Seatrium Ltd

5E2: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 4.38	Ryntj	Vglwtjtkz

Seatrium: Strategic Business Review Focuses on Growth Roadmap, but Shares Fairly Valued

Chokwai Lee

May 12, 2023

We keep Seatrium’s (formerly Sembcorp Marine) fair value estimate at SGD 0.12 following its first-quarter 2023 business update. We think the firm is fairly valued currently, and we believe upside will need to be driven by significant new order wins and better-than-expected synergies generated from the merger with Keppel Offshore &Marine.

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