reports
- MarketLine Department
Singapore Technologies Marine Ltd - Strategy, SWOT and Corporate Finan...
Summary Singapore Technologies Marine Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Singapore Technologies Marine Ltd (ST Marine), a subsidiary of Singapore Technologies Engineering Ltd, provides turnkey shipbuilding solutions. The company specializes in shi...
SEMBCORP MARINE sees a downgrade to Negative on account of less fundam...
The independent financial analyst theScreener just lowered the general evaluation of SEMBCORP MARINE (SG), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date February 19, 2021, the closing price was SGD 0.15 and ...
- Chokwai Lee
Morningstar | A Slow Start for SembCorp Marine’s 1Q Results; Stronge...
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 expen...
- Chokwai Lee
Morningstar | A Slow Start for SembCorp Marine’s 1Q Results; Stronge...
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 expen...
- Chokwai Lee
A Slow Start for SembCorp Marine’s 1Q Results; Stronger Second Half ...
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...
- Chokwai Lee
Morningstar | Sembcorp Marine Returns to the Black in 4Q; Shares Still...
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...
- Chokwai Lee
Morningstar | Sembcorp Marine Returns to the Black in 4Q; Shares Still...
Sembcorp Marine, or SMM, has five major shipyards in Singapore and is establishing a network of overseas yards with capabilities ranging from simple repair and upgrades to complex module configuration and rig building. Though it lacks the geographic breadth of major competitor Keppel, its strategic locations provide strong coverage in key growth markets, including Brazil and Southeast Asia.SMM’s major product is a proprietary rig, which hasn’t been as popular as Keppel’s KFELS Class B jack...
- Chokwai Lee
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...
- Chokwai Lee
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...
- Chokwai Lee
Morningstar | Another Loss-Making Quarter for Sembcorp Marine; Shares ...
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...
- Chokwai Lee
Morningstar | Another Loss-Making Quarter for Sembcorp Marine; Shares ...
Sembcorp Marine, or SMM, has five major shipyards in Singapore and is establishing a network of overseas yards with capabilities ranging from simple repair and upgrades to complex module configuration and rig building. Though it lacks the geographic breadth of major competitor Keppel, its strategic locations provide strong coverage in key growth markets, including Brazil and Southeast Asia.SMM’s major product is a proprietary rig, which hasn’t been as popular as Keppel’s KFELS Class B jack...
- Chokwai Lee
Another Loss-Making Quarter for Sembcorp Marine; Shares 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...
- Chokwai Lee
Morningstar | 2018 Will Be a Difficult Year for Sembcorp Marine, but P...
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...
- Chokwai Lee
Morningstar | 2018 Will Be a Difficult Year for Sembcorp Marine, but P...
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...
- Chokwai Lee
2018 Will Be a Difficult Year for Sembcorp Marine, but Positive Outloo...
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...
- Chokwai Lee
SembCorp Marine’s 1Q Helped by Change in Accounting Standard; Still ...
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 3...
- Chokwai Lee
- CFA
Sembcorp Marine is navigating uncertain waters amid the current low-oi...
No-moat Sembcorp Marine’s parent, Sembcorp Industries Ltd, has announced that it has completed its strategic review, which includes the sale of some utility assets and plans to list its energy business in India. However, the review did not include any plans for Sembcorp Marine, which disappointed the market, as a premium had been priced in on expectation of potential privatization or divestment. Sembcorp Marine’s share price reacted negatively to the development, falling by more than 4%. We ...
- Chokwai Lee
- CFA
Sembcorp Marine is navigating uncertain waters amid the current low-oi...
No-moat Sembcorp Marine’s parent, Sembcorp Industries Ltd, has announced that it has completed its strategic review, which includes the sale of some utility assets and plans to list its energy business in India. However, the review did not include any plans for Sembcorp Marine, which disappointed the market, as a premium had been priced in on expectation of potential privatization or divestment. Sembcorp Marine’s share price reacted negatively to the development, falling by more than 4%. We ...
- Chokwai Lee
- CFA
SembCorp's Rig Sale Positive Despite Loss; Petrobras Suspicion a Dampe...
While the SGD 24 million loss from the sale of SembCorp Marine's West Rigel rig damps earnings, we regard the unloading of the rig to be positive as it strengthens the firm's financial position and improves its working capital. We think the sale reaffirms our assumption that SembCorp’s inventory turnover is quickening, and this will help strengthen its operating cash flow. Our fair value estimate moves up to SGD 1.30 from SGD 1.20, but we think SembCorp remains overvalued as we are less optimi...
- Chokwai Lee
- CFA
Sembcorp Marine is navigating uncertain waters amid the current low-oi...
No-moat Sembcorp Marine’s third-quarter net profit of SGD 3 million was a sharp improvement from a net loss of SGD 22 million, a year ago. However, stripping out the SGD 32 million foreign exchange gain and tax credit of SGD 3 million, the firm still made a loss, mainly due to lower contribution from floaters and offshore platform projects, contracts termination, and a SGD 13 million inventory writedown. We cut our 2017 earnings by 58% to take into account the disappointing results but we also...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.