SINGAPORE (Dec 2): CIMB is lowering is target price of SembCorp Marine to $1.88 from $2.06 and maintaining its “reduce” rating.

SembMarine is likely to report a net loss of between $7 million and $10 million in the fourth quarter “on very little revenue from rig building,” CIMB says in a note after the company issues a profit warning.

“When it rains, it pours,” the brokerage says.

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