Seatrium shares have lagged the STI despite improving margins and a S$15.5b order book. We look at what investors may want to watch next. What happened? Seatrium has shown clearer signs of recovery this year. Earlier this year, we highlighted Seatrium as one of the best-performing Singapore blue chip stocks in February 2026, after its share price rallied on the back of stronger financial year 2025 (FY2025) results and improving order visibility. Even so, its share price has still lagged the Straits Times Index (STI) year-to-date. As of 9 June 2026, the STI was up about 7.9% year-to-date, while Seatrium’s share price had fallen by about 6.9%. The weakness came even as Seatrium’s 1Q2026 business update on 29 May 2026 pointed to further progress in its turnaround. The company reported a net order book of S$15.5 billion across 24 projects, with deliveries stretching through to 2033, while gross margins continued to improve from a better project mix, lower overheads and cost discipline....