SINGAPORE, Jan 29, 2026, 14:50 SGT — Regular session
- Sembcorp Industries shares rose roughly 3% in afternoon trading, bouncing back after two days of losses
- Micron’s new power supply deal and green light for Vietnam industrial park grab attention
- Next catalyst: shareholder vote on Alinta Energy deal set for Jan 30; FY2025 results arrive Feb 25
Sembcorp Industries Ltd shares climbed 3.4% to S$6.12 in Thursday afternoon trading, bouncing back after two days of losses. The move came as investors absorbed new details about a key power customer and a Vietnam industrial park project. 1
This matters now as Singapore’s market favors firms linked to rising electricity demand from chipmaking and data centres. Sembcorp fits that profile, thanks to its long-term contracted power sales and regional development operations.
Visibility plays a major role here. Long-term contracts help stabilize cash flows in a power market known for price swings. They often grab investor attention, especially when there’s uncertainty about the next growth phase.
On Wednesday, Sembcorp announced that its wholly owned subsidiary, Sembcorp Power, will boost power supplies to Micron Technology by an additional 150 megawatts under their existing long-term power purchase agreement. The 18-year contract remains set to run through 2041. Sembcorp noted this expanded deal is unlikely to significantly affect FY2026 earnings per share or net tangible assets, a key measure of tangible equity. 2
Separately, Sembcorp Development announced it has secured approval to build VSIP Hue, a 467-hectare industrial park in central Vietnam. The project will be developed through its Vietnam Singapore Industrial Park (VSIP) joint venture with Becamex IDC. “VSIP Hue strengthens our presence in Vietnam’s growth corridors,” said Lee Ark Boon, CEO of Sembcorp Development, in a statement. 3
The twin headlines offer Sembcorp a rare edge in a volatile market: an immediate boost from AI-driven industrial demand, plus a steady pipeline of land development as manufacturers hunt for more capacity.
That said, the company warns the Micron expansion won’t move next year’s per-share numbers much. This could limit upside if investors chase earnings leverage that simply isn’t coming.
Sembcorp is approaching a key moment on Friday with its extraordinary general meeting, where shareholders will vote on the proposed acquisition of Alinta Energy. 4
Sembcorp has scheduled its FY2025 results release for Feb. 25, set to come out before the market opens. A live webcast briefing will follow. 5
Approvals and contract expansions don’t always lead to immediate earnings, and the Alinta deal still requires a firm green light from shareholders. Any unexpected shifts in terms, timing, or funding could reignite concerns over execution risk.
Investors are zeroing in on Friday’s Alinta vote for clues about appetite for bigger balance-sheet moves. Then, on Feb. 25, the results will shed light on margins, cash flow, and how much of the recent growth is sustainable.
