Sembcorp Marine Returns to the Black in 4Q; Shares Still Overvalued
Although no-moat Sembcorp Marine reported a net loss of SGD 74 million in 2018, the results were better than we and the market expected. In particular, the firm registered a net profit of SGD 6 million in the fourth quarter, largely attributable to margin recognition from newly secured production floater projects. We increase our fair value estimate to SGD 1.20 from SGD 1.18 after fine-tuning our model. Despite the turnaround, we believe Sembcorp Marine remains overvalued, as we think the recove...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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