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us9392 Member	04-Nov-2014 17:44        us9392 About Contact  Quote this Post!
x 0   x 0  Alert Admin	The cost of deep sea extraction is usd 70 a barrel. Inland cost in Saudi Arabia is usd 40. Can see why they are slashing prices to maintain market share. Should crude hit below usd 70 , all the deep sea projects can halt. No more need for new rigs, new build AHT, ....and the whole hosts . Those small timers who order and speculate on building new rigs to sell , can all go tau-pow the rig . They will carry alot of bad debts. This cycle is not going to be over in the short run, so be very careful to buy O& G story , even when price looks cheap.
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Qanghoo Supreme	04-Nov-2014 17:22        Qanghoo About Contact  Quote this Post!
x 0   x 0  Alert Admin	In a place where everyone nods his/her head to transparency, I think the company ought to have come out already to clarify the article, unless everyone else is aware except them, which is unlikely. alexcai      ( Date: 04-Nov-2014 17:14) Posted: " According to a recent article from Upstream, SembMarine' s yard in Brazil, Estaleiro Jurong Aracruz, may be on the verge of losing the modules construction and integration contracts for the P-68 and P-71 FPSOs. These contracts were secured in Aug-12 at a total value worth US$674m. The article highlighted that the project has failed to gain momentum and SembMarine is also facing delays with environmental permitting and problems on detailed engineering for the FPSO modules. Upstream indicated that the problems are so serious that Petrobras is considering cancelling the integration contract and moving the work elsewhere."   submarine spotted!!!
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earlybird14 Supreme	04-Nov-2014 17:22        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	Don' t forget the 4.3Billion Petrobras Drillship also build in Brazil, Estaleiro Jurong Aracruz. Total of 5billion dollars are going to be cancelled!!! How much Sembcorp Marine is going to compensate?
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alexcai Member	04-Nov-2014 17:14        alexcai About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	" According to a recent article from Upstream, SembMarine' s yard in Brazil, Estaleiro Jurong Aracruz, may be on the verge of losing the modules construction and integration contracts for the P-68 and P-71 FPSOs. These contracts were secured in Aug-12 at a total value worth US$674m. The article highlighted that the project has failed to gain momentum and SembMarine is also facing delays with environmental permitting and problems on detailed engineering for the FPSO modules. Upstream indicated that the problems are so serious that Petrobras is considering cancelling the integration contract and moving the work elsewhere."   submarine spotted!!!
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ysh2006 Supreme	04-Nov-2014 14:57        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	My broker send me a report said DB bank come out a bad report finding on it FPSO project in Brazil ,may delay long long and taken away and   give other people to do ?... they recommend sell hor ... wangwa      ( Date: 04-Nov-2014 13:04) Posted: So what happen today?
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wangwa Senior	04-Nov-2014 13:04        wangwa About Contact  Quote this Post!
x 0   x 0  Alert Admin	So what happen today?
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ozone2002 Supreme	04-Nov-2014 09:27        ozone2002 About Contact  Quote this Post! Style: Technical
x 0   x 0  Alert Admin	Buy on dip gd luck dyodd, still gd value, 13x FY15 PE & 4% div yield Sembcorp Marine (SembMarine) secured a contract worth USD240m to build a Pacific Class 400 jack-up rig for Bank of Tokyo-Mitsubishi UFJ, with Japan Drilling Co (JDC) as the lessor and operator of the asset. Its YTD order wins are SGD4.2bn, on track to meet our target of SGD4.5bn. Valuations of 11-13x FY14-16F P/E on trough earnings appear attractive. Maintain BUY with SGD4.50TP based on SOP (a 24.3% upside).  Good order momentum. SembMarine secured a USD240m contract to build a Pacific Class 400 (PC400) jack-up rig, provisionally named Hakuryu 14, for BOT Lease Co., Ltd. (BOTL), a leasing company of Bank of Tokyo-Mitsubishi UFJ (8306 JP, NR). The rig is scheduled for delivery by Oct 2016 and will be leased and operated by JDC (1606 JP, NR).  High-specification jack-up rigs still in demand. Since the launch of the PC400 in 2010, 18 units have been ordered with nine units delivered and operating in various countries. This contract marks the second PC400 jack-up rig that SembMarine is building for BOTL. The first unit, Hakuryu 12, is nearing completion, with delivery scheduled in Jan 2015. These rigs are capable of operating in 400 feet of water and drilling highpressure, high-temperature wells to depths of 35,000 feet and come with accommodations for 150 persons.  Stronger contract wins YTD vs Keppel. SembMarine&rsquo s YTD order wins stand at SGD4.2bn, well on track to meet our SGD4.5bn target. We note that it has actually outpaced key rival Keppel (KEP SP, BUY, TP: SGD12.60), who has SGD4.0bn of order wins so far, whereas its share price has underperformed Keppel&rsquo s on a relative basis.  Time for (re-)entry. SembMarine has fallen 21% in the last 12 months due to potential delays over the delivery of its drillship to Brazil and recently on oil prices. Its shares are now trading at 6-8x EV/EBITDA and 11-13x P/E for FY14-16F, on what are basically trough earnings. Forecast dividend yields are now topping 4%. We believe most of the fears have been priced in and current valuations present an attractive entry point. Our SOP-valuation pegs shipyard earnings at a mid-cycle 16x for a SGD4.50TP, implying a 24.3% 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) 14.0 13.7 13.2 12.0 11.3 P/B (x) 3.10 2.82 2.54 2.29 2.07 P/CF (x) 36.2 8.1 17.0 9.0 9.1 Dividend Yield (%) 3.6 3.6 3.9 4.1 4.4 EV/EBITDA (x) 7.48 7.14 7.65 6.74 6.00 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 Source: Company data, OSK-DMG
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BreadPitt Member	03-Nov-2014 18:33        BreadPitt About Contact  Quote this Post!
x 0   x 0  Alert Admin	More and more contracts secured, I think sembmarine is on form now! Soon dribble back to top of premier league table!
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ozone2002 Supreme	03-Nov-2014 16:47        ozone2002 About Contact  Quote this Post! Style: Technical
x 0   x 0  Alert Admin	Last:3.73     Vol:4087k     +0.09 chiong ah!! buay pai la!! blue chippy ozone2002      ( Date: 15-Oct-2014 09:29) Posted: 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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granto Master	29-Oct-2014 22:13        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	Former Sembcorp Marine finance director jailed for accounts fraud:  http://www.seashipnews.com/News/Former-Sembcorp-Marine-finance-director-jailed-for-accounts-fraud/3w3c2813.html
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alexcai Member	28-Oct-2014 09:25        alexcai About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Sure. Disclaimer eh, bcos is personal opinion. Rousseff was re-elected as the president of Brazil, she promised to probe into Petrobas' s dealing and possible of fraud in Petrobas' s operation. Since Petrobas being Sembcorp' s client, the payment of their dealings will definitely be delayed, even though the deal between them  can  be  geninue. My experience is that any company that has fraud credititability issue will drive away investor. Now, the oil price stays around $80 per barrel, I feel that  further reduction will drive this share crazy. Kyoto2008      ( Date: 27-Oct-2014 21:53) Posted: You' re quite accurate with your prediction.    But curious to know the reasons, could you elaborate? Many thanks. alexcai      ( Date: 27-Oct-2014 13:33) Posted: Becareful. Rousseff won the election. may hit new low soon.
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Kyoto2008 Elite	27-Oct-2014 21:53        Kyoto2008 About Contact  Quote this Post!
x 0   x 0  Alert Admin	You' re quite accurate with your prediction.    But curious to know the reasons, could you elaborate? Many thanks. alexcai      ( Date: 27-Oct-2014 13:33) Posted: Becareful. Rousseff won the election. may hit new low soon. alexcai      ( Date: 21-Oct-2014 09:55) Posted: Personal opinion: sell this share before 26 oct (Brazil Election).
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earlybird14 Supreme	27-Oct-2014 16:58        earlybird14 About Contact  Quote this Post! Style: Combined   Mood:
x 0   x 0  Alert Admin	http://www.hellenicshippingnews.com/hyundai-heavy-reorganizes-downsizes-divisions-to-combat-crisis/ http://articles.economictimes.indiatimes.com/2014-10-23/news/55358824_1_first-strike-18-years-overtime-pay Never said never. Even World no. 1 HHI also cannot sustain in this competitive market.
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alexcai Member	27-Oct-2014 13:33        alexcai About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Becareful. Rousseff won the election. may hit new low soon. alexcai      ( Date: 21-Oct-2014 09:55) Posted: Personal opinion: sell this share before 26 oct (Brazil Election).
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granto Master	22-Oct-2014 11:31        granto About Contact  Quote this Post!
x 0   x 0  Alert Admin	Singapore loses out to China in jack-up rig construction market:  http://www.seashipnews.com/News/Singapore-loses-out-to-China-in-jack-up-rig-construction-market/3w3c2779.html
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Qanghoo Supreme	21-Oct-2014 09:58        Qanghoo About Contact  Quote this Post!
x 0   x 1  Alert Admin	Ck decides - now Ang Beh! alexcai      ( Date: 21-Oct-2014 09:55) Posted: Personal opinion: sell this share before 26 oct (Brazil Election).
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alexcai Member	21-Oct-2014 09:55        alexcai About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Personal opinion: sell this share before 26 oct (Brazil Election).
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BreadPitt Member	21-Oct-2014 09:47        BreadPitt About Contact  Quote this Post!
x 0   x 0  Alert Admin	No,its a horse now not cow and galloping! This blue chip finally broke reins. : )
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Shirleyfong88888 Veteran	20-Oct-2014 14:32        Shirleyfong88888 About Contact  Quote this Post!   Mood:
x 0   x 1  Alert Admin	More like a Cow not Horse. Move slowly step by step. Haha!   BreadPitt      ( Date: 20-Oct-2014 13:55) Posted: Sembmarine is like a horse , 默 默 耕 耘 。 just doing his job and ignore critics and comparisons.
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BreadPitt Member	20-Oct-2014 13:55        BreadPitt About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sembmarine is like a horse , 默 默 耕 耘 。 just doing his job and ignore critics and comparisons.
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