Sembcorp Industries Ltd (U96.SI) saw its stock price plummet 4.21% in pre-market trading on Monday, continuing a downward trend that began last week. This sharp decline comes on the heels of the company's recently released FY2024 annual report, which has apparently failed to impress investors despite highlighting progress towards renewable energy goals.

The annual report, released on Tuesday, April 1, stated that Sembcorp is "well-positioned" to achieve its target of 25 gigawatts (GW) of gross installed renewables capacity by 2028. The company's current gross renewables capacity stands at 17 GW as of February, marking a significant increase from 12.9 GW a year ago. Additionally, Sembcorp aims to expand its land bank and scale up its industrial properties by 2028.

However, investors seem to be focusing on other aspects of the report, potentially including the decrease in CEO Wong Kim Yin's total remuneration for FY2024, which fell to S$6.4 million from S$7.9 million in the previous year. This reduction might be interpreted as a sign of underperformance, contributing to the negative sentiment. The stock had already closed 3.2% lower at S$6.41 on Friday, and the continued sell-off in pre-market trading suggests that investors remain cautious about the company's near-term prospects despite its long-term renewable energy ambitions.