Investors, who are turning bullish on Sembcorp Marine (Sembmarine) given the positive Covid-19 vaccine news, may need to dial down their optimism.

Sembmarine’s financials are likely to deteriorate further given that it has not won new orders this year, according to UOB KayHian.

Worse, the company is witnessing delivery delays into 2021, which will negatively impact its near-term working capital and cash flow, the brokerage warns.

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