). The sellers are private equity investors Inflexion and Equistone (each holding 42.5 per cent stake) and UKPR's management (with a 15 per cent stake). The acquisition strengthens Sembcorp's presence in Britain's utilities space and is in line with the group's revamped policy to rebalance its energy portfolio towards developed markets.

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