SembCorp Marine Hit by Project Deferment and Foreign-Exchange Loss; Cutting FVE to SGD 1.08
Sembcorp Marine’s, or SMM’s, first-half net profit of SGD 66 million, down 69% year over year, is below our expectations. Earnings were significantly lower, owing to a SGD 35 million foreign-exchange loss in the second quarter and deferred delivery of several rigs, including three jack-ups for Oro Negro and one jack-up for Perisai. We cut our 2016-20 earnings forecasts by 9%-36% to reflect the loss and the challenging operating environment. As a result, we reduce our fair value estimate to SGD 1...Sembcorp Marine is a marine and offshore engineering group. Co. is engaged in the provision of management services and investment holding. Co. provides a portfolio encompassing a range of integrated solutions from ship repair, shipbuilding, ship conversion, rig repair and rig building to offshore engineering and construction. Co. has two reportable segments: ship and rig repair, building and conversion; and ship chartering. In addition, Co.'s other operations include bulk trading in marine engineering related products; provision of harbor tug services to port users; collection and treatment of used copper slag; and the processing and distribution of copper slag for blast cleaning purposes.
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