Image result for buy sell hold


Sembcorp Marine

FY17F to be weak, orders in focus


■ 3Q17 net profit of S$2.7m missed our forecast due to S$12.7m loss from Borr’s rig sale and weak EBIT margin ex forex gain of 1.1%. 9M EPS at 38% of previous FY17F.

■ Rig building revenue will swing in the next five quarters with the delivery of nine Borr Drilling rigs. Profit impact will be neutral as losses have been recognised in 3Q17.

■ Net gearing unchanged qoq at 1.3x due to working capital from current projects. Management expects net gearing of 1.03x post US$500m receipt from Borr.

■ FY17F has been a bad year; all eyes now on the potential orders in the pipeline.

■ We cut our FY17-19F EPS on lower EBIT margin; TP dips to S$2.49, still 2x FY18F P/BV. Maintain Add on the back of order hope in FY18F. Oil price crash a key risk.


Read More ...

Banking – Singapore

Sep 17 Monthly Statistics: Slight Pick-up In Loan Growth


Loan growth for domestic lending picked up from 5.1% yoy in August to 6.2% yoy in September. Growth in low-cost savings and demand deposits was healthy at 7.8% and 4.5% yoy respectively. Growth in foreign currency loans was also robust at 10.3% yoy. Interest rates should be marching higher again as the US Fed is widely anticipated to hike Fed funds rate by another 25bp in Dec 17. Our top pick is OCBC, followed by DBS. Maintain OVERWEIGHT.


Read More ...



LionelLim8.16Check out our compilation of Target Prices

You may also be interested in:

You have no rights to post comments

Counter NameLastChange
AEM Holdings2.2700.130
Avi-Tech Electronics0.265-
Best World1.6800.050
Broadway Ind0.0990.012
China Sunsine0.4000.010
Delfi Limited0.9700.005
Food Empire1.430-0.010
Fortress Minerals0.280-
Geo Energy Res0.325-0.005
GSS Energy0.026-0.001
Hong Leong Finance2.480-
Hongkong Land (USD)3.240-0.140
ISDN Holdings0.315-0.005
IX Biopharma0.045-
Jiutian Chemical0.0260.001
KSH Holdings0.250-
Leader Env0.050-0.001
Medtecs Intl0.131-0.001
Nordic Group0.3400.005
Oxley Holdings0.089-0.002
REX International0.1350.002
Sinostar PEC0.138-0.002
Southern Alliance Mining0.600-
Straco Corp.0.500-0.030
Sunpower Group0.230-
The Trendlines0.085-
Totm Technologies0.023-
Uni-Asia Group0.820-0.020
Wilmar Intl3.3500.030
Yangzijiang Shipbldg1.7800.030

We have 239 guests and no members online

rss_2 NextInsight - Latest News