SEMBCORP MARINE LTD

26Feb2010 closed:                                                   $3.71

FY2009 Earnings per share (cents) Diluted:            33.93cts

P/E:                                                                          10.93  <---------  (",  ) New!

23 February 2010 

SembMarine target raised to $4.90 by Deutsche; keeps ‘buy’    (^_^ )  (^_^ )  (^_^ )

Deutsche Bank has raised SembMarine (S51.SG) target price to $4.90
from $4.25 on the back of earnings upgrades following its 4Q09 results;
maintaining its “buy” rating.

Deutsche says the rig builder’s 4Q09 results are “exceptional” with
strong rise in operating margins, dividends, record return on equity.

Says FY09 net profit was 41% ahead of broker’s forecast; raises FY10,
FY11 earnings forecasts by 23%, 28%, respectively.

Notes rigbuilder is optimistic on new order prospects, particularly for
deep-water segment, fixed platforms.

Believes company well placed to benefit from strengthening offshore &
marine sector prospects, higher capital spending driven by pent-up demand.

“We rate SembMarine a Buy for its attractive valuations, strong fundamentals
(strong branding and positioning in the sector) and healthy execution track
record,” says Deutsche.

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24 February 2010

SembMarine; Buy; target raised to $4.80 by UBS   (^_^ )  (^_^ )  (^_^ )

UBS keeps rating but raises the price target to $4.80 from $4.28 as it
upgrades FY10, FY11 and FY12 earnings forecasts by 16, 7 and 13 per cent,
respectively, following Q4 '09 results.

The brokerage says 2009 net profit was 39 per cent above house forecast.
SembMarine is optimistic of sustaining strong 2009 margins into 2010, citing
better pricing power and favourable product mix.

http://www.todayonline.com/Business

highest: DBSV     BUY S$3.41 STI : 2,757.46     Price Target: 12-month S$ 5.25 (Prev S$ 4.26)