Sembcorp Ind after hitting the high of 3.02 on 12th Dec 2016 it has since corrected/ retreated to touch 2.90 on 16th Dec 2016. From TA point of view it is still rather bullish. We may notice that from the past few days the no. of share changing hands volume were rather low. I think This is a good sign that the selling could be due to minority shareholder selling or taking profit.
With oil price heading higher and closed well at $52.03 ( Up 1.96%) on sign of producers will comply with output cut ( http://www.cnbc.com/2016/12/15/oil-prices-edge-up-as-kuwait-cuts-supplies-by-more-than-expected.html) .
This is generally positive for Oil & Gas related counter like Sembcorp Ind,
Short term wise , I think it may likely move up to test $2.99 then $3.02. Breaking out of $3.02 with good volume that may propel to drive the share price higher towards $3.08 then $3.13 with extension to $3.20.
Another positive note to take note is that higher oil price may also boost their revenue for waste to energy business.
NAV of $3.58. May be Final dividend of 6 cents for the coming 4th quarter result announcement.
P/B of 0.81x of which I think is still quite a good price.
( trade base on your own decision)
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