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Analysts remain cautious on Sembcorp Marine following deepening net losses in FY20

Felicia Tan
Felicia Tan2/24/2021 5:12 PM GMT+08  • 2 min read
Analysts remain cautious on Sembcorp Marine following deepening net losses in FY20
“A recovery still looks to be a long way off,” says the research team at OCBC Investment Research.
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Analysts from CGS-CIMB Research and OCBC Investment Research (OIR) have continued to maintain “hold” on Sembcorp Marine (SembMarine) after the group revealed that it feel deeper into the red for the FY2020 ended December.

The group, on Feb 23, announced that it registered a $582.5 million loss for the period, compared to the net loss of $137.2 million in the FY2019 due to overall lower revenue as well as asset impairments and provisions recorded in 4QFY2020.

The loss was 50% wider than CGS-CIMB analyst Lim Siew Khee’s forecast of a $389 million loss, which was mainly due to the impairment losses of some $144 million.

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