SembCorp Marine’s 1Q Helped by Change in Accounting Standard; Still Loss-Making
No-moat Sembcorp Marine’s, or SMM’s, 86% year-over-year drop in first-quarter 2018 net profit to SGD 5.3 million was worse than our expectation. Moreover, excluding the effect of the adoption of a new accounting standard, the firm would be making a net loss of SGD 33 million. Although the sharp drop in earnings is partly due to the absence of any disposal gain, it also reflects the lack of operating leverage due to reduced activity. We reduce our 2018 earnings estimate to a net loss of SGD 36 mi...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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