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Latest Forum Topics / Sembcorp Ind    Last:6.18    -0.03  Post Reply
SembCorp Industries
simpleguy123
Elite
17-Oct-2020 00:50     
 
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 Alert Admin 		I see two camps in the thread. One says it is not a garuntee it remains, another feels it die die will remain. Only way to find out is after december review.... :D
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St.Maximus
Supreme
16-Oct-2020 22:31     
 
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 Alert Admin 		I am not sure of its inclusion in STI. There are up and coming companies stronger in balance sheet and growing larger year after year.
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tangsookiam1947
Master
16-Oct-2020 22:21     
 
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 Alert Admin 		how can we be so sure that SCI will remain in STI?

SCI is now the 30th member in terms of market capitalization....
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Thiamm
Veteran
16-Oct-2020 22:06     
 
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 Alert Admin 		SembCorp Ind will continue in STI ...... only utility counter, TH is the SSH, just restructured by TH, an lah!    yes
 
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tangsookiam1947
Master
16-Oct-2020 21:56     
 
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 Alert Admin 		https://www.cnbc.com/2020/10/16/morgan-stanley-says-india-stocks-are-attractive-relative-to-other-emerging-markets.html

  Indian stock market looked very buoyant . Good timing for Indian energy business IPO ?

 
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bystander1965
Supreme
16-Oct-2020 17:32     
 
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 Alert Admin 		Let's recap...

bystander1965      ( Date: 16-Sep-2020 12:58) Posted:

The old STI method does include market cap but even then it was the 2nd criterion. The 1st being liquidity.

bystander1965      ( Date: 16-Sep-2020 12:55) Posted:

Don' t scare outselves silly. Next review is first week of Dec2020.
The FTSE STI is determined this way:

STRAITS TIMES INDEX (STI)

In line with FTSE&rsquo s international methodology, these companies have been included based on the following criteria:

  1. Free Float. The free float of a listed company must be greater than 15%.  The definition of &ldquo free float&rdquo includes portfolio investments, nominee holdings and holdings by investment companies.
  1. Liquidity. A stock must trade with a median daily turnover value of at least 0.05% of the value of its free float-adjusted shares in issue for at least 10 out of the last 12 months.

Source : https://web.archive.org/web/20101112022323/http://www.straitstimes.com/FTSE+ST+Index+Series/The+Straits+Times+Index/The+Straits+Times+Index.html
(If you cannot read, cut and paste the above link if you want to read it)
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naoshingo
Elite
16-Oct-2020 17:20     
 
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 Alert Admin 		The weekly chart speaks volume....All the Best fellow SCI SH...
For some lucky chap....SM is considered " FREE" already...
Freaking lucky.,...I jealous.  devil
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simpleguy123
Elite
16-Oct-2020 17:11     
 
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 Alert Admin 		I made a comment previously that this boi had to make it to the price range of 1.5x to 1.6x, in order to stay in STI (Market Cap Requirement). Seems like someone was reading LOL
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FATABA
Supreme
16-Oct-2020 17:05     
 
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 Alert Admin 		A pro is at work at 143/144 ...w over half the day vol done ....shortist trap in at this level 
Next week will be interesting . Hv a great weekend ....wow close 144
Dyodd

des_khor      ( Date: 16-Oct-2020 16:53) Posted:

They no needs to pay brokerage Meh ?

ckmpd1      ( Date: 16-Oct-2020 16:41) Posted:

BB may be pushing the vol up but not wanting the price to go up.  Are the BBs buying and selling to themselves to create interests and accumulating SCI before they launch in for the kill later
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des_khor
Supreme
16-Oct-2020 16:53     
 
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Yells: "Tell me who is God or Market Fortune Teller in this forum ??"
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 Alert Admin 		They no needs to pay brokerage Meh ?

ckmpd1      ( Date: 16-Oct-2020 16:41) Posted:

BB may be pushing the vol up but not wanting the price to go up.  Are the BBs buying and selling to themselves to create interests and accumulating SCI before they launch in for the kill later?

FATABA      ( Date: 16-Oct-2020 16:34) Posted:

After one whole day w 12m volume ...its still 143/144 ,,,,,,hmm this counter wld be interesting in the coming days/weeks
Dyodd
Happy investing. 


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des_khor
Supreme
16-Oct-2020 16:47     
 
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 Alert Admin 		Which BB always eat up 11900 ?
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ckmpd1
Supreme
16-Oct-2020 16:41     
 
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 Alert Admin 		BB may be pushing the vol up but not wanting the price to go up.  Are the BBs buying and selling to themselves to create interests and accumulating SCI before they launch in for the kill later?

FATABA      ( Date: 16-Oct-2020 16:34) Posted:

After one whole day w 12m volume ...its still 143/144 ,,,,,,hmm this counter wld be interesting in the coming days/weeks
Dyodd
Happy investing. 

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FATABA
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16-Oct-2020 16:34     
 
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 Alert Admin 		After one whole day w 12m volume ...its still 143/144 ,,,,,,hmm this counter wld be interesting in the coming days/weeks
Dyodd
Happy investing. 
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St.Maximus
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16-Oct-2020 15:14     
 
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 Alert Admin 		I doubt SCI will have a 3Q report because most companies report half yearly now. SGX regulators did away with quarterly reporting recently. Maybe a quarterly update on their business will be provided in November.
See below SCI reports: I cannot find a 2020 1Q report. So, I do not expect a 3Q report this year either.
https://www.sembcorp.com/en/investor-relations/results-and-reports/
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Shifu8888
Supreme
16-Oct-2020 14:31     
 
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 Alert Admin 		Of cos I know
I posted $2 tp one month ago
So 11 more months to go with a one year horizon

Checkerman      ( Date: 16-Oct-2020 13:52) Posted:

Not so soon . Probably next sept to oct

This year end Target should be 1.5-1.6

Shifu8888      ( Date: 16-Oct-2020 13:37) Posted:

$0.55 more to my target of $2
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Checkerman
Master
16-Oct-2020 13:52     
 
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 Alert Admin 		Not so soon . Probably next sept to oct

This year end Target should be 1.5-1.6

Shifu8888      ( Date: 16-Oct-2020 13:37) Posted:

$0.55 more to my target of $2
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naoshingo
Elite
16-Oct-2020 13:38     
 
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 Alert Admin 		Wah...another sudden move....
Sleeping then suddenly move/....very tricky....
 

FATABA      ( Date: 16-Oct-2020 13:36) Posted:

agreed which is why I am looking forward to it .  while waiting let it clear this 145/147 hehe

bystander1965      ( Date: 16-Oct-2020 13:34) Posted:

I think this q it still has to report smm result upto 10sep? Anyway the income statement will look really bad because of smm's share price was not 0.3 but 0.18x. But they said the cash from op will still be positive. That's good. Let's see how positive. I am guessing they will also report.clearly what it would have been like without smm
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Shifu8888
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16-Oct-2020 13:37     
 
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 Alert Admin 		$0.55 more to my target of $2
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FATABA
Supreme
16-Oct-2020 13:36     
 
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 Alert Admin 		agreed which is why I am looking forward to it .  while waiting let it clear this 145/147 hehe

bystander1965      ( Date: 16-Oct-2020 13:34) Posted:

I think this q it still has to report smm result upto 10sep? Anyway the income statement will look really bad because of smm's share price was not 0.3 but 0.18x. But they said the cash from op will still be positive. That's good. Let's see how positive. I am guessing they will also report.clearly what it would have been like without smm.

FATABA      ( Date: 16-Oct-2020 13:29) Posted:

Why is there a SCM value of 0.92 ...which shld be removed ? 

Anyway, again I emphasiize the importance of the coming result for SCI ( this is the first time it report wo SCM ) ....and rightfully a clearer
picture on ALL the other division of SCI .....energy ( shld be a cash cow even wo listing of its India side) , infrastruture n waste mgt is doing well .
I am very patient to wait till Nov for it to report / also chance for it to clean up CASH loan etc after removing SCM debt. 
Holding on tight . 
Dyod
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bystander1965
Supreme
16-Oct-2020 13:34     
 
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 Alert Admin 		I think this q it still has to report smm result upto 10sep? Anyway the income statement will look really bad because of smm's share price was not 0.3 but 0.18x. But they said the cash from op will still be positive. That's good. Let's see how positive. I am guessing they will also report.clearly what it would have been like without smm.

FATABA      ( Date: 16-Oct-2020 13:29) Posted:

Why is there a SCM value of 0.92 ...which shld be removed ? 

Anyway, again I emphasiize the importance of the coming result for SCI ( this is the first time it report wo SCM ) ....and rightfully a clearer
picture on ALL the other division of SCI .....energy ( shld be a cash cow even wo listing of its India side) , infrastruture n waste mgt is doing well .
I am very patient to wait till Nov for it to report / also chance for it to clean up CASH loan etc after removing SCM debt. 
Holding on tight . 
Dyodd

danger      ( Date: 16-Oct-2020 12:12) Posted:



Post demerger ...

A key question is if the S$0.73/share ascribe to its Energy division is fair. On the surface, this translates to a value of S$1.3bn and with its energy division generating S$360m in profit before exceptional items in 2019, which equates to trailing normalized PER multiple of just 3.6x. Looks extremely cheap.

 

CIMB previously forecasted its forward Energy division to generate S$269m in profits for 2020 or a forward multiple of 4.8x. Still decently cheap.

However, given the huge variability in earnings, particularly from India, there is a case to be cautious.

Alternatively, one can strip out the earnings of India and value that entity on a book basis.

 

In Sembcorp Industries&rsquo book, its India entity alone was valued at S$1.57bn as of end-2019. Compare that to our valuation of the entire energy division at S$1.3bn and it seems like there is a whole lot of re-rating potential for Sembcorp Industries.

However, the only way to realize that potential is to monetize its stake in India through an IPO which has been delayed time and again. If I assume only a  50% value to its India book value, then its India entity will be valued at S$0.785bn.

That will imply that the rest of its Energy division is valued at S$1.3bn &ndash S$0.785bn = S$0.515bn

These geographical entities are forecasted by CIMB to generate combined earnings of S$193m (including corporate expenses). That will imply  a forward PER multiple of just 2.7x for these entities.

There is huge value to be unlocked from Sembcorp industries assuming they can get their act together and improve the operating performance of their core Energy Division.

 

if the market did decide to re-rate Sembcorp Industries, which we based on the valuation assumption below:
  1. 50% book value of India entity
  2. 8x forward PER to its Energy Division
  3. 1x book for Urban Development
  4. Value of Sembcorp Marine shares at S$0.92/SCI share


That will translate to a fair of  S$1.88/share  after deducting the S$0.83/share in additional debt commitment.   

 

 


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