2018 Will Be a Difficult Year for Sembcorp Marine, but Positive Outlook Ahead; FVE Cut to SGD 1.20
Although we already assumed no-moat Sembcorp Marine, or SMM, would be loss-making in 2018, first-half 2018’s net loss of SGD 50.3 million versus net profit of SGD 42.2 million a year ago came in below our expectation. The disappointing earnings are largely attributable to the absence of disposal gain, decreased overall business activity, and the disposal loss of SGD 27 million from the sale of the West Rigel semisubmersible rig. However, we expect a sharp turnaround in 2019, when contributions f...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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