Seatrium Ltd

5E2: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 3.14	Jnqzr	Lgjnfqls

Seatrium: Investor Day Provides 2028 Financial Targets; Shares Undervalued

Chokwai Lee

Mar 18, 2024

No-moat Seatrium held its investor day on March 15. Following our review of management’s comments, we keep our earnings forecasts and fair value estimate at SGD 0.12 per share. We think Seatrium is undervalued currently, with upside to be driven by significant new-order wins. The firm also said it would focus on increasing shareholder returns through dividends and share buybacks.

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