Not too long ago, Sembcorp Industries (SGX: U96) was the undisputed darling of the Straits Times Index (STI). Following its brilliant demerger from its struggling marine arm in 2020, the company rebranded itself as a green energy pioneer and rode a massive wave of global energy inflation to record profits. Investors who bought the narrative were handsomely rewarded. Source: Google Finance Fast forward to mid-2026, and the narrative has violently reversed. SCI has been battered, dropping roughly 30% over the trailing twelve months, earning the unenviable title of the worst-performing STI component. For retail investors watching this blue-chip titan bleed, the immediate questions are: What exactly went wrong? Is this a failure of management, a broken business model, or a hostile macroeconomic environment? And most importantly, is SCI a falling knife to avoid, or a deeply discounted value play? Here is the unvarnished breakdown of what is happening under the hood. What Went Wrong: A Business Normalisation, Not a Management Failure...