Sembcorp Marine's 1Q Core Loss Offset by Disposal Gain; Increasing FVE to SGD 1.20
No-moat Sembcorp Marine’s first-quarter net profit of SGD 40 million, down 28% year over year, was below our expectation. Stripping out the SGD 47 million gain from divestment of its 30% stake in Cosco Shipyard Group, the firm was loss-making due to lower contribution from rig-building projects and costs incurred for a floater project that is pending finalization with the customer. We increase our 2017 earnings estimate by 41% to factor in the disposal gain. Despite the weak core performance, we...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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