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SembCorp Industries
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krisluke
Supreme |
09-May-2013 16:36
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Sembcorp Industries - 1Q13 – Flat quarter, as expected - OUTPERFORM - TP $5.80 - MacQ Singapore Utilities weakens positioning for regional growth - HOLD - TP $5.25 - DB SembCorp - Flat results as utility fights rising capacity - BUY - TP $6.00 - NOMURA SembCorp - 1Q13: Expect Further Pressure on Singapore Utilities - OVERWEIGHT - MS SembCorp IndustUtilities fell less than expected HOLD Price Target : 12-month S$ 4.80 (Prev S$ 5.20) by DBS Vickersries (SCIL.SI) Results in Line with Expectations - BUY - TP $6.00 - CITI
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krisluke
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09-May-2013 16:28
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Project pipelines on track, Maintain Buy. Sembcorp Industries’ (SCI) pipeline of utilities projects are well on track to add to its recurring earnings base. Together with the Marine business, this should support a steady 9-12% EPS growth over FY13-15F. Stripping out the current value of the Marine business (which we view as undervalued), Utilities business is trading at an implied PER of only 6.3x which is unjustifiably low in our opinion. Reiterate Buy with SOTP-based TP of SGD5.74. Flat YoY performance within expectations. 1Q13 revenue of SGD2.35b (-3% YoY, -17% QoQ) and PATMI of SGD177m (+0% YoY, -14% Qoq) were within expectations. Quarterly PATMI accounted for 21% our FY13F forecast. Overall net margins improved marginally to 7.5% (4Q12: 7.2% 1Q12: 7.3%). The flat YoY growth was due to a scheduled one-month maintenance for the Singapore cogen plant and lower average spark spreads for the Utilities business. Marine revenue was also lower QoQ due to recognition timing. Subsequent quarters are expected be stronger. Flags increased competition in Singapore. SCI would add new capacity of 400MW to its cogen plant by Dec 2013. However it warns that with the completion of the LNG terminal in 2013 and addition of 2,400MW of new power generation capacity in Singapore over 2013 and 2014 would intensify competition, resulting in lower power prices. We thus expect at more moderate FY13F Utilities net margin of 6.3% (vs 7.2% for 1Q13) for the Utilities segment. Focused execution on new revenue stream. The long term value in SCI is the pipeline of utilities projects, scheduled to come onstream over 2013-2016. These are progressing well and would add to its recurring revenue base, lending more stability to its income stream. Divestment of Gallant Venture possible. Gallant Venture (GV) has ceased to be an associate due to a drop in shareholding from 24% to 12%, as SCI did not subscribe to the former’s rights issue. SCI would record a fair value loss of SGD25m in 2Q13 as GV will be reclassified as an available-for-sale financial asset. We think that SCI may eventually seek to divest its entire stake in GV. We lower our FY13-15F earnings by 1-3% mainly on that account. Source: Maybank Kim Eng Research - 9 May 2013 | ||||||
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krisluke
Supreme |
09-May-2013 10:11
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Sembcorp Industries’ Utilities earnings exceeded estimates despite lower sales. FY13/14F earnings cut by 13%/2% mainly for Marine earnings downgrade and fair value loss for Gallant Venture. TP reduced to S$4.80 (Prev S$ 5.20), maintain HOLD.
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krisluke
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09-May-2013 10:07
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Cut FY13/14F earnings by 13%/2% TP reduced to S$4.80, maintain HOLD - DBSV | ||||||
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krisluke
Supreme |
09-May-2013 09:31
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Long-term positive outlook on utilities remains intact. UOBKH reduce target price marginally from S$6.10 to S$5.90 Sembcorp Industries: Building a Strong Recurring Base Buy TP $5.74 KE Fruitful overseas operations - (OUTPERFORM - Maintained | S$4.98 - Tgt. S$5.95 Conglomerate) - CIMB |
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krisluke
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08-May-2013 17:31
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May 8, 2013
Sembcorp Posts 1Q2013 Net Profit of S$176.9 MillionSINGAPORE, May 8, 2013 – Sembcorp Industries (Sembcorp) reported a net profit of S$176.9 million and turnover of S$2.4 billion in the first quarter of 2013 (1Q2013), comparable to 1Q2012’s net profit of S$176.7 million and turnover of S$2.4 billion. Sembcorp’s main profit contributors, the Utilities and Marine businesses, accounted for 49% and 39% of Group net profit respectively. The Utilities business’ net profit was S$89.4 million compared to S$99.0 million in 1Q2012. The business was impacted by lower contribution from Singapore, mitigated by better performance from China and the Middle East. The Marine business’ 1Q2013 net profit was up 5% to S$72.0 million from S$68.7 million in 1Q2012, due to higher operating profit, offset by lower contribution from Cosco Shipyard Group. Meanwhile, the Urban Development business posted a net profit of S$6.7 million, an increase from S$4.7 million in 1Q2012. Return on equity (annualised) for the Group was 14.6% and earnings per share amounted to 9.9 cents for the quarter. Economic value added was S$131.5 million while cash and cash equivalents stood at S$2.1 billion. Tang Kin Fei, Group President & CEO of Sembcorp Industries, said, “In 1Q2013, we continued to position our company for long-term growth, in particular from our overseas investments. Our Utilities business achieved significant milestones in the execution and development of our pipeline of projects, which will grow our recurring income base. We secured a 25-year power purchase agreement for our coal-fired power plant in India, and a 20-year water purchase agreement for our Fujairah 1 Independent Water and Power Plant in the UAE. Our UK operation was also selected as the preferred bidder to develop a new energy-from-waste facility on our Wilton International site on Teesside. Meanwhile, our Marine business achieved a net orderbook of S$13.6 billion with completions and deliveries stretching till 2019.”
Utilities 2013 will see a full year’s contribution from our newly-acquired power assets in China and the completion of our second woodchip boiler in Singapore in June.
The Utilities business, underpinned by long-term contracts and strong operational performance, will remain focused on the execution of its pipeline of projects and pursuit of new growth opportunities to deliver long-term growth.
Marine Overall, enquiries remain healthy across Marine’s diverse business segments of ship repair, ship conversion & offshore platforms and rig building. However, competition is intense and impacts margin.
Urban Development Group Highlights from Sembcorp’s 1Q2013 Financial Results - END -
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krisluke
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08-May-2013 16:37
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2013-05-07 22:14:00
The configuration is mixed. 4.82 is our pivot point.
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krisluke
Supreme |
07-May-2013 15:00
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Do take note that 1st Q 2013 for Sembcorp Industries is on 08 May | ||||||
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krisluke
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30-Apr-2013 09:26
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SCI: Deutsche cuts FY13-15e net earnings by 7-8%, citing rising competitive pressures for utilities, which should lead to lower power prices in the coming years and shrink Singapore utilities margins by 100-120 bps. Singapore contributed ~70% of FY12 utilities earnings. Given lack of further drivers, Deutsche expects the stock price to be range bound. Downgrades to Hold from buy, on reduced TP of $5.25 from $6.35. | ||||||
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krisluke
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29-Apr-2013 10:50
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Cont... As the largest and most energy-efficient power and water plant in Dhofar, in southern Oman, the Salalah IWPP plays a major role in meeting the growing power and water demand in this region. The first phase of the project was completed in July 2011, the second phase was subsequently completed in the first quarter of 2012, and the third and final phase was completed a few months later. Two other major independent power projects in Oman--Al Batinah Power Company and Al Suwaidi Power Company--are also expected to offer shares to the investing public. Since both companies signed agreements with the government at some point in 2010, these share offers will probably be seen by next year. Sohar 2 (owned and operated by Al Batinah Power Company) and Barka 3 (owned and operated by Al Suwaidi Power Company) have achieved full commercial operations on April 3 and 4, respectively. |
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krisluke
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29-Apr-2013 10:47
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Salalah power company's IPO likely this year By A. E. James28 April 2013 Muscat: Sembcorp Salalah Power and Water Company, which owns and operates Salalah's $1 billion independent water and power project (IWPP), is planning to float an initial public offering (IPO) this year. The promoters of the Salalah IWPP, which started full operations last year, are diluting their 35-per cent stake in line with a contractual commitment with the government, which stipulates that an IPO has to be floated within a certain period of signing the agreement. The agreement for the power project was signed in 2009. " We are on track (for floating the IPO), and all agreements are in place," said a company official, who did not want to be named. However, he declined to comment on the size of the issue or the timeframe for floating the share offer. Like other independent power producers, the profitability of Sembcorp Salalah is pre-determined and, therefore, is not vulnerable to market fluctuations. The price of natural gas (feedstock for power plants) and the price at which power is sold to Oman Power and Water Procurement (OPWP) Company are all pre-determined through long-term contracts. Sembcorp Salalah Power and Water Company is a joint venture of Sembcorp's wholly owned subsidiary Sembcorp Utilities, the Oman Investment Corporation (OIC), and Bahrain-based Instrata Capital. Sembcorp holds a 60-per cent stake in Sembcorp Salalah Power and Water Company, which is the largest investment by a Singaporean company in Oman. OIC and Instrata have 35 per cent and five per cent holdings, respectively, in the power company. The Salalah IWPP consists of a gas-fired power plant, with a total gross capacity of 490 megawatts, and a desalination plant, with a water-production capacity of 15 million gallons per day.
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WanSiTong
Supreme |
22-Apr-2013 11:29
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15 cents dividend Ex date : 29 Apr
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WanSiTong
Supreme |
19-Apr-2013 17:26
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you are right! down almost 2 months. Over sold, time to rebound!!?
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WanSiTong
Supreme |
19-Apr-2013 17:18
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SEMBCORP TO DEVELOP ITS FIRST OVERSEAS ENERGY-FROM-WASTE FACILITY IN THE UK http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_92F2F09FAB74C7AF48257B520027A7B5/$file/Sembcorp-DevelopFirstOverseasEnergy-From-WasteFacilityinUK-19Apr2013.pdf?openelement
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WanSiTong
Supreme |
19-Apr-2013 17:09
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Extraded from 2012 Full yr results announcement: 2013 Prospects look good !!! 15 cents dividend ex 29/4 13. PROSPECTS Utilities In 2013, the completion of Singapore’s liquefied natural gas (LNG) terminal is expected to increase natural gas supply to the country. In addition, over 2,400 megawatts of new generation capacity is expected to come onstream over the next few years, starting from 2013. The increase in gas supply and generation capacity is expected to intensify competition and may impact the performance of our Singapore operations. 2013 will see a full year’s contribution from our newly-acquired power assets in China and the completion of our second woodchip boiler in Singapore in June. The Utilities business, underpinned by long-term contracts and strong operational performance, will remain focused on the execution of its pipeline of projects and pursuit of new growth opportunities to deliver longterm growth. Marine Our Marine business has a net orderbook of S$13.6 billion with completion and deliveries stretching into 2019. This includes S$11 billion in contract orders secured in 2012 and a S$900 million contract secured since the start of 2013. The new yard at Tuas will commence operations in the second half of 2013 and the construction of the Brazilian yard is on track. The business continues to receive healthy enquiries for the various segments although competition remains keen with effects on margin. Urban Development The Urban Development business is expected to deliver a better performance in 2013. Group The Group, underpinned by sound business fundamentals and a healthy pipeline of projects and orderbook, continues to be well-positioned to deliver long-term growth. |
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marubozu1688
Master |
03-Mar-2013 00:54
Yells: "Be humble in front of Mr. Market." |
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SembCorp is technically bearish now. http://mystocksinvesting.com/singapore-stocks/sembcorp-industries/sembcorp-below-200d-sma/ |
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Octavia
Supreme |
27-Feb-2013 08:35
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CD SGD 0.15 Per 1 Ordinary share
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Octavia
Supreme |
27-Feb-2013 08:27
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SEMBCORP Industries reported Q4 net profit of S$204.7 million, down 19 per cent from S$251.9 million in the same period last year. Turnover for the final quarter of 2012 rose 25 per cent to S$2.82 billion from S$2.25 billion previously. The conglomerate ended the full year with net profit of S$753.3 million, down 7 per cent from S$809.3 million a year earlier. Turnover grew 13 per cent to S$10.2 billion from S$9 billion the previous year. |
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krisluke
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02-Jan-2013 09:07
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Sembcorp Industries: SCB initiates Coverage with O/p Call and $5.90 TP. House expect a healthy 2013 for the offshore industry based on the latest data points, which underpins its projected book-to-bill ratio of 1x over the next two yrs. Combined with its record backlog worth > $13b For grp’s utilities business, expect SCI’s energy and water capacity to increase 19-37% by end-2015 and tip higher capacity to drive 13% YoY growth in utilities EPS in FY14, after a 3% fall in FY13. While concerns regarding margin pressure from upcoming capacity in SG’ss energy sector remain, believe EPS estimates are conservative, with potential to surprise positively. |
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krisluke
Supreme |
16-Nov-2012 16:57
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15 november 2012 Share buy back !! !!! Another 100,000 shares at $4.8491 each. 
WhY no buy back sembmar ? ??
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