Thursday 22 October 2015

Sembcorp Marine - Maybank Kim Eng 2015-10-23: Unabated pressure; maintain SELL

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

Unabated pressure; maintain SELL 

  • 3Q15 missed on weak rigbuilding, associate losses and impairment. Cut FY15-17E EPS by 12-26%. 
  • EBIT margin was only 6.6% due to suspension of recognition for rigs in which delivery dates were deferred. 
  • Maintain SELL and cut TP from SGD2.00 to SGD1.75, still based on 0.55x EV/Backlog. 
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