SINGAPORE (May 30): OCBC Investment Research is maintaining its “hold” call on Sembcorp Marine (SMM) while lowering its fair value estimate to $1.60 from $1.77 previously upon slashing its price-to-book valuation from 1.6 times to 1.45 times.
OCBC’s move comes post the group’s 13.2% share price correction (versus the STI’s 6.8%) since the release of its 1Q19 earnings announcement.
In a Thursday report, analyst Low Pei Han attributes the recent price action to a soft set of results; the recent market sell-down amid increasing uncertainties which have affected sentiment; as well as a slide in crude oil prices.
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