A Slow Start for SembCorp Marine’s 1Q Results; Stronger Second Half Expected; Still Overvalued
Our fair value estimate of SGD 1.20 is unchanged following no-moat SembCorp Marine’s lackluster first-quarter results. We believe the firm remains overvalued presently, and we think Keppel Corp may offer a better risk-reward proposition for investors who would like to get exposure into the offshore and marine, or O&M, sector, given Keppel’s stronger order book and healthier balance sheet.In line with Keppel, SembCorp is also seeing improvement in the O&M sector, citing rising capital ex...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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