Stock News: SembCorp Industries higher on UBS's call

SembCorp Industries was higher after UBS Investment Research described the stock as its top pick among conglomerates here because the company's earnings are backed by its marine division's big order book, dealers said. In early afternoon trading, SembCorp Industries was up 0.04 sgd or 1.2 pct at 3.38, on volume of 917,000 shares. Unit SembCorp Marine Ltd was unchanged at 3.44, with 884,000 shares traded. "We like SembCorp Industries, for which earnings are backed by a 7 bln-sgd order book at SembCorp Marine and by utilities (about 50 pct of earnings), offering a mix of mature assets with steady cash flows and growth assets in strategic locations," UBS said its October Singapore Analyser report. UBS rates SembCorp Industries "buy 1", with a target price of 4.02 sgd. UBS rates SembCorp Marine "buy 2", also with a target price of 4.02 sgd.