SembCorp Marine’s 4Q Beats on Tax Credit; Increasing FVE to SGD 1.06
Sembcorp Marine’s, or SMM’s, 2016 net profit of SGD 79 million beat our expectation due to a SGD 9 million tax credit in the fourth quarter. Stripping out the tax credit, earnings were largely in line with our forecast. We raised our fair value estimate to SGD 1.06 per share from SGD 0.95 following the roll forward of our valuation model. Our fair value estimate implies a 2017 price/book ratio of 0.8 times, which we think is fair, taking into account the prolonged downturn for the offshore and m...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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