SembCorp Marine’s Q3 Disappoints; Fair Value Estimate Cut to SGD 0.95
We reduce Sembcorp Marine’s, or SMM’s, 2016-18 earnings forecasts by 10%-54% to factor in disappointing third-quarter results. SMM’s cumulative nine-month net profit of SGD 44 million, down 82% year over year, is significantly below our expectation. In particular, SMM reported a third-quarter net loss of SGD 22 million, mainly due to higher foreign exchange loss as well as a higher share of losses from Cosco Shipyard Group. We cut our fair value estimate to SGD 0.95 from SGD 1.08, but we see no ...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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