Thursday, 22 October 2015

Sembcorp Marine - DBS Research 2015-10-23: More deferments

Sembcorp Marine - Maybank Kim Eng 2015-10-23: Unabated pressure; maintain SELLSEMBCORP MARINE LTD S51.SI 

Sembcorp Marine - More deferments 

  • 3Q15 earnings were way below on profit reversals, associate losses and impairment of its stake in Cosco. 
  • Rising number of deferments a worrying trend; bumpy earnings ahead. 
  • Trimmed FY15/16 PATMI by 25%/8%. 
  • Maintain Hold, TP lowered to S$2.32. 
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