Virtual ASEAN Conference 2026 Feedback

研报英文原文证据摘录

Virtual ASEAN Conference 2026 Feedback

Update

June 18, 2026 07:19 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MSembCorp Industries Ltd | Asia Pacific Mayank Maheshwari

Equity Analyst

Virtual ASEAN Conference Mayank.Maheshwari@morganstanley.comRyan M Heng +65 6834-6719

Ryan.Heng@morganstanley.com +65 6834-6465

2026 Feedback Vivek Rajamani

Vivek.Rajamani@morganstanley.com +65 6834-6740

We hosted Sembcorp's management at our 2026 Virtual ASEAN Conference.

Morgan Stanley India Company Private Limited+

Powering AI and Compute is key to growth. Takeaways below.

Hinal Choudhary

Research Associate

• Powering AI and data center demand. SCI highlighted growing power Hinal.Choudhary@morganstanley.com +91 22 6118-2044

demand from data centers across Singapore, Indonesia, Vietnam and the UK. Pranitha Shetty

In Singapore, opportunities are emerging in the 200-500MW range, while Research Associate

Pranitha.Shetty@morganstanley.com +91 22 6118-3022

Micron's power demand could increase by >700MW as capacity expands.

• Singapore power market remains constructive. Power spreads have

improved to the high US$30s-40/MWh range (vs. c.US$35/MWh previously).

SCI has 600-800MW of spare capacity available to capture incremental

demand and continues to target renewable PPAs at ~9% unlevered returns.

• Grid constraints continue to support dependable generation. China's SembCorp Industries Ltd (SCIL.SI, SCI SP)

renewable curtailments are expected to remain elevated over the next two ASEAN Utilities and Infrastructure | Singapore

years. In Australia, coal plants are increasingly flexing output during solar- Stock Rating Overweight

Industry View In-Line

heavy periods, but evening power prices continue to be set by gas Price target S$7.50

generation, supporting thermal asset economics.