J P M O R G A N Asia Pacific Equity Research 31 July 2026 Seatrium First Take: 1H26 miss despite margin turn, orderbook burn persists Our First Take: STM's 1H26 core EPS (ex. FX, ex. divestments) of S$0.06 (37% YoY, 11% HoH) missed JPM/Bloomberg consensus expectations at 43% of FY26E. Gross margin improved 120bp YoY to 8.6%. 1H26 headline NPAT rose 158% YoY to S$373m, but the beat was flattered by S$161m of post-tax divestment gains; headline core NPAT ex-divestments of S$212m (+54% YoY) landed slightly bel ...