SembCorp's Rig Sale Positive Despite Loss; Petrobras Suspicion a Damper
While the SGD 24 million loss from the sale of SembCorp Marine's West Rigel rig damps earnings, we regard the unloading of the rig to be positive as it strengthens the firm's financial position and improves its working capital. We think the sale reaffirms our assumption that SembCorp’s inventory turnover is quickening, and this will help strengthen its operating cash flow. Our fair value estimate moves up to SGD 1.30 from SGD 1.20, but we think SembCorp remains overvalued as we are less optimist...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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