Seatrium Ltd

5E2: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 2.75	Wdb	Lfyfhxdnm

Seatrium: Business Update Largely in Line; Shares Fairly Valued

Chokwai Lee

Nov 8, 2023

We keep Seatrium’s fair value estimate at SGD 0.12 following its in-line third-quarter business update. Following the recent correction, we think Seatrium is currently fairly valued. The firm continues to guide for a loss-making 2023, with first-half results affected by provision for contracts and merger expenses. We forecast Seatrium to turn profitable in 2024 and our near-term earnings estimates are unchanged. We believe significant new order wins will help to drive share price performance.

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