Seatrium's Margin Recovery Remains Intact Despite Muted Order Wins -- Market Talk

Dow Jones06-02

0619 GMT - Seatrium's margin recovery remains intact despite muted order wins, says Morningstar's Chokwai Lee in a note. The analyst had anticipated slower order book momentum in 2026 amid a more competitive tender environment. The company doesn't expect visible drag from the U.S.-Iran war, with any costs for new contracts likely to be passed through and supporting Morningstar's 2026 gross margin estimate of 9.5%. This margin could move towards 11.5% by 2030 as legacy projects wind down, he adds. While higher oil prices from the conflict support offshore investment, order wins are likely to materialize gradually as customers remain disciplined on capital efficiency, he says, citing the company. Morningstar retains its fair-value estimate of 2.80 Singapore dollars. Shares are down 0.9% at S$2.10. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

June 02, 2026 02:19 ET (06:19 GMT)

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This margin could move towards 11.5% by 2030 as legacy projects wind down, he adds. While higher oil prices from the conflict support offshore investment, order wins are likely to materialize gradually as customers remain disciplined on capital efficiency, he says, citing the company. Morningstar retains its fair-value estimate of 2.80 Singapore dollars. Shares are down 0.9% at S$2.10. 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The analyst had anticipated slower order book momentum in 2026 amid a more competitive tender environment. The company doesn't expect visible drag from the U.S.-Iran war, with any costs for new contracts likely to be passed through and supporting Morningstar's 2026 gross margin estimate of 9.5%. This margin could move towards 11.5% by 2030 as legacy projects wind down, he adds. While higher oil prices from the conflict support offshore investment, order wins are likely to materialize gradually as customers remain disciplined on capital efficiency, he says, citing the company. Morningstar retains its fair-value estimate of 2.80 Singapore dollars. Shares are down 0.9% at S$2.10. 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