You’re sitting on a Sembcorp loss and wondering if $6.71 is a bargain or a trap. The green transition story sounds bulletproof, but the forensics tell a different tale: 3.7% yield that loses to your CPF-SA, gearing at 52.8% when my ceiling is 35%, and revenue shrinking for three straight years while debt climbs to $9.74 billion. Think of it as a Bedok kopitiam taking a million-dollar loan for solar air-con while the coffee queue gets shorter every month. This episode strips away the “national champion” narrative and walks you through why Sembcorp fails three forensic tests simultaneously—and what the April 29 AGM needs to deliver to change that verdict.
Key takeaways:
3.7% yield fails the 4.7% forensic floor—you’re taking equity risk for CPF-level returns
Revenue dropped from $7.04B to $5.80B while debt rose from $7.56B to $9.74B—opposite directions
52.8% gearing is 50% above the 35% sanctuary ceiling for retirement portfolios
Analysts split: Macquarie sees $7.04, JPMorgan sees $5.80, Inve…
