Sembcorp Industries - Maybank Kim Eng 2016-05-05: Take Profit
SEMBCORP INDUSTRIES LTD U96.SI Sembcorp Industries (SCI SP) - Take Profit
Results missed; D/G to SELL
- 1Q16 PATMI of SGD107m (+76% YoY, -25% QoQ) missed, forming 21%/19% of our/consensus’ FY16E.
- Utilities segment continued to be dragged by weak Singapore power operations from spark spread compression while India’s TPCIL disappointed.
- We think that SCI’s surge from the Jan 2016 low of SGD2.19 was on views that it is unlikely to raise its stake in SMM.
- In our view, this is mostly priced in and risk is now negatively skewed.
:.
No comments:
Post a Comment