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Seatrium Ltd
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Seatrium - Sea of Hopes & Atrium of Surprises (II)
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n3wbie
Elite |
10-Jun-2026 21:36
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The maintenence and repair projects can increase the order book but key remains big tickets which are delayed cos of the global geopolitical uncertainty. Moving towards higher margin and improved earnings quality are all positive but the current order book is hardly 2 years worth of revenue so the absence of sizeable wins make it hard to model its future earnings / cash flow
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Battle123
Elite |
10-Jun-2026 21:31
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At tis current price, many shld standby add onz. What do u think current price is expensive or cheap ? When reach 200 shortist will say 190, when reach 190 they will say 180 and so on.... |
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Chansenghoe1971
Elite |
10-Jun-2026 15:23
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Cheering to 180/190 aka 0.09 pre consol | ||||
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luckyboy22
Supreme |
10-Jun-2026 11:38
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Maybe give bonus issue and the price will rocket to the moon 
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eugesun
Elite |
10-Jun-2026 11:22
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It will go up when news come in....make it 5 dollar...
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Trainner
Master |
10-Jun-2026 11:08
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I was very tempted to buy some....... now decides to wait and see.....
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geographic
Senior |
10-Jun-2026 10:46
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They will soon need to do another consolidation exercise to bring up the price. | ||||
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Chansenghoe1971
Elite |
10-Jun-2026 09:20
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Waiting 180/190 | ||||
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geographic
Senior |
10-Jun-2026 01:19
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You should not give too much pressure to the CEO. 52 weeks nvr even reach $2.60.
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Tob231
Elite |
09-Jun-2026 21:55
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haha ... i am not sure when it reach $3 but what i do know is ... it is 52 week low 😅 Eugesun, hope really mean what you said .... somehow it stuck at around 2.5 |
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eugesun
Elite |
09-Jun-2026 14:38
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let's go back 3 dollar huat ahhh
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luckyboy22
Supreme |
09-Jun-2026 13:01
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Today if can recover a bit I would be happy like 2.06 | ||||
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Tob231
Elite |
09-Jun-2026 09:40
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on a brighter note : Strong Growth Momentum and enough projects till 2033. Seatrium expects to achieve over $50 million in annualised operational savings from these divestments. just keep the free shares ... Describing Seatrium' s 1QFY2026 as " solid" , Loh notes management' s guidance for higher gross margins due to a better project mix and completion of non-core divestments. |
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n3wbie
Elite |
08-Jun-2026 23:46
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Keppel probably pleased that they sold off everything and managed to even lock in some profits. Stock needs to start winning some new orders to get market interested in them again given how their recent 1Q disappointed market | ||||
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Tob231
Elite |
08-Jun-2026 14:14
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generally markets are down. Kospi plunges on foreign selloff, triggering circuit breaker
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eugesun
Elite |
08-Jun-2026 10:31
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yes, also bulls favorite too...huat ahhh...
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luckyboy22
Supreme |
08-Jun-2026 08:51
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This is shortists favorite counter
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haizzz
Senior |
08-Jun-2026 00:20
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.. the way it has gone down is as though it has made a loss...obviously this counter is being played. | ||||
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Joelton
Supreme |
06-Jun-2026 16:46
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Uneventful 1Q anchors analysts&rsquo views on Seatrium Multiple analysts have mostly maintained their confident outlook on offshore and marine giant Seatrium after an uneventful first quarter in which the company did not secure any significant new contract wins, but continued its steady execution of projects and balance sheet strengthening while hunting for a pipeline of around $30 billion in opportunities. In a business update on May 29, Mainboard-listed Seatrium reported a net order book of $15.5 billion across 24 projects with deliveries through 2033. For reference, Seatrium&rsquo s order book was $17.8 billion as at Dec 31, 2025, implying that more than $2 billion in revenue was recognised during 1QFY2026 ended March 31. In addition, the firm won major contracts, including the Kaskida floating production unit and Balwin 5 in 4QFY2025. &ldquo We continued to carry the momentum gained in FY2025 into the new financial year with steady project execution and margin improvements,&rdquo says CEO Chris Ong. &ldquo With the completion of our announced divestments, we are well-positioned to deliver further gross margin improvements,&rdquo he adds. UOB Kay Hian (UOBKH) analyst Adrian Loh maintains his &ldquo buy&rdquo rating and $3.15 target price in his June 2 report. Describing Seatrium&rsquo s 1QFY2026 as &ldquo solid&rdquo , Loh notes management&rsquo s guidance for higher gross margins due to a better project mix and completion of non-core divestments. He sees room for growth in the earlier gross margin estimate of 7.5%. He expects the current energy shock to reinforce energy security concerns and longer-term offshore energy investment, which could benefit Seatrium. To Loh, Seatrium is a contender for major offshore energy projects. &ldquo Seatrium&rsquo s four TenneT offshore platform projects and the heavy-lift vessel for Penta-Ocean are strong proof points that the company should be in the conversation for any major offshore wind tender in the EU.&rdquo For Maybank&rsquo s Hussaini Saifee, while large project awards remain lumpy, he sees a bright spot in Seatrium&rsquo s repairs and upgrades, which could throw a positive surprise. Repeat business remains strong, defence-related work is meaningful, and rig refurbishment remains active across Brazil, Singapore and Asia Pacific, Hussaini notes in a June 1 report. He also thinks that conversions of floating storage and regasification units and floating liquefied natural gas (LNG) vessels appear to be gaining strategic relevance, supported by energy security, faster time-to-market and LNG infrastructure needs. Similar to Hussaini, Ho Pei Hwa from DBS Group Research is positive on the repairs and upgrades segment in her May 29 report. She believes that the company is reinforcing its position in LNG and gas infrastructure conversion solutions with Seatrium securing its eighth FSRU conversion project from Karpowership. Contract wins are emerging as a common price catalyst for the counter across most analyst reports. Ho, for one, writes that contract flows remain the key catalyst, and the absence of major projects during the first five months of the year suggests they have been relatively slow. Despite slower contract wins, Ho maintains a constructive outlook, as Seatrium could benefit from the emerging global offshore reinvestment cycle. Ho values Seatrium at unchanged $3 and reiterates her &ldquo buy&rdquo call in her May 29 report. Meanwhile, Hussaini sees customers still exercising discipline on capex and the timing of final investment decisions (FIDs), which are outside Seatrium&rsquo s control. As such, material order conversion will likely be more visible only in 2HFY2026 and FY2027. He maintains both his &ldquo buy&rdquo call and $3.10 target price. Similarly, CGS International&rsquo s Lim Siew Khee and Meghana Kande believe that orderbook replenishment is crucial to meeting 2028 &ldquo steady-state&rdquo targets of $10 billion to $12 billion in revenue, an ebitda of over $1 billion, a return on equity (ROE) of over 8% and a net debt to ebitda of two to three times. Lim and Kande note that Seatrium has lowered its tender pipeline to $28 billion from $32 billion on a q-o-q basis. This is due to Petrobras awarding the SEAP 1 floating production, storage and offloading (FPSO) project to SBM Offshore under a build, operate, and transfer (BOT) model, rather than leveraging Seatrium&rsquo s strengths in engineering, procurement, construction and commissioning (EPCC). With five months passed in 2026 and no major contract wins, Lim and Kande reduced their order-win forecast from $6 billion to $4.3 billion for FY2026 and trimmed their FY2027&ndash FY2028 earnings-per-share forecasts by 2%&ndash 3%. They maintain their &ldquo add&rdquo rating at a lower target price of $2.52 (down from $2.84 previously), valuing the company at 1.2 times forecast FY2026 P/B in their May 29 note. |
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chinhm88
Member |
06-Jun-2026 16:33
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No lah, most likely everybody cashing out because World Cup is around the corner. Most likely Monday everybody will be exiting, forget about stocks for one month and focus on World Cup. 
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