# Sembcorp Industries (SCRPF.US)

Canonical: https://gigainvestors.com/s/SCRPF

Analysis as of: 2026-10-16T07:33:38.187Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.70 per share; close as of 2026-10-14.

Estimated value: low $2.86 per share, central $3.16 per share, high $3.57 per share. Buy at or below the central value $3.16 per share. Valuation as of 2026-10-16T07:33:38.187Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.09×

- FY2020: 0.10×

- FY2021: 0.07×

- FY2022: 0.09×

- FY2023: 0.16×

- FY2024: 0.16×

- FY2025: 0.15×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.5%

- ROIC, second-lowest year: 4.0%

- Typical minus recent gross margin: -6.6 pp

- Typical gross margin (annual median): 15.7%

- Recent gross margin (lower of latest and 3-year median): 22.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.7%

- ROIC including acquisitions, ten-year median: 3.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 4.0%

- FY2020: 4.4%

- FY2021: 2.9%

- FY2022: 6.2%

- FY2023: 8.9%

- FY2024: 6.4%

- FY2025: 5.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 2.2B

- Net income, five-year total: SGD 4.1B

- Return on incremental invested capital: 859.4%

- Working capital / revenue, annual change: -3.3 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.60×

- FY2022: 1.00×

- FY2023: 0.60×

- FY2024: -0.14×

- FY2025: 0.51×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.0% vs 6.4%

- Per-share earnings: 0.14 to 0.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.2%

- Per-share value growth: 41.2%

- Per-share value change: SGD 0.41

- Per-share value, starting three-year median: SGD 0.14

- Per-share value, ending three-year median: SGD 0.55

- Buybacks concentrated in cheaper years (correlation): -0.36

- Average buyback yield: 0.5%

- Buyback history: 7 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 4.0%

- ROIC, last three-year median: 6.4%

Chart: Earnings per share; fiscal year observations.

- FY2019: SGD 0.14

- FY2020: SGD -0.55

- FY2021: SGD 0.15

- FY2022: SGD 0.47

- FY2023: SGD 0.52

- FY2024: SGD 0.56

- FY2025: SGD 0.55

### accounting: pass

- Sloan accruals: -0.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -3.1%

- FY2020: -11.0%

- FY2021: -6.5%

- FY2022: -5.0%

- FY2023: -3.5%

- FY2024: -2.2%

- FY2025: -0.7%

## Holders

## Price story

Down 21% since Jun 2025 · sales -9.7%

Story as of 2026-10-16T09:59:56.284Z; price observation 2026-10-14.

Price needs cash profits to grow 6.9% a year for ten years

### Sales · FY2024–2025

sales -9.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: SGD 9.6B 

- FY2020: SGD 5.4B 

- FY2021: SGD 6.4B 

- FY2022: SGD 7.8B 

- FY2023: SGD 7.0B 

- FY2024: SGD 6.4B 

- FY2025: SGD 5.8B 

### Gross margin · FY2025

gross margin 22.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 9.3% 

- FY2020: 14.4% 

- FY2021: 12.8% 

- FY2022: 15.7% 

- FY2023: 22.3% 

- FY2024: 23.5% 

- FY2025: 22.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities diversified; annual sales are SGD 5.8 billion.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2025-12-31 (filed 2026-10-16T07:33:38.187Z); FY2025: revenue 5794672855; grossProfit 1291035925; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCRPF.US: Sembcorp Industries Ltd, an investment holding company, engages in providing industrial and urban solutions in Singapore, China, India, Vietnam, the UK, Oman, Rest of Middle East and Rest of Asia, and internationally. The company operates through five segments: Gas and Related Services, Renewables, Integrated Urban Solutions, Decarbonisation Solutions, and Other Businesses and Corporate. The Gas and Related Service segment engages in the sale of energy molecules, including natural gas, steam, and electricity from various fossil fuels, such as natural gas; and water products. The Renewables segment provides electricity from solar and wind resources and energy storage solutions, as well as system services that support integration of renewables into grid. This segment also includes the development and provision of installation, operation, and maintenance of solar, wind, and energy storage assets. The Integrated Urban Solutions segment develops large-scale integrated urban and integrated townships, such as industrial parks, business, commercial and residential spaces, and production and reclamation of water and industrial wastewater treatment, as well as solid waste management and waste-to-resource solutions. The Decarbonisation Solutions segment trades in environmental attributes, green hydrogen and ammonia, and power, as well as engages in carbon capture, utilization, and storage business. The Other Businesses and Corporate segment engages in the construction and minting activities; and insurance and financial services. The company was formerly known as Minaret Limited and changed its name to Sembcorp Industries Ltd in July 1998. Sembcorp Industries Ltd was incorporated in 1998 and is headquartered in Singapore.

### Why customers stay

Margins ranged from 22.3% to 23.5% during 2023–25; it earns 5.5% on its capital.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2023-12-31 (filed 2026-10-16T07:33:38.187Z); FY2023: grossProfit / revenue = 22.3%.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2024-12-31 (filed 2026-10-16T07:33:38.187Z); FY2024: grossProfit / revenue = 23.5%.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2025-12-31 (filed 2026-10-16T07:33:38.187Z); FY2025: grossProfit / revenue = 22.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.187Z); 7-year return on capital observations [[2019,0.03955440725324801],[2020,0.04392650522729297],[2021,0.02863756613756614],[2022,0.06220625410560834],[2023,0.08871003445448294],[2024,0.06362083764722538],[2025,0.05479474079093367]]; median 0.05479474079093367. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back SGD 69.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.187Z); FY2021: growth capex 0; upkeep 290000000; owner earnings 446000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2022-12-31 (filed 2026-10-16T07:33:38.187Z); FY2022: growth capex 245000000; upkeep 370000000; cash acquisitions 968000000; owner earnings 848000000. Growth capex plus acquisitions / owner earnings = 1.4304245283018868.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2023-12-31 (filed 2026-10-16T07:33:38.187Z); FY2023: growth capex 0; upkeep 836000000; cash acquisitions 650000000; owner earnings 562000000. Growth capex plus acquisitions / owner earnings = 1.1565836298932384.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2025-12-31 (filed 2026-10-16T07:33:38.187Z); FY2025: growth capex 0; upkeep 955286644; cash acquisitions 0; owner earnings 503979107. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.187Z); Dividend observations: [[2019,107000000],[2020,872000000],[2021,107000000],[2022,125000000],[2023,231000000],[2024,250000000],[2025,461655261]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SCRPF.US.json#2025-12-31 (filed 2026-10-16T07:33:38.187Z); FY2025: cash repurchases 69947766 SGD.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SCRPF.US SharesStats.PercentInsiders = 1.0959999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.187Z); Ten-year compound average after fade. Initial solved rate 0.0862588164172059. Price 4.7; FX 0.7802; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

## Monthly share-price history (USD per share)

- 2016-10: $0.85 per share

- 2016-11: $0.90 per share

- 2016-12: $0.99 per share

- 2017-01: $1.04 per share

- 2017-02: $1.04 per share

- 2017-03: $1.09 per share

- 2017-04: $1.09 per share

- 2017-05: $1.04 per share

- 2017-06: $1.08 per share

- 2017-07: $1.07 per share

- 2017-08: $1.12 per share

- 2017-09: $1.03 per share

- 2017-10: $1.08 per share

- 2017-11: $1.08 per share

- 2017-12: $1.07 per share

- 2018-01: $1.25 per share

- 2018-02: $1.25 per share

- 2018-03: $1.25 per share

- 2018-04: $1.25 per share

- 2018-05: $1.08 per share

- 2018-06: $1.08 per share

- 2018-07: $0.94 per share

- 2018-08: $0.99 per share

- 2018-09: $1.01 per share

- 2018-10: $0.99 per share

- 2018-11: $0.99 per share

- 2018-12: $0.87 per share

- 2019-01: $0.92 per share

- 2019-02: $0.92 per share

- 2019-03: $0.88 per share

- 2019-04: $0.88 per share

- 2019-05: $0.90 per share

- 2019-06: $0.90 per share

- 2019-07: $0.84 per share

- 2019-08: $0.77 per share

- 2019-09: $0.74 per share

- 2019-10: $0.73 per share

- 2019-11: $0.73 per share

- 2019-12: $0.79 per share

- 2020-01: $0.79 per share

- 2020-02: $0.79 per share

- 2020-03: $0.50 per share

- 2020-04: $0.53 per share

- 2020-05: $0.51 per share

- 2020-06: $0.68 per share

- 2020-07: $0.63 per share

- 2020-08: $0.69 per share

- 2020-09: $0.88 per share

- 2020-10: $0.88 per share

- 2020-11: $0.88 per share

- 2020-12: $0.88 per share

- 2021-01: $0.88 per share

- 2021-02: $1.27 per share

- 2021-03: $1.29 per share

- 2021-04: $1.29 per share

- 2021-05: $1.29 per share

- 2021-06: $1.29 per share

- 2021-07: $1.50 per share

- 2021-08: $1.50 per share

- 2021-09: $1.50 per share

- 2021-10: $1.47 per share

- 2021-11: $1.54 per share

- 2021-12: $1.57 per share

- 2022-01: $1.66 per share

- 2022-02: $1.81 per share

- 2022-03: $1.81 per share

- 2022-04: $2.20 per share

- 2022-05: $2.10 per share

- 2022-06: $2.10 per share

- 2022-07: $2.10 per share

- 2022-08: $2.05 per share

- 2022-09: $2.19 per share

- 2022-10: $2.07 per share

- 2022-11: $2.12 per share

- 2022-12: $2.12 per share

- 2023-01: $2.12 per share

- 2023-02: $2.12 per share

- 2023-03: $2.12 per share

- 2023-04: $2.12 per share

- 2023-05: $2.12 per share

- 2023-06: $2.12 per share

- 2023-07: $2.12 per share

- 2023-08: $3.95 per share

- 2023-09: $3.75 per share

- 2023-10: $3.75 per share

- 2023-11: $3.75 per share

- 2023-12: $3.75 per share

- 2024-01: $3.83 per share

- 2024-02: $3.97 per share

- 2024-03: $3.97 per share

- 2024-04: $3.96 per share

- 2024-05: $3.99 per share

- 2024-06: $3.69 per share

- 2024-07: $3.41 per share

- 2024-08: $3.55 per share

- 2024-09: $4.15 per share

- 2024-10: $4.15 per share

- 2024-11: $4.15 per share

- 2024-12: $4.09 per share

- 2025-01: $4.09 per share

- 2025-02: $4.09 per share

- 2025-03: $4.09 per share

- 2025-04: $3.94 per share

- 2025-05: $5.54 per share

- 2025-06: $5.98 per share

- 2025-07: $5.98 per share

- 2025-08: $5.00 per share

- 2025-09: $4.60 per share

- 2025-10: $4.60 per share

- 2025-11: $5.09 per share

- 2025-12: $4.68 per share

- 2026-01: $4.68 per share

- 2026-02: $4.68 per share

- 2026-03: $5.30 per share

- 2026-04: $5.56 per share

- 2026-05: $5.20 per share

- 2026-06: $5.20 per share

- 2026-07: $4.34 per share

- 2026-08: $4.74 per share

- 2026-09: $4.95 per share

- 2026-10: $4.70 per share

## Annual estimated value (USD per share)

- FY2023: low $2.63 per share, central $2.94 per share, high $3.37 per share

- FY2024: low $2.47 per share, central $2.76 per share, high $3.15 per share

- FY2025: low $2.67 per share, central $2.97 per share, high $3.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.