Seatrium Ltd

5E2: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 9.43	Tsgxw	Rmcwblm

Seatrium: Enlarged Orderbook to Underpin Earnings Growth; Shares Undervalued

Chokwai Lee

May 29, 2024

We raise no-moat Seatrium’s fair value estimate to SGD 3.00 per share from SGD 2.40 after incorporating the new order wins from Petrobras. This reaffirms our view that Seatrium is undervalued currently, with upside to be driven by significant new order wins. We also think its share price should be supported by the ongoing share buyback program.

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