Seatrium's cancellation of part of a legacy contract has a silver lining, as it could boost future margin prospects, Citi analyst Luis Hilado says in a research note. He estimates that the contract for one vessel under a 2015 agreement represents less than 1% of Seatrium's net order book. Given that the project likely carries lower margins than more recent post-merger contracts, the cancellation "potentially represents upside risk" to margin forecasts for 2025 and beyond, he says. Citi maintains a buy rating on the stock with a S$2.10 target price. Shares are 0.5% lower at S$1.97, with year-to-date losses at nearly 17%.
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