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SEMBMARINE - A NEW CHAPTER - DEMERGED

ADS2200
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21-Sep-2020 15:59

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A freight train carrying iron ore travels along a rail track towards Port Hedland, Australia, on Monday, March 18, 2019.

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danger
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21-Sep-2020 15:59

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Jun 24, 2002

As part of its strategy of focusing on and growing its key businesses, SembCorp Industries Ltd (SCI) announces today the proposed privatisation (the &ldquo Privatisation&rdquo ) of SembCorp Marine Ltd (SCM) by way of a scheme of arrangement under Section 210 of the Companies Act, Chapter 50 . In consideration, SCI will pay S$1.10 in cash for each SCM share transferred to it under the Scheme.

The Privatisation will enable SCI to consolidate its position as the global leader in marine engineering.

Mr Wong Kok Siew, Deputy Chairman and CEO of SCI said, &ldquo We believe that the proposed privatisation will be a &ldquo win-win&rdquo for shareholders of both SCI and SCM. Full ownership will give SCI the financial and operational flexibility to consolidate our position as the global leader in marine engineering, expedite growth plans on a global basis and extract synergies by combining SCM with our existing offshore oil & gas unit, SMOE.

This Privatisation is expected to be earnings accretive to SCI from Year One. It will also increase focus on our key business which will be value enhancing for SCI shareholders. At the same time, we are also offering SCM shareholders an opportunity to realise their investments at a premium to recent market prices and NTA.

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ADS2200
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21-Sep-2020 15:54

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the article is posted by naoshingo.

The next wave of the global recovery could send commodity prices soaring

The next phase of the economic recovery is likely to be driven by commodity-intensive infrastructure investment, analysts have told CNBC.
It comes at a time when market participants are closely monitoring the strength of the global economic recovery, as many countries grapple with an upsurge in the number of reported Covid-19 infections.
&ldquo I&rsquo m watching things like iron ore very closely now because those sorts of industrial commodities are going to skyrocket if we do get this bounce-back driven by infrastructure and then that will filter into oil,&rdquo Andy Critchlow, head of news in EMEA at S& P Global Platts, told CNBC.

truly market has disconnected from the economy. the next wave of global recovery will take place and suddenly people will realise the shortage and that' s when it is too late to dive in. mis-opportunity. nothing is umlimited, just like commodity and oil and the world still need them.

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better
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21-Sep-2020 15:50

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The Trading game.
Lesson 101: How to acquire more shares in a desired company at the cheap?

First, depending on the size of the company you want to corner, you must make sure you have the adequate financial muscle. If the market cap of the company is $20 million, most small time speculator can play the game. If its is say $2 billion, you require much greater financial power.

Second, create or rope in or collude with 2 or more trading accounts/ parties. Perhaps one originating from London (A), one from US (B) and maybe another one from Hong Kong (C).

Finally, the game plan start selling to one another at progressive lower price. For example, if the bid offer is 15.3 and 15.4 cents and there are not too many lots queuing at 15.2 and 15.1, " A" could be asked to queue, say 10 million lots at 15 cents, and then B would sell down to A, clearing those small quatity at 15.2 and 15.1 on the way.

This cycle can then be repeated numerous times daily to create the impression that many are willing to sell at lower prices. However, A, B and C are actually accumulating as long as there are more people selling than buying.

In the case of SMM, the accumulators or shortist are trying to coax SCI shareholders to let go of their " free" SMM shares at the cheap by pushing up SCI shares at the same time. (15.1 * 4.9 + 137 = 211). How much of the daily 200million shares traded are genuine transactions is hard to tell.

The game would be over when the selling from SCI shareholders dry up in the next few weeks. It could be argued that Temasek did not lose anything as they are holding on to all their SMM shares that they know is intrinsically worth 29 cents or more. The eventual real losers are the SMM minority sharehodlers that did not or could not subsribe to the rights and the retail SCI shareholders who were coaxed let go of their " free" SMM shares at dirt cheap prices.

Thanks to the accumulators/ shortist/ manipulators' effort, I am able to buy some at 15.4 cents today. Hope to add on a bit more in the coming weeks if the game is still on. Stay tuned for the action!

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ADS2200
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21-Sep-2020 15:43

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it can be a good opportunity for investors, the throw down has reached an incredible amount. when the next wave comes, too late to accumulate. temasek has come this far, do you think temasek will throw away the baby. all the indicators are flashing. they just changed the ceo of sci. be patience, things are changing.

The stock market will become disconnected from the economy in 2021 as companies expand layoffs, money manager says

The economy and stock market will become increasingly disconnected from each other in 2021, as companies are likely to reduce headcount to increase profits, manager Kevin Nicholson told CNBC' s " Trading Nation" on Thursday.

The co-chief investment officer of global fixed income at RiverFront Investment Group said firms are going to focus more on profitability next year, and this is " going to create a divergence between the economy and the market."

just need to connect the dots, temasek has done the right thing to unlock not just value but also potential to compete with the peers. imho more value institutes, sovereign wealth funds, and individuals will buy into scm.

naoshingo ( Date: 20-Sep-2020 18:26) Posted:

All the best to fellow SM SH

The next wave of the global recovery could send commodity prices soaring

https://www.cnbc.com/2020/09/18/world-economy-infrastructure-led-recovery-could-send-commodity-prices-soaring.html

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danger
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21-Sep-2020 15:43

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wah 1987 !!??

i think alot of the forumers here not born yet ... or in primary school nia

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stargazer88
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21-Sep-2020 15:35

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The share price of Sembawang Marine hit a low of 14 cts the day after Oct 19 1987 Dow Jones crash. That day it closed at 21 cts. (All prices are unadjusted prices)
In the following days, the closing low reached was actually 15 cents on Dec 7 1987 and the following day Dec 8 it traded at 15 cents before closing at 15.2 cents
Oil price then was around usd$18.
Today' s company' s balance sheet and business conditions for shipyards and ship-repair and price of oil are arguably better than that in 1987.
The current price at 15 cents is therefore of good value - once this overhang of rights issue scrips is over.

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danger
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21-Sep-2020 15:05

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SCM is left 10% of what it was a year ago

If a rights issue can' t turn around a company .. then what is temasek and the directors doing ?

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danger
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21-Sep-2020 14:42

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at least it is a 50% even lower buffer than anyone else who had bought before rights announcment including temasek and the BB

The TERP is a guide alright ...

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Bry_2004
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21-Sep-2020 14:35

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terp is not going to be significant anymore..if it was, it would not be at this level now..
look at fundamentals instead.

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danger
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21-Sep-2020 14:23

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15c is a good 50% off TERP of 30c

naoshingo ( Date: 21-Sep-2020 14:09) Posted:

danger supporting at 15c 10million shares?

danger ( Date: 21-Sep-2020 13:59) Posted:

temasek and BB also lose until siao

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danger
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21-Sep-2020 14:20

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Brother ICXGOLD who loaded few hundred lots at 17c still alive ?

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Bry_2004
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21-Sep-2020 14:20

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bottomless pit...for those saying will buy at 15cts..would one still dare to do so when it drops to that level?

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TigerPlay
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21-Sep-2020 14:18

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Lelong lelong sale going on. 10 mils oso can easily makan. Saw last Friday, after trading hour data, free flow down to 15.7. Sale done in multiple of 500 lots,so 10 mils just take a few sec to clear. Could there be some happening or news that they knew and we don' t? something bad coming to warrant for such bashing?

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naoshingo
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21-Sep-2020 14:09

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danger supporting at 15c 10million shares?

danger ( Date: 21-Sep-2020 13:59) Posted:

temasek and BB also lose until siao

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TigerPlay
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21-Sep-2020 14:05

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Like that can make pp panic. If today go up abit like 15.6 or 15.7, many panic may sell. Part of BB strategy? create fear factor. I think it will work leh.

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danger
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21-Sep-2020 13:59

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temasek and BB also lose until siao

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Starwar88
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21-Sep-2020 13:57

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Don?t need to wait for matching. 150 coming. Seller one mouth sell down 152? Now buyers at 151 also taken out. Jialat

danger ( Date: 21-Sep-2020 11:47) Posted:

i see 11 million shares waiting to buy at 15.1 ... buy 15.4 small to round up 60 lots with SCM entitlement

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Abe8888
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21-Sep-2020 13:38

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Kinda sense that it' s the honest opinion of a knowlegeable person. Do elaborate more if you can. Thanks!
In my opinion though, the main reason for demerger has to be to develop an entity to compete with China and Korea.

better ( Date: 19-Sep-2020 22:23) Posted:

This may be a bit confusing for readers without any accounting background.

SCI' s debt to equity ratio is about 200% before the rights issue. The ratio would have likely worsen to over 250% after the rights issue as the asset/ liability of SMM (including cash) is extracted from SCI' s book. However, the $1.5bil surbordinated loan to SMM is previously classified as an asset in SCI' s book and have to be written off. It is like a bank writing off a bad debt. Not even making a loss provision but actually writing it off.

From an accounting standpoint, it is like SCI making an $1.5 billion extraordinary loss (equivalent of 6-7 years of their net profit).

If you have studied the breakdown of SCI' s H1 results, you would have noticed that they are actually making a net loss even if we exclude SCM' s contribution.

Also, after demerger, the $1.6billion cash in SCM' s book would also be excluded from SCI' s book, worsening its quick ratio.

The main reason of the demerger is because SCI over committed itself to bill out SCM last year by offering them a $2billion surbordinated loan. SCM drew $1.5 billion from it but SCI would likely would be in a cash crunch if SMM draw down the remaining $500million. Therefore, the rights issue is to get SCI off the hook for the remaining $500 million and also to maximise Temasek' s direct holding in SMM.

The rights issue resloved SMM' s liquidity issue but put SCI in a worse financial shape. It is impossible for them to get any further bank loan. That' s why they have to shout from the mountain top that they managed to secure a $40 million to fund the solar contract from PUB. Likely they got it because of some green loan initiative.

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vinsano77
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21-Sep-2020 12:54

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i got caught at 16 last friday during close matching, tot it will not happen... waiting for another 1 at 15 later

Starwar88 ( Date: 21-Sep-2020 11:59) Posted:

Unknown is there during matching time. If selling continues till end of day, expect another selldown during matching? Sellers sell like nobody business.

danger ( Date: 21-Sep-2020 11:47) Posted:

i see 11 million shares waiting to buy at 15.1 ... buy 15.4 small to round up 60 lots with SCM entitlement

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