Sembcorp Marine (SMM)

SembMarine is now looking cheap but beware of the risks: OCBC

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.

SembMarine at 'turning point' but future order wins critical: analysts

SINGAPORE (Feb 21): Analysts believe Sembcorp Marine (SMM) could be on the cusp of a turnaround, after swinging out of the red with earnings of $5.9 million for 4Q18.

While the group’s 4Q performance was a long way off its restated 4Q17 earnings of $117.3 million, it had beat expectations of another net loss in the latest quarter.

SGX shipbuilders could gain from merger of world's 2 largest yards

SINGAPORE (Feb 4): The integration between Korean mega shipbuilders Hyundai Heavy Industries (HHI) and Daewoo Shipbuilding & Marine Engineering (DSME) spells good news for Singapore-listed shipyards.

That’s because with the consolidation, Sembcorp Marine (SMM), Keppel Offshore & Marine (KEP O&M) and Yangzijiang Shipbuilding will get a chance to gain market share in the O&M and shipbuilding space, said CGS-CIMB Securities in a report last week.

SembMarine sinks into $30 mil loss in 3Q on continued low overall business volume

SINGAPORE (Oct 25): Sembcorp Marine has reported a loss of $29.8 million in 3Q18, compared to earnings of $101 million in 3Q17 after restating for accounting changes on adoption of SFRS (I).

This brings 9M18 loss to $80.1 million, compared to restated earnings of $142.9 million in 9M17.

The net loss for both 3Q and 9M periods were mainly due to loss upon the sale of a semi-submersible and continued low overall business volume.

Why SembMarine is a likely winner of Rosebank's billion-dollar project

SINGAPORE (Aug 30): CGS-CIMB Research is maintaining “overweight” on the offshore & marine (O&M) industry while highlighting Sembcorp Marine (SMM) as its top “add” pick in Singapore with a target price of $2.52, based on 2.2 times CY18F price-to-book value, its five-year average.

SMM and South Korea’s Daewoo Shipbuilding & Marine (DSME) are the last two contenders for Chevron’s Rosebank project on the UK Atlantic Margin. The floating production storage & offloading (FPSO) project comes has an estimated contract value of US$1.4-1.5 billion ($1.9-2 billion).  

Sembcorp Marine reports lower 1Q earnings of $5.3 mil on lower contributions from platforms division, absence of one-off gain

SINGAPORE (Apr 25): Sembcorp Marine announced an 86% fall in earnings for the first quarter ended March from a year ago.

Earnings for 1Q18 came in at $5.3 million, compared with the restated $37 million in 1Q17, which was mainly due to the absence of a one-off gain from the disposal of Cosco Shipyard in 1Q17 as well as lower contributions from the offshore platforms division.

Excluding the effects on the adoption of SFRS(I) 15, SembMarine says it would have reported a net loss of $33 million for 1Q18 instead.

SembMarine wins EPC contract from TechnipFMC

SINGAPORE (Mar 28): Sembcorp Marine's wholly-owned subsidiary, Sembcorp Marine Rigs & Floater, secured an Engineering, Procurement and Construction (EPC) contract from UK-based energy company TechnipFMC.

Under the contract, SembMarine will fabricate and integrate various topside modules as well as install owner-furnished equipment to the hull and living quarters for TechnipFMC’s newbuild Floating Production, Storage and Offloading vessel (FPSO).

Will Sembcorp Marine bag its first major contract for this year?

SINGAPORE (Mar 6): DBS is reiterating its “buy” recommendation on Sembcorp Marine (SMM) with an unchanged target price of $2.90.

This came on the back of Upstream reporting yesterday that Energean Oil & Gas has handed out a US$1.36 billion ($1.79 billion) contract to TechnipFMC for the floating production, storage and offloading (FPSO) unit for its proposed Karish gas field development off Israel.

Improving order outlook keeps SembMarine at 'buy' despite 4Q provisioning of everything but the kitchen sink

SINGAPORE (Feb 22): CIMB is maintaining its “add” call on Sembcorp Marine (SMM) at a higher target price of $3.01, which is now based on a 20-year average of 2.5 times book value.

This comes even as the group’s 4Q net loss of $34 million came in wider than that of consensus and the research house’s forecasts, which was attributed by the management on weak operating leverage, negative variation order and cost overrun for delivered & existing floaters.

SembMarine swings into the red in 4Q with $33.8 mil loss

SINGAPORE (Feb 21): Sembcorp Marine (SMM) has announced a loss of $33.8 million for 4Q17, compared to earnings of $34.3 million a year ago, on lower turnover as well as higher costs.

This brings SMM’s earnings for the full year to $14.1 million, down 82.1% from $78.8 million a year ago.

At the gross and operating levels, SMM reported 4Q losses of $48.2 million at $43.6 million, respectively.

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