Sembcorp Industries (SCRPF) AI Stock Analysis

Company Guidance

Management said it expects a meaningfully stronger H2 and reiterated its targets and balance‑sheet plans: H1 2026 reported turnover SGD 3.8bn, EBITDA ~SGD 768m, adjusted EBITDA SGD 947m, underlying net profit SGD 369m (down 25% y/y), EPS SGD 0.207 and annualized ROE 13% (pro‑forma with Alinta: turnover SGD 5.6bn, EBITDA SGD 1.2bn, adjusted EBITDA SGD 1.4bn, underlying net profit SGD 558m, EPS SGD 0.314, ROE 19.1%); interim dividend was raised to SGD 0.11 (from 0.09). Key operational and guidance metrics driving H2 upside include CCP4 and a 600MW hydrogen‑ready plant ramping (CCP4 on track for progressive commissioning, H2 completion Q4), 80% of Sembcorp’s gas‑fired fleet (ex‑Senoko) contracted for 5+ years, July USEP ~SGD 240/MWh, Alinta H1 run‑rate underlying profit SGD 231m with an expected ~SGD 100m contribution in H2, Alinta platform ~3.4GW, Renewables 6.6GW under construction and 3.6GW India pipeline, IUS landbank >18,000 ha and ready‑built GFA >1.1m sqm, adjusted free cash flow ~SGD 700m (adjusted), net debt ~SGD 13.9bn (up ~SGD 6bn on Alinta), pro‑forma net debt/adjusted EBITDA ~5.3x, weighted average cost of debt ~4.3% (Alinta funding ~3.4%, tenor ~6.6 yrs), 57% fixed hedging and committed undrawn facilities ~SGD 3.6bn.