Sembcorp Industries (SGX: U96) Stock: Latest Share Price, News and 2025

Singapore – 2 December 2025

Sembcorp Industries share price today

Sembcorp Industries Ltd (SGX: U96) is trading around S$6.09 on the Singapore Exchange as of about 09:21 SGT on 2 December 2025, up roughly 0.2% on the day. ^[1]

Over the past week the stock has hovered just above S$6.00, with recent historical prices showing a close of S$6.08 on 1 December 2025 and S$6.13 on 28 November. ^[2]

Based on data from Investing.com and other sources, Sembcorp’s 52‑week range is approximately S$5.21 to S$7.93, meaning the share price is now a little over 20% below its 2025 peak while still well above its lows earlier in the year. ^[3]

Sembcorp’s current market capitalisation is around S$10.8–10.9 billion, placing it firmly in Singapore’s large‑cap universe and making it one of the key names in the Straits Times Index (STI). ^[4]

What does Sembcorp Industries actually do?

Sembcorp is an energy and urban solutions group headquartered in Singapore. The company is organised into several core segments: ^[5]

Gas and Related Services – power generation and gas supply, largely in Singapore and the region
Renewables – solar, wind and energy storage assets across Asia and beyond
Integrated Urban Solutions – urban development, water and waste‑to‑resource projects
Decarbonisation Solutions – imports of low‑carbon energy and related services

Financially, Sembcorp has been pivoting away from legacy thermal assets and towards renewables and contracted utilities, while still relying heavily on its gas and power business for earnings.

For FY2024 (reported in February 2025), Sembcorp delivered net profit of about S$1.01 billion, up roughly 7% year‑on‑year, even as revenue declined to around S$6.42 billion. Growth was driven by a strong performance in the Integrated Urban Solutions segment, while the Gas and Related Services division saw lower profit due to maintenance and weaker power pool gains in Singapore. ^[6]

2025 earnings so far: 1H 2025 results and the August sell‑off

Sembcorp’s 1H 2025 results, released on 8 August, are the key reference point for how the stock is being valued today. According to Sembcorp’s disclosures and follow‑up analysis: ^[7]

Underlying net profit: S$491 million (flat versus 1H 2024)
Reported net profit: S$536 million (down ~1% year‑on‑year)
Revenue: S$2.94 billion (down about 8% year‑on‑year)
Interim dividend: increased to 9.0 cents per share (from 6.0 cents a year earlier)

Beansprout, which did a deep dive on the numbers, highlighted three main drags on earnings: ^[8]

Weaker Gas and Related Services – lower wholesale electricity prices in Singapore and higher costs for green power imports
Pressure in China renewables – oversupply led to lower prices and curtailment (deliberately limiting output)
Currency headwinds – a stronger Singapore dollar versus regional currencies shaved roughly S$23 million off earnings

Despite the modest profit decline and higher dividend, investors had been expecting continued strong growth after several years of rapid earnings expansion. From 2020 to 2024, Sembcorp’s earnings grew on average about 36% per year, so flat underlying profit in 1H 2025 marked the first real pause in that trend. ^[9]

The result: Sembcorp’s share price fell about 13.9–14% on 8 August, and extended those losses the following Monday, making it one of the worst‑performing blue chips in August with a total return of roughly ‑20% for the month. ^[10]

Even so, commentary from both Beansprout and The Smart Investor emphasised that: ^[11]

Free cash flow improved sharply (to about S$241 million in 1H 2025).
Dividends rose.
The long‑term renewables expansion plan remains intact.

The August sell‑off thus reflected a reset of expectations rather than a collapse in fundamentals.

Recent market moves: November volatility

Into late November 2025, Sembcorp once again found itself in the headlines as one of the STI’s biggest decliners on risk‑off days:

On 21 November 2025, Sembcorp was the STI’s biggest loser, closing at S$6.08, down about 3.6% on the day as Singapore stocks tracked regional declines. ^[12]
Regional press also flagged Sembcorp as one of the largest decliners on the Straits Times Index, falling about 3.2–3.7% as Asian markets reacted to stronger‑than‑expected US jobs data and uncertainty about Federal Reserve policy. ^[13]

In other words, the stock has become sensitive to macro sentiment, particularly around interest rates and risk appetite, layered on top of company‑specific expectations about power prices and renewables profitability.

Strategic news in late 2025: India, Oman and floating solar

Planned IPO of Indian renewables arm

The most significant recent strategic development came on 24 November 2025, when Reuters reported that Sembcorp is working on an IPO of its Indian unit, Sembcorp Green Infra, in Mumbai, likely within the next 8–9 months. ^[14]

Key points from that report:

The India unit focuses on wind, solar and energy storage, competing with players such as Adani Green Energy and Avaada.
Citi, HSBC and Axis Capital have reportedly been appointed as advisers.
The IPO size is not yet decided; talks are still at an early stage.
The move follows a previous, aborted IPO attempt in 2019.
Sembcorp Green Infra has already sold its thermal power assets in India and now reports profit of about US$40 million on US$252 million of revenue for the year to 31 March 2024. ^[15]

If executed, the IPO could:

Unlock value in Sembcorp’s Indian renewables platform
Provide capital for further growth in India
Potentially simplify the group structure, which equity investors tend to like

But it also introduces execution risk (market conditions, pricing and regulatory approvals) and increases Sembcorp’s exposure to India’s volatile power and capital markets.

Acquisition of ReNew’s solar unit in India

On 8 October 2025, Sembcorp announced a deal to acquire ReNew Sun Bright, a solar subsidiary of ReNew Energy Global, for about S$246 million (~US$190 million). ^[16]

Highlights of the transaction:

ReNew Sun Bright operates a 300 MW solar plant in Rajasthan under a 25‑year power purchase agreement (PPA).
Once completed, Sembcorp’s gross renewables capacity (installed and under development) in India will reach about 6.9 GW.
The acquisition strengthens Sembcorp’s footprint in one of the world’s fastest‑growing renewable markets and feeds directly into its 25 GW renewables capacity target for 2028. ^[17]

Long-term Oman contract and regional projects

Sembcorp is also shoring up its contracted utility earnings:

In September 2025, Sembcorp announced that its listed Omani subsidiary, Sembcorp Salalah Power & Water Company, had secured a new 10‑year Power and Water Purchase Agreement (PWPA) with Nama Power and Water Procurement Company. The new contract starts in April 2027 after the current 15‑year PWPA expires, helping secure long‑term cash flows from the Salalah plant. ^[18]
In Singapore, Sembcorp recently won a tender to build an 86 MWp floating solar farm on Pandan Reservoir, adding to its track record in floating solar after the earlier Tengeh Reservoir project. ^[19]

Taken together, these moves reinforce the narrative of Sembcorp as a renewables and contracted‑utilities growth platform, rather than a pure‑play merchant power business.

Analyst ratings and price targets as of 2 December 2025

Across the sell‑side and data providers, Sembcorp remains broadly favoured, though with more cautious tones after the 1H 2025 results.

Consensus targets

Several independent sources converge around a similar 12‑month target range:

Beansprout (consensus from SGX data):
- Consensus target price: S$7.44
- Current price used: S$6.09
- Implied upside: ~22.2% as of 2 December 2025 ^[20]
MarketScreener:
- Mean analyst consensus: “Buy”
- Number of covering analysts: 14
- Average target price: about S$7.43–7.44
- Range: S$6.40 (low) to S$8.10 (high) ^[21]
Moomoo:
- Average target: S$7.43
- Max estimate: S$8.10
- Min estimate: S$6.40
- Last updated: 26 November 2025 ^[22]
Fintel (Singapore coverage):
- Average one‑year price target: around S$7.75
- Range: S$6.46–S$9.21 ^[23]

Across these platforms, analysts are generally signalling mid‑teens to high‑20s percentage upside over the next 12 months from current levels, assuming Sembcorp continues to execute on its renewables strategy and power markets do not deteriorate materially.

Major broker views

Some key broker stances visible in 2025 include:

DBS Research (August 2025 via SGInvestors / Beansprout):
- Cut FY2025–2026 earnings forecasts by about 9–11% after 1H 2025
- Reduced target price to S$7.40, still based on about 13x FY2025F P/E
- Maintained a positive long‑term view despite near‑term earnings pressure ^[24]
Maybank (Brokers’ Take, 11 August 2025):
- Downgraded Sembcorp from “Buy” to “Hold”
- Lowered target price from S$7.10 to S$6.40
- Argued that the stock looked “fully valued” and highlighted downside risks to gas‑related earnings, lower wholesale power prices and policy risk in China and Vietnam. ^[25]
Other houses (Maybank, OCBC, Phillip, UOB Kay Hian) that issued notes earlier in 2025 generally retained Buy/Accumulate ratings with target prices in the S$7.10–S$8.00 range, based on data collated by Beansprout. ^[26]

So the consensus stance is still constructive, but with more differentiation: some brokers are signalling that much of the easy re‑rating has already happened, and that investors now have to watch the moving parts in power spreads and renewables returns more closely.

Valuation snapshot: earnings, multiples and dividends

Earnings and growth

On a trailing basis, Sembcorp is coming off a strong four‑year earnings run (2020–2024) culminating in S$1.01 billion net profit in FY2024, even though revenue declined due to lower power prices and portfolio changes. ^[27]

1H 2025 showed flat underlying profit and slightly lower reported profit, so growth has slowed but not reversed. Consensus forecasts still expect positive earnings growth into 2026, though at a more moderate pace than in the recent past. ^[28]

Beansprout estimated that, after the August correction, Sembcorp was trading at around 12.2x annualised 1H 2025 earnings, a level many investors would regard as reasonable for a capital‑intensive utilities and renewables business with mid‑single‑digit to low‑double‑digit growth. ^[29]

ValueInvesting.io calculates Sembcorp’s EV/EBITDA multiple at about 11.9x as of 30 November 2025, based on an enterprise value of roughly S$19.8 billion and trailing 12‑month EBITDA of S$1.67 billion. ^[30]

Dividend profile

Sembcorp’s dividend story is “moderate income, growing payouts” rather than high yield:

The company’s stated policy is to balance sustainable dividends with reinvestment in growth, especially the energy transition strategy. ^[31]
1H 2025 interim dividend was raised to 9.0 cents, up 50% from 6.0 cents in 1H 2024. ^[32]
Beansprout estimated that the total ordinary dividend per share for the trailing 12 months was about 23 cents, which at a share price of S$6.72 (in August) implied a yield of roughly 3.4%. At today’s price around S$6.09, that historical yield would be somewhat higher, assuming payouts are maintained. ^[33]
Dividendstocks.cash assigns Sembcorp a relatively low “dividend income score”, reinforcing the idea that this is primarily a growth‑and‑compounding story rather than a pure income stock. ^[34]

Business strengths: why the bull case persists

Across research notes and investor commentary, several recurring positives underpin the bullish thesis: ^[35]

Scale renewables platform
- Sembcorp has grown its gross renewables capacity from about 16.8 GW in 2024 to 18.9 GW by June 2025, with 5.1 GW under construction, and still targets 25 GW by 2028.
- Acquisitions like ReNew Sun Bright and ongoing greenfield projects in India, Vietnam and Oman contribute to this growth.
High share of contracted and regulated earnings
- Long‑term PPAs such as the Salalah PWPA extension in Oman, Indian solar contracts and Singapore data‑centre power contracts provide visibility of cash flows. ^[36]
Integrated Urban Solutions growth
- The integrated urban segment posted a roughly 40% annual profit increase in 2024, driven by land sales in Vietnam and Indonesia and energy‑from‑waste in Singapore, diversifying the earnings base beyond power prices. ^[37]
Balance sheet and reinvestment capacity
- While net debt is sizeable (around S$8.3 billion of borrowings as of mid‑2025), analysts highlight that cash flow has improved and that the company is using its “strong Singdollar” and balance sheet to pursue attractive M&A – what management has referred to as “shopping season”. ^[38]
Share buybacks and insider confidence
- Sembcorp has featured in lists of blue‑chip stocks with share buyback activity, which is often interpreted as a signal that management believes the shares are undervalued. ^[39]

Key risks: what the bears and cautious analysts are watching

At the same time, recent reports make clear that Sembcorp is not a low‑risk utility. Main concerns include: ^[40]

Power price and spread risk in Singapore
- The Gas and Related Services division has already seen weaker spreads on renewed contracts and lower wholesale pool prices.
- Maybank, in particular, pointed to downside risks to gas‑related sales, and lowered its earnings multiple assumption from 14x to 12x when cutting its target price. ^[41]
China renewables oversupply and policy risk
- Oversupply has already led to curtailment and lower tariffs in China, reducing profitability in Sembcorp’s Chinese wind assets.
- Policy shifts or changes in centralised dispatch could lead to further earnings volatility or impairments.
India execution and regulatory risk
- While India is a huge opportunity, Sembcorp’s growing exposure – via ReNew Sun Bright, its existing 6.9 GW platform and the planned IPO of Sembcorp Green Infra – also brings currency, regulatory and contract risk. ^[42]
High absolute leverage and capex needs
- The group’s S$8.3 billion of borrowings and large capex pipeline for renewables and grid infrastructure mean that interest rate and refinancing risk are relevant, even as rates are expected to ease. ^[43]
Valuation already reflecting much of the transition story
- Broker downgrades in August highlighted that, after a multi‑year rerating, Sembcorp’s price was baking in a relatively smooth and rapid decarbonisation story; any wobble in earnings growth can trigger sharp pull‑backs, as seen in August and again in November. ^[44]

Stock forecast and outlook: what 2 December 2025 tells us

Putting together price action, fundamentals and consensus forecasts:

Current price: ~S$6.09
Consensus 12‑month target: ~S$7.4–7.7
Implied upside:~22–27%, before dividends, if analysts’ base‑case scenarios materialise. ^[45]

The base‑case analyst view seems to be:

1H 2025 marks a normalisation of growth, not the end of the story.
Gas earnings remain under pressure but should stay resilient, supported by new PPAs and an increased stake in Senoko Energy. ^[46]
Renewables profitability may dip in the near term due to China and seasonality but capacity additions and India growth should offset this over a multi‑year horizon. ^[47]
The planned India IPO and further M&A could unlock value, provided they are executed at sensible valuations and without over‑stretching the balance sheet. ^[48]

From a risk‑reward perspective, Sembcorp today looks like:

A mid‑teens multiple utilities / renewables hybrid,
Offering a modest but rising dividend yield in the low‑to‑mid single digits,
With meaningful upside if the energy transition strategy continues to deliver and power markets stabilise,
But also exposed to power price cycles, policy shocks and capital‑intensive growth.

That combination explains why the stock can swing 10–20% in a single month even when reported earnings are only slightly below expectations.

Bottom line

As of 2 December 2025, Sembcorp Industries stock sits in an interesting middle ground:

No longer a deeply discounted turnaround,
Not yet a fully de‑risked “bond‑like” utility,
But a transitioning energy platform whose value hinges on how well it turns a large, leveraged renewables pipeline and Asian urban projects into sustained, contract‑backed cash flows.

For investors, the key variables to watch through 2026 will be:

The pricing and timing of the India IPO,
Trends in Singapore power spreads and China curtailment,
The pace and profitability of renewables capacity additions, and
Management’s discipline on leverage and capital allocation.

Sembcorp remains one of the more important and closely watched names on SGX. Whether it ultimately rewards shareholders from current levels will depend less on headline “green” megawatts added, and more on how those megawatts translate into steady, fairly valued earnings over the next few years.

References

Sembcorp Industries (SGX: U96) Stock: Latest Share Price, News and 2025–2026 Outlook as of 2 December 2025