The stock market is reeling from the effects of higher interest rates and the Russia-Ukraine war.
But these troubles don’t seem to have dampened investors’ mood toward Sembcorp Industries Limited (SGX: U96), or SCI.
The leading energy and urban solutions provider saw its shares hit a three-year high recently at S$2.85, exceeding the S$2.74 it was trading at on 12 April 2019.
To be sure, the share price is still around half of the level the group traded at back in September 2012.
For context, a decade ago, oil prices were still riding high above US$100 per barrel (see chart below) and its then-subsidiary, Sembcorp Marine Limited (SGX: S51), or SMM, was performing well.
Source: Marcotrends.net
With SMM trading as a standalone company and oil prices surging nearly five-fold from their low two years ago, could SCI revisit the highs it set a decade ago?
A splendid set of earnings
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