Sembcorp Marine Returns to the Black in 4Q; Shares Still Overvalued
While we projected no-moat Sembcorp Marine, or SMM, to be loss-making in 2018, the net loss of SGD 80.1 million for the year to Sept. 30 (versus net profit of SGD 142.9 million a year ago) was worse than expected. The SGD 29.8 million third-quarter net loss represented a narrowing from the second-quarter level, but margins remain depressed due to lower overall work volume. We still expect the firm to turn around in 2019 when contributions from new orders kick in, but we reduce our fair value est...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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