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Seatrium Ltd
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Seatrium - Sea of Hopes & Atrium of Surprises (II)
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Joelton
Supreme |
06-Jun-2026 16:46
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Uneventful 1Q anchors analysts&rsquo views on Seatrium Multiple analysts have mostly maintained their confident outlook on offshore and marine giant Seatrium after an uneventful first quarter in which the company did not secure any significant new contract wins, but continued its steady execution of projects and balance sheet strengthening while hunting for a pipeline of around $30 billion in opportunities. In a business update on May 29, Mainboard-listed Seatrium reported a net order book of $15.5 billion across 24 projects with deliveries through 2033. For reference, Seatrium&rsquo s order book was $17.8 billion as at Dec 31, 2025, implying that more than $2 billion in revenue was recognised during 1QFY2026 ended March 31. In addition, the firm won major contracts, including the Kaskida floating production unit and Balwin 5 in 4QFY2025. &ldquo We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements,&rdquo says CEO Chris Ong. &ldquo With the completion of our announced divestments, we are well-positioned to deliver further gross margin improvements,&rdquo he adds. UOB Kay Hian (UOBKH) analyst Adrian Loh maintains his &ldquo buy&rdquo rating and $3.15 target price in his June 2 report. Describing Seatrium&rsquo s 1QFY2026 as &ldquo solid&rdquo , Loh notes management&rsquo s guidance for higher gross margins due to a better project mix and completion of non-core divestments. He sees room for growth in the earlier gross margin estimate of 7.5%. He expects the current energy shock to reinforce energy security concerns and longer-term offshore energy investment, which could benefit Seatrium. To Loh, Seatrium is a contender for major offshore energy projects. &ldquo Seatrium&rsquo s four TenneT offshore platform projects and the heavy-lift vessel for Penta-Ocean are strong proof points that the company should be in the conversation for any major offshore wind tender in the EU.&rdquo For Maybank&rsquo s Hussaini Saifee, while large project awards remain lumpy, he sees a bright spot in Seatrium&rsquo s repairs and upgrades, which could throw a positive surprise. Repeat business remains strong, defence-related work is meaningful, and rig refurbishment remains active across Brazil, Singapore and Asia Pacific, Hussaini notes in a June 1 report. He also thinks that conversions of floating storage and regasification units and floating liquefied natural gas (LNG) vessels appear to be gaining strategic relevance, supported by energy security, faster time-to-market and LNG infrastructure needs. Similar to Hussaini, Ho Pei Hwa from DBS Group Research is positive on the repairs and upgrades segment in her May 29 report. She believes that the company is reinforcing its position in LNG and gas infrastructure conversion solutions with Seatrium securing its eighth FSRU conversion project from Karpowership. Contract wins are emerging as a common price catalyst for the counter across most analyst reports. Ho, for one, writes that contract flows remain the key catalyst, and the absence of major projects during the first five months of the year suggests they have been relatively slow. Despite slower contract wins, Ho maintains a constructive outlook, as Seatrium could benefit from the emerging global offshore reinvestment cycle. Ho values Seatrium at unchanged $3 and reiterates her &ldquo buy&rdquo call in her May 29 report. Meanwhile, Hussaini sees customers still exercising discipline on capex and the timing of final investment decisions (FIDs), which are outside Seatrium&rsquo s control. As such, material order conversion will likely be more visible only in 2HFY2026 and FY2027. He maintains both his &ldquo buy&rdquo call and $3.10 target price. Similarly, CGS International&rsquo s Lim Siew Khee and Meghana Kande believe that orderbook replenishment is crucial to meeting 2028 &ldquo steady-state&rdquo targets of $10 billion to $12 billion in revenue, an ebitda of over $1 billion, a return on equity (ROE) of over 8% and a net debt to ebitda of two to three times. Lim and Kande note that Seatrium has lowered its tender pipeline to $28 billion from $32 billion on a q-o-q basis. This is due to Petrobras awarding the SEAP 1 floating production, storage and offloading (FPSO) project to SBM Offshore under a build, operate, and transfer (BOT) model, rather than leveraging Seatrium&rsquo s strengths in engineering, procurement, construction and commissioning (EPCC). With five months passed in 2026 and no major contract wins, Lim and Kande reduced their order-win forecast from $6 billion to $4.3 billion for FY2026 and trimmed their FY2027&ndash FY2028 earnings-per-share forecasts by 2%&ndash 3%. They maintain their &ldquo add&rdquo rating at a lower target price of $2.52 (down from $2.84 previously), valuing the company at 1.2 times forecast FY2026 P/B in their May 29 note. |
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chinhm88
Member |
06-Jun-2026 16:33
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No lah, most likely everybody cashing out because World Cup is around the corner. Most likely Monday everybody will be exiting, forget about stocks for one month and focus on World Cup. 
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n3wbie
Elite |
06-Jun-2026 16:32
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Agree and apart from this, like Korea, Japan is very energy and commodities import dependent. The persistent Iran war has required Japan to buy more energy and commodities in USD and creating structural pressure on JPY
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JurongW
Elite |
06-Jun-2026 16:13
Yells: "Earnings give weight, Chart give wings" |
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For reference - Do your own research, be it FA or TA.
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luckyguy3
Master |
06-Jun-2026 16:03
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Japan Yen under stress. now crossed 160 Yen vs usd. Japan central bank will be forced to raise interest rate which is very bad for the whole world as there will be no more cheap Yen for institutional investors to invest in overseas shares like the us or even our sgx shares
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JurongW
Elite |
06-Jun-2026 15:52
Yells: "Earnings give weight, Chart give wings" |
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Let' s hope it' s one off event. Will need to see how the index futures open on Monday morning. Regardless, STI is likely to be in the red when trading starts on Mon.
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n3wbie
Elite |
06-Jun-2026 15:40
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The sell-off in US is concentrated in AI-related thematic stocks - haha maybe funds pulling out capital to allocate for SpaceX and Anthropic IPOs!
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JurongW
Elite |
06-Jun-2026 15:30
Yells: "Earnings give weight, Chart give wings" |
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Good thing never get cos US market crash hard on Friday. Better observed first What do u see on the chart from Jan and June 26 ? Cup and handle pattern - but its the bearish type.
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n3wbie
Elite |
06-Jun-2026 15:29
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Saw Maybank analyst latest note expecting the stock to be range bound in the absence of material contract wins announcements... | ||||
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Tob231
Elite |
06-Jun-2026 10:35
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all the best to you ... will keep the given ... well never know ... one day you will be rewarded for your patience waiting 😅 |
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Battle123
Elite |
05-Jun-2026 15:28
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Add onz queue at 200 , no get
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eugesun
Elite |
05-Jun-2026 14:37
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good luck 🤞 🍀 🍀
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luckyboy22
Supreme |
05-Jun-2026 14:30
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Q at 1.99
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eugesun
Elite |
05-Jun-2026 14:27
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got it at 201...huat aahhh...3 dollar coming
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geographic
Senior |
05-Jun-2026 12:06
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Agree! Chris should join shit chiong supermarket.
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eugesun
Elite |
05-Jun-2026 11:12
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Sea Chiong supermarket 😂 😂 😂 😂 huat ahhh
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geographic
Senior |
05-Jun-2026 10:19
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Their Everyday Low Price Strategy more aggressive than Supermarket!
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luckyboy22
Supreme |
05-Jun-2026 10:14
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Selling has stopped and now it is buying up time!
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luckyboy22
Supreme |
05-Jun-2026 09:38
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Today it will go below $2.....Huat aahhh!!! | ||||
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Tob231
Elite |
04-Jun-2026 17:11
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whoa .... last minute the selling volume surge up crazy ... probably some crazy institutions came in last minute better tiam tiam 👀 |
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