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Sembmarine
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srichipan
Master |
20-Oct-2014 10:03
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Think I saw UOB have a five year structured deposit on 5 companies in singapore and Semb Marine is one of them. | ||||||||||
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granto
Master |
20-Oct-2014 09:29
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More new contracts for Sembcorp... S$222m of new contracts for Sembcorp Marine: http://www.seashipnews.com/News/S$222m-of-new-contracts-for-Sembcorp-Marine-/3w3c2769.html |
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granto
Master |
15-Oct-2014 15:00
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Sembcorp Marine share value down but not out: http://www.seashipnews.com/News/Sembcorp-Marine-share-value-down-but-not-out/3w3c2745.html |
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earlybird14
Supreme |
15-Oct-2014 09:47
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http://online.wsj.com/articles/crude-oil-slides-as-iea-warns-on-slack-demand-1413283612 Just face the reality what has happen in oil market. OSK DMG always do opposite way few weeks after giving a guidance. Don' t trust them. They are ready to clash this counter. |
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ozone2002
Supreme |
15-Oct-2014 09:29
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13x PE buay pai la, div yield 4% also buay pai la OSK DMG SembMarine has secured a USD696m contract to convert a shuttle tanker into an FPSO for OOGTK Libra GmbH & Co KG, bringing YTD order wins to SGD3.66bn. Maintain BUY and SGD4.50 TP, implying a 23% upside, as we believe positive surprises could arise from the repair segment as well as rebounding operating margins. At 6-8x EV/EBITDAs and 11-13x P/Es for FY14F-16F, valuations are undemanding. Contract worth USD696m. Sembcorp Marine (SembMarine) secured a contract worth USD696m to convert a shuttle tanker into a floating, production and storage offloading (FPSO) vessel for OOGTK Libra GmbH & Co KG, a joint-venture (JV) between Odebrecht Oil & Gas and Teekay Offshore Partners LP. This vessel, with the capacity to produce 50,000 barrels of oil/day and 4m cu m of natural gas/day, is slated for completion in 3Q16 and will be chartered to Petrobras for work on the Libra field. Lumpier order trend than Keppel Corp (Keppel) (KEP SP, BUY, TP: SGD12.50). SembMarine&rsquo s order win trend this year has been for fewer but larger projects. Four of its major contract wins out of seven are above SGD500m in value vs Keppel&rsquo s three of 10 announced wins of a similar size. The scale of this contract comes as a positive surprise, prompting us to raise our FY14 order win forecast to SGD4.5bn (SGD4.0bn previously). FPSO conversion orders remain strong. SembMarine has won three FPSO conversion contracts this year, vis-à -vis Keppel&rsquo s two. We expect fixed/floating production platforms to make up for a near-term slowdown in drilling rig orders as the market absorbs the incoming supply. Valuations undemanding, yield looks attractive. SembMarine is now trading at 6-8x EV/EBITDAs and 11-13x P/Es for FY14F-16F. On the P/E front, SembMarine is now trading at nearly 1SD below its average forward P/E of the last 10 years. Forecast dividend yields are now topping 4%, which we believe will attract income-driven investors. Maintain BUY and SGD4.50 TP, implying a 23% upside. Forecasts and Valuations Dec-12 Dec-13 Dec-14F Dec-15F Dec-16F Total turnover (SGDm) 4,430 5,526 6,148 6,801 6,766 Reported net profit (SGDm) 538 556 574 631 671 Recurring net profit (SGDm) 541 553 574 631 671 Recurring net profit growth (%) (28.3) 2.3 3.7 9.9 6.4 Recurring EPS (SGD) 0.26 0.27 0.27 0.30 0.32 DPS (SGD) 0.13 0.13 0.14 0.15 0.16 Recurring P/E (x) 14.1 13.8 13.3 12.1 11.4 P/B (x) 3.13 2.85 2.57 2.32 2.09 P/CF (x) 36.6 8.1 17.2 9.1 9.2 Dividend Yield (%) 3.6 3.6 3.8 4.1 4.4 EV/EBITDA (x) 7.61 7.25 7.76 6.84 6.09 Return on average equity (%) 22.2 21.7 20.3 20.1 19.3 Net debt to equity (%) net cash net cash net cash net cash net cash Our vs consensus EPS (adjusted) (%) (6.4) (5.1) 0.9 |
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earlybird14
Supreme |
14-Oct-2014 17:12
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Run road with your life after DMG upgrade. A big sell down will always happen after DMG upgrade.
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earlybird14
Supreme |
14-Oct-2014 16:43
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Subjected to the oil price, when oil price down till 35 in 2009, Sembmar was down till 1.30. That time, order book was still full and signed contracts were with high profit margin. Compared to situation now, if the first drill ship can be delivered on time or not is a big question mark to market. Total of 6 drill ships on hands, close to 5.2billion contract. If the first one is not doing well, it will affect the rest of 5. |
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victorcy2004
Member |
14-Oct-2014 16:12
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The momentum cannot be held, it may fall back to 3.6 and trading in range of 3.55-3.65 for some time to build a strong support. |
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CharlesChen
Senior |
14-Oct-2014 11:13
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Not bad for sembmar if it can hold above $3.7 today. |
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CharlesChen
Senior |
14-Oct-2014 10:30
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Don' t worry too much about sembmar as selling is near its limits and bulls should be able to gain some grounds.
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ozone2002
Supreme |
14-Oct-2014 10:23
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Last:3.68 Vol:893k  +0.04
selling overdone.. price is attractive.. moved up 4c today gd luck dyodd |
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caringfather360
Senior |
13-Oct-2014 14:58
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I entered Sembcorp about 3.6. Ta bu leh da han ... technicals looks too oversold... |
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stockeers
Member |
13-Oct-2014 14:06
Yells: "Trade everything moderately!" |
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Bears Crowd to Sembcorp After Stock&rsquo s 18% Drop in ValueBy Jonathan Burgos and Kyunghee Park Oct 13, 2014 6:00 AM GMT+0700
Sembcorp Marine Ltd. (SMM) lost about $1.3 billion in market value this year, making it the second-biggest decliner on Singapore&rsquo s Straits Times Index. There&rsquo s more pain to come if short sellers are any guide. Bearish bets on the stock climbed to the highest level in more than a year after the world&rsquo s second-biggest oil-rig maker said last month it will spend an additional S$222 million ($174 million) on a new shipyard. Brent, the benchmark for more than half the world&rsquo s oil, reached a four-year low in intraday trading on Oct. 10, raising concerns that oil explorers will extend spending cuts, according to Henderson Global Investors Ltd. and UBS AG. &ldquo The decline in oil prices is not good for the sector as a whole,&rdquo Michael Kerley, London-based fund manager overseeing Asian equities at Henderson Global, which has about $120 billion assets under management, said by phone on Oct. 10. &ldquo We sold Sembcorp Marine in the last month or two. We&rsquo re worried about the order flow on the back of the falling oil prices.&rdquo Sembcorp Marine, whose first drillship project for Petroleo Brasileiro SA spurred investor concerns, has slumped 18 percent this year through last week. The stock is the most-shorted on the Singapore bourse, according to Markit Group Ltd. data compiled by Bloomberg. Short interest climbed to 12.6 percent of freely tradeable shares as of Oct. 8, the highest since July 2013, the data show. 
Photographer: Munshi Ahmed/Bloomberg Vessels undergo repairs at Sembcorp Marine Ltd.' s Sembawang Shipyard drydocks in Singapore. More PronouncedWhile shares of Sembcorp Marine and bigger rival Keppel Corp. (KEP) have been affected by crude oil prices posting the biggest weekly drop since January, the impact on Sembcorp Marine is more pronounced given that it gets 99 percent of revenue from oil-rig building and ship repair, according to Aberdeen Asset Management Plc and UBS. Keppel generated about 58 percent of sales from offshore and marine engineering in 2013, with the rest coming from infrastructure and real estate, data compiled by Bloomberg show. Sembcorp Marine&rsquo s valuations have fallen to 13.2 times estimated earnings, lower than the 14.2 for the benchmark Straits Times Index. They still exceed the 11.7 multiple for Keppel, which has dropped 10 percent this year. Some analysts, including Low Pei Han at OCBC Investment Research in Singapore, say the recent decline in Sembcorp Marine&rsquo s share price and concerns about the building of the drillships are overdone. Low upgraded the stock to buy from hold earlier this month. While orders for exploration and drilling units are weak, there should be demand for offshore production facilities, which could help Sembcorp Marine win more orders next year, Low said. The company&rsquo s new contracts may increase to S$4.5 billion in 2015, from an estimated S$4 billion in 2014, she said. Sembcorp Marine doesn&rsquo t comment on share-price fluctuations, it said by e-mail. Rising CostsOrders for offshore exploration have slowed this year as companies such as Statoil ASA and Royal Dutch Shell Plc scaled back spending because of rising costs and stagnating energy prices. Sembcorp Marine&rsquo s contracts declined 28 percent in the seven months to July from a year earlier, while those for Keppel rose 6.7 percent in the first half, according the the companies&rsquo latest earnings reports. &ldquo The drop in oil prices has been very sharp and that&rsquo s affecting demand for oil rigs,&rdquo Kelvin Tay, chief investment officer for Southern Asia-Pacific at UBS Wealth Management in Singapore, said Oct. 10. &ldquo Importers like India and Indonesia are increasingly reducing their oil subsidies and then you have a slowdown in China. So where is the demand going to come from?&rdquo Boosting CapacityAs demand for oil rigs is softening, Sembcorp Marine is in the second phase of building a new 206-hectare (509-acre) shipyard that would eventually increase its capacity by about 60 percent when it&rsquo s completed after 2020. The first stage of the project, spanning 73 hectares, includes four dry docks that began operations in August last year. The company planned the project in 2009 on expectations that higher oil prices would spur demand. In a bid to meet that expected demand, Sembcorp Marine expanded its products to include drill ships. &ldquo The long-term prospects are there and that&rsquo s why we&rsquo re still investors in the stock,&rdquo Chong Yoon-Chou, investment director at Aberdeen Asset Management in Singapore, said in an interview on Oct. 2 &ldquo The order book is still there, especially with commitment from companies like Petrobras.&rdquo Petrobras ordered seven drilling rigs from Sembcorp Marine as Brazil&rsquo s state-run oil company seeks to develop the biggest oil finds in the Americas this century and double output by 2020. Sembcorp Marine is building drillships for the first time and investors are worried that profit margins may suffer should there be project delays. &ldquo We expected to see a margin recovery which we now don&rsquo t think is going to happen,&rdquo Henderson&rsquo s Kerley said. &ldquo There are concerns on Petrobras cutting capital expenditure. Maybe orders could weaken going forward.&rdquo |
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ozone2002
Supreme |
13-Oct-2014 11:57
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PRice weakness OVERDONE LA! below $4 is gd value..gd luck dyodd SembCorp Marine has secured a US$696m contract to convert a shuttle tanker into a floating, production, storage and offloading (FPSO) vessel for OOGTK Libra GmbH & Co KG, a joint venture between Brazil&rsquo s Odebrecht Oil & Gas and Teekay Offshore. Scheduled for completion in 3Q16, the FPSO will have the capacity to produce 50,000 barrels of oil per day and 4m cubic metres of natural gas per day. It has a 12-year back-to-back charter with Petrobras for work on the Libra field in the ultra-deepwater section of Brazil&rsquo s Santos Basin. With this contract, SMM&rsquo s YTD win is lifted to S$3.66bn, representing 73% of our full year assumption. No change to our BUY recommendation and target price S$4.82.
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granto
Master |
13-Oct-2014 08:30
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Sembcorp Marine&rsquo s Jurong Shipyard wins FPSO conversion deal: http://www.seashipnews.com/News/Sembcorp-Marine&rsquo s-Jurong-Shipyard-wins-FPSO-conversion-deal/3w3c2734.html |
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alexcai
Member |
10-Oct-2014 09:24
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" Wall St. Closes Sharply Lower, With Energy Stocks Leading the PlungeThe price of oil plunged as concerns mount about slowing global economic growth while oil production remains high. Crude oil for November delivery fell $1.54, or 1.8 percent, to $85.77 a barrel on the New York Mercantile Exchange, a third straight decline of more than 1.5 percent." Wah hit $85 mark already. good luck sembcorp marine. |
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surefire
Member |
10-Oct-2014 09:12
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I saw its potential long ago and started buying when it was just $0.60! Eventhough it has dropped significantly recently, i cant complain!
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uchihaclan
Veteran |
10-Oct-2014 09:07
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never believed sembcorp is a good company..
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ozone2002
Supreme |
09-Oct-2014 17:00
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DMG OSK 2nd brokerage to issue report that price weakness overdone SembMarine&rsquo s share price has retreated 20% in the last year, spurred by worries over the delivery of its first drillship and the weaker oil prices. Maintain BUY, although we lower our TP to SGD4.50 (24.3% upside) to account for investor negativity on a weaker order-win outlook. We think the selling is overdone and that valuations are looking attractive even at lowered net profit estimates. Positive surprises could arise from the repair segment as well as from rebounding operating margins. Silver lining in lower oil prices. SembMarine&rsquo s orderbook is at present more heavily weighted towards deepwater drilling assets than Keppel&rsquo s (KEP SP, BUY, TP: SGD12.50), putting it at greater replenishment risk in the current oil price environment. However, lower oil prices could spur a recovery in vessel repairs as shipowners prepare for improving operations in a lower-cost environment. SembMarine may benefit from stronger higher-margin repair operations at the new Tuas yard, which have disappointed in the last two quarters. We also believe operating margins bottomed out in FY13 and are currently on a recovery trend. Drillship worries overdone. Meanwhile, the drillship is en route to Brazil, and management believes that it can be delivered on time. Profit recognition has been conservative on this first unit, and we envision potential for a write-back after delivery in mid-FY15. Lowering net profit estimates and order win assumptions. SembMarine has won SGD2.8bn of new orders YTD vs our SGD5bn forecast. Given our weak outlook on deepwater drilling asset orders, we lower our FY14-16F order win assumptions to SGD4bn, expecting a larger proportion of floating- and fixed-platform orders for production units in future relative to drilling units. We lower net profit estimates by 2%/13% for FY14/15F as a result. Valuations undemanding, yield looks attractive. SembMarine is now trading at 6-8x EV/EBITDA and 11-13x P/E for FY14-16F. On the P/E front, SembMarine is now trading at nearly 1 SD below its average forward P/E of the last 10 years. Forecast yields are now topping 4%, which we believe will attract income-driven investors. We reduce our P/E multiple on shipyard earnings to 16x from 18x to factor in investor negativity on our lowered order win forecasts. Maintain BUY with lowered SGD4.50 TP (from SGD5.00), implying a 24.3% upside.
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Juzztrade
Master |
09-Oct-2014 14:20
Yells: "Techincal and long term investor" |
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I better take my profit and try not tp be greedy. Average cost @3.57
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About CharlesChen 
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