🦎 ANALYST WATCH | 4 AUGUST 2026

5E2 SEATRIUM LIMITED

WHAT THE ANALYSTS SAY

Three houses weighed in on Seatrium's first half results this week, and they do not agree.

UOB Kay Hian downgraded to HOLD, target price S$2.30. Core earnings beat expectations on margin improvement, but the order book has thinned to S$13.3 billion from S$17.8 billion at the end of last year, and management's own guidance suggests current work can sustain the burn rate for only two to three more quarters. UOBKH wants a rebuilt order book before turning more positive.

Maybank kept its BUY call but trimmed the target price from S$3.10 to S$2.85. The house is encouraged by margin gains and a pipeline exceeding S$32 billion, but flags that the market will likely stay cautious until Seatrium actually lands a contract under Petrobras' newer deal structure.

DBS also reiterated BUY, target price S$3.00, the most bullish of the three. DBS points to contract wins and further margin expansion as the catalysts to watch, and expects a new share buyback programme to offer additional price support.

NOTE

All three houses agree the first half profit beat itself is real. Where they differ is how much weight to put on the shrinking order book against the pipeline of potential future work. For the full notes, check each house's published research or your broker platform.

Not financial advice. Iggy's Forensic Compliance Standards apply.