Sembcorp Makes Positive Steps Towards ASEAN Power Integrations
Sembcorp Makes Positive Steps Towards ASEAN Power Integrations
Currently, for RE/Scope-2 offsets, companies in Malaysia purchase unbundled RECs or sign separate power purchase agreements or pay additional green electricity tariffs; while companies in Singapore rely on RECs. Development of a credible
Sembcorp Industries Singapore has agreed to import 50MW of renewable energy from Tenaga of Malaysia to Singapore issued with Renewable Energy Certificates (RECs) using existing infrastructure. The two-year agreement starts this month.
勝科工業新加坡已同意從馬來西亞的Tenaga進口50MW的可再生能源，並簽發可再生能源證書（RECs），使用現有製造行業。爲期兩年的協議本月開始。
Pricing and settlement details are undisclosed. While there isn't any immediate material impact on the earnings and NTA of SCI, this is a positive step towards ASEAN power integration and supports the energy transition plans of both countries. Maybank IB has lifted its FY25/26 revenue for gas-related business and renewable energy and rolled forward its SOTP-based valuation to FY25E. this leads to a slight rise in TP to SGD6.20 from SGD6.00. The house keeps its BUY call on the stock.
定價和結算細節尚未披露。雖然對勝科工業的營業收入和淨資產負債率沒有立即的重大影響，但這是朝着東盟電力整合的積極一步，並支持兩國的能源轉型計劃。Maybank Ib已將FY25/26中與氣體相關的業務和可再生能源的營業收入上調，並將其基於SOTP的估值推遲到FY25E。這導致目標股價從SGD6.00小幅上升至SGD6.20。該公司維持對該股票的買入看漲。
Pilot supply of 50MW renewable energy with RECs
The deal is part of Malaysia's inaugural pilot supply of green electricity for cross-border energy trading via the Energy Exchange Malaysia platform. It will also be the first-ever renewable energy import with RECs into Singapore. The RECs provide proof of origin of renewable energy generation, ensuring that the energy is sustainably sourced. Total interconnection capacity between Peninsular Malaysia and Singapore stands at 1GW with 300MW allocated for cross-border energy sales for renewable energy between the two countries. Details about pricing, settlement, and nature of RECs (energy mix, jurisdiction, tradability, etc.)
are unavailable. Singapore USEP for last month averaged SGD129.4/MWh while Malaysia's SMP averaged MYR178.9/MWh.
以可再生能源證書（RECs）提供50MW可再生能源的試點供應
該交易是馬來西亞首個綠色電力試點供應的一部分，旨在通過能源交易所馬來西亞平台進行跨境能源交易。這將是新加坡首個進口的可再生能源，附帶RECs。可再生能源證書提供可再生能源生成的來源證明，確保能源來源可持續。馬來西亞半島與新加坡的總互聯容量爲1GW，其中300MW用於兩國之間的可再生能源跨境銷售。關於定價、結算及RECs的性質（能源組合、管轄權、可交易性等）的細節
尚未發佈。新加坡上月的統一電力價格（USEP）平均爲SGD129.4/MWh，而馬來西亞的系統主導價格（SMP）平均爲MYR178.9/MWh。
Currently, for RE/Scope-2 offsets, companies in Malaysia purchase unbundled RECs or sign separate power purchase agreements or pay additional green electricity tariffs; while companies in Singapore rely on RECs. Development of a credible
cross-border REC framework is a work in progress
目前，對於RE/範圍-2的抵消，馬來西亞的公司購買未捆綁的RECs或簽署單獨的電力購買協議，或支付額外的綠色電力關稅；而新加坡的公司依賴於RECs。開發一個可信的
跨境RECs框架仍在持續進行中
Securing revenue sources
In the past month, SCI signed contracts to secure gas supply and expand its renewable footprint. SCI won a 300MW renewable energy tender in India. Currently, it has 16GW of renewable power capacity. It secured second long-term PPA with Equinix to start from 2029. Further, Chevron will supply 0.6m tonnes of LNG pa from 2028 for a period of 10 years. These deals will secure SCI's earnings in the medium term.
確保營業收入來源
在過去一個月，SCI簽署了合同以確保燃氣供應並擴大其可再生能源的足跡。SCI贏得了印度300MW可再生能源招標，目前其可再生電力容量爲16GW。它與Equinix簽署了第二個長期購電協議，預計將於2029年開始。此外，雪佛龍將在2028年開始每年供應60萬噸液化天然氣，爲期10年。這些交易將確保SCI在中期的收益。
Maintain BUY
Maybank IB is raising its FY25/26E factoring in higher gas sales and renewable revenue and rolled forward its valuation model to FY25E. While valuations are fair after the recent rally, earnings will be supported by contract gas sales in the near term and sale of renewable energy in the medium term
維持買入
Maybank Ib正在提高其2025/26財政年度盈利預測，考慮到更高的燃氣銷售和可再生能源收入，並將其估值模型推遲到2025財政年度。雖然在近期的反彈後估值合理，但收益將得到近期合同燃氣銷售和中期可再生能源銷售的支持。
譯文內容由第三人軟體翻譯。
