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Sembmarine
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spore1
Supreme |
07-May-2016 14:39
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Well,it all depends on MKT sentiment.If Dow and oil prices cont to trend higher oil & gas counter may benefit.
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doufei
Veteran |
07-May-2016 14:36
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But you mentioned will go below $1.50 and now said can go higher, flip very fast hor. So its up or down?
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spore1
Supreme |
07-May-2016 14:27
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with Dow closed +70 & oil price up, sembcorp marine may likely heading higher.. http:// spore share . blog spot . sg/2016/05/sembcorp-marine.html |
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spore1
Supreme |
06-May-2016 11:20
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I Think is gd price to accumulate below 1.50. | ||||
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jack2906
Veteran |
06-May-2016 08:13
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Anything below 1.7 is good buy... best buy is 1.5-1.6 for this month~
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Cash-Cow
Member |
05-May-2016 17:33
Yells: "Chhi Kueh Only" |
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Tml gg up? | ||||
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Qanghoo
Supreme |
05-May-2016 10:24
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Cos without this SMM round its neck, SCI will chiong even more.
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Cash-Cow
Member |
05-May-2016 10:06
Yells: "Chhi Kueh Only" |
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Why this counter so lembeh when semb ind Choong so much | ||||
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Qanghoo
Supreme |
03-May-2016 09:10
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Still up, but KC down although KC is in better financial position.
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granto
Master |
03-May-2016 07:49
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This is real bad news for Sembcorp, I can' t see this client getting out of its hole... Hercules Offshore extends forbearance putting newbuild jackup in jeopardy: http://splash247.com/hercules-offshore-extends-forbearance-putting-newbuild-jackup-in-jeopardy/ |
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tiancai007
Master |
28-Apr-2016 17:10
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Say bye bye to this. Will jeep in again at 1.3. | ||||
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paul1688
Veteran |
28-Apr-2016 11:56
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This is the UOBKH commentary Sembcorp Marine - 1Q16: Bears At The Door - Net Profit Down 48% yoy Orderbook Woes Continue (SMM SP/SELL/S$1.67/Target: S$0.90) SMM reported headline net earnings of S$54.8m, down 48% yoy. Excluding one-offs, core earnings of S$35m was in line with our estimate which is the lowest in the Street. Net gearing rose from 1.10x to 1.15x within a quarter. Low contract wins, Sete Brasil and orderbook woes continue to plague SMM. Earnings will remain lacklustre and we maintain SELL with an unchanged target price of S$0.90, which represents our bear case scenario of asset impairments. |
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Fangqq
Member |
28-Apr-2016 11:51
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SM made total provisions of $609m in Q4 2015, $329m for Sete Brasil and another $280m in case of prolonged deferment or possible cancellation of rigs. This provisions are considered as loss and already reported in Q4 2015. The provision of $67m reported under liabilities here refers to warranty provision or others.
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Octavia
Supreme |
28-Apr-2016 11:31
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The beleaguered rig-builder posted a 1Q16 net profit slump of 48.2% y/y to $54.8m, mainly shored up by one-off gains of $19.2m. Otherwise, earnings would have missed consensus estimates. Revenue dived 29.6% to $918.4m on a 43% drop in contributions from its rigs & floaters to $540m due to suspension of project revenue recognition arising from customer deferments. The topline drag was further exacerbated by slippage in repairs and upgrades to $99.2m (-0.9%), partially mitigated by its offshore platform projects, which contributed $261m (+10%). Gross margin contracted to 8.8% (-4.2ppt) on increased depreciation charges from its Tuas and Brazilian yards. Bottom line was affected by: 1) $3m in writeback of prior year' s bonus provision 2) $6.9m in net FX gains (1Q15: $13m loss) 3) $9.3m in FV gains on reclassification of its stake in Gravifloat 4). 87.4% jump in finance costs to $17.9m on higher bank borrowings 5) 32.5% slump in contributions from associates and JVs of $2.6m, largely tagged to Cosco Shipyard Group During the quarter, the group secured $60m worth of offshore platform contracts. Nevertheless, order book slipped 6.7% q/q to $9.7b, its lowest level since 3Q12. In line with the rig delivery deferrals, the group' s operations saw cash outflows of $72.9m eroding its cash hoard to $955.3m (-15.1%). Net gearing deteriorated to 1.15x from 0.29x a year ago (4Q15: 1.03x), which is a worry. Moving forward, management opines that this current down-cycle is expected to be more protracted than previous ones and was disappointed that the Doha energy talks failed to stabilise the market. Focusing on Sete Brasil, management has initiated arbitration against the Brazilian company' s bankruptcy proceedings. SMM shared that upon getting court approval, Sete would have 60 days to propose a recovery plan and that this would be a key milestone to watch out for. Maybank KE is generally not surprised by SMM' s results given its lowered FY16 expectations. While management maintained that its $329m provision for Sete Brasil contracts in 4Q15 was sufficient at this point, the house opines that writedowns may needed for its $1b yard investment in Brazil. At current prices, SMM is trading at 15.6x forward P/E and 1.4x P/B. However, P/B valuation may no longer be a useful measure given the recent fire sale of two drillships at 10% of original costs. Latest broker ratings: CIMB maintains Sell with TP of $0.90 UOB Kay Hian maintains Sell with TP of $0.90 Maybank KE maintains Sell with TP of $1 Credit Suisse maintains Neutral with TP of $1.20 |
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john_ric
Supreme |
28-Apr-2016 11:27
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benefitted from oil price up. |
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spore1
Supreme |
28-Apr-2016 08:20
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Well.Leave it to the expert of CFO or Chief Accountant.Think they HV to draw a balance and come up with a reasonable figure. With Dow close positive,oil price up & Interest rate unchange tdy we can see a Gd rally
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ecekca
Elite |
28-Apr-2016 08:05
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is the provision too low? no ones know that ... companies will always mark higher from what i see. even for the company i working for (not listed), but when pricing, will mark higher instead of lower..
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Qanghoo
Supreme |
28-Apr-2016 07:03
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Given the brutally harsh operating environment, this result is impressive, no less. If SMM, a pure OnM play, is showing such great resillience, Keppel Corp, a multi-industry conglomerate with its hands dipped in so many industries n footprints extending so wide geographical, wld surely stand up equally well if not better. I believe these two GICs wldn' t let shareholders down n wld acquit themselves credibly going forward. |
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spore1
Supreme |
27-Apr-2016 20:49
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Just glance thru only can see 67m for provision. Cash on Hands 957m. Think provision is a Gd prudence practice ..overall looks positive
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tiancai007
Master |
27-Apr-2016 19:55
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See what the old lady (Fed) wants to say tonight. If raise i/r, then bye bye liao. | ||||
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