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SembCorp Industries
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krisluke
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07-Aug-2013 09:27
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Sembcorp Industries suffers 13.3% profit drop to $165.4mSlower order book in marine segment. According to OCBC, Sembcorp Industries (SCI) reported a 6.3% YoY fall in revenue to S$2.5b and a 13.3% decrease in net profit to S$165.4m in 2Q13, such that 1H13 figures accounted for about 45% of the firm's full year estimates. There was a slower order book drawdown in the marine division in the quarter as fewer projects achieved their initial recognition milestones, while 1H13 revenue from the utilities division accounted for about 47% of our full year estimate. Utilities and marine contributed 53% and 39% of SCI’s net profit in 1H13, respectively. Here's more from OCBC:
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krisluke
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06-Aug-2013 19:53
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NEWS WATCH Sembcorp Industries ST: target 4.82 Trading Central | 2013-08-05 22:41:00 The MACD is positive and below its signal line. Our pivot point stands at 5.12. Our preference: target 4.82. Alternative scenario: the upside breakout of 5.12 would call for 5.21 and 5.27. Comment: the RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the stock is below its 20 day MA (5.07) but above its 50 day MA (4.97). Supports and resistances: 5.21 * 5.12 ** 5.09 5.02 last 4.88 4.82 ** 4.77 * | ||||
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Octavia
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01-Aug-2013 22:13
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Singapore's Sembcorp Marine Ltd said net profit in the second quarter fell 12.5 per cent to S$124.9 million.
Sembcorp Marine, which competes with crosstown rival Keppel Corporation Ltd in winning orders for offshore drilling rigs, said demand for rigs is expected to remain strong but competition from Chinese and Korean yards will impact margin. Sembcorp Marine's order book stood at S$12.7 billion, down from S$13.6 billion at the end of the last quarter. - Reuters |
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krisluke
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18-Jul-2013 08:19
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Singapore-based Sembcorp eyes stake in NCC Power Projects HYDERABAD: A Singapore-based company is in advanced talks to buy a power project in Andhra Pradesh, a rare instance of foreign interest in India's infrastructure sector which has been in the doldrums. A unit of Sembcorp, which is backed by Singapore's sovereign investor Temasek Holdings, is expected to buy a majority stake in NCC Power Projects for $250 million (about Rs 1,500 crore), according to two people with direct knowledge of the negotiations. The deal is expected to be signed in about a month. NCC Power Projects, a joint venture between Hyderabad-based infrastructure firms NCC and Gayatri Projects, is developing a 1,320MW coal-based thermal power project in Andhra's Nellore District. While the talks are for the 55% that NCC owns in the project-which is about half complete now and is expected to be ready by March 2015-there are indications that Gayatri ProjectsBSE 0.63 % could sell part of the 45% stake it owns, a source said. India's infrastructure sector has been mostly shunned by foreign investors because of troubles related to clearances and problems with land acquisition. Power projects have also suffered because of difficulties in sewing up supply of fuel. But analysts said that any investment by Sembcorp Utilities may not indicate a revival. " This could be one-off deal in the Indian power sector," said Anubhav Gupta, an analyst with the Indian arm of Singapore-based Kim Eng Securities. " I don't think this will trigger investors' interest in power companies." Kim Eng has a negative view on the power sector. Sembcorp did not reply to an email seeking its comment and an NCC spokesman declined to comment. Gayatri Projects Managing Director Tikkavarapu Sandeep Reddy, who is currently in Singapore, said, " Nothing has been crystallised yet." The deal will be the third major investment in India for Sembcorp, which had revenues of S$10.2 billion (about Rs 48,000 crore) in fiscal 2012, and its second in the country's power sector. Its previous investments include Kakinada Seaports and Thermal Powertech Corp, a subsidiary of Gayatri Projects. If a deal is reached it will take the total portfolio of Sembcorp-which bought 49% of Thermal Powertech's 1,320MW power project for 1,042 crore in 2010-to 2,640MW, making it the third-largest foreign player in the Indian power sector after Hong Kong's CLP Holdings and US-based AES Corporation. " Gayatri may either choose to retain 45% stake in NCC Power Projects or consider diluting a minority stake to Sembcorp," said one of the sources, requesting anonymity. " A decision is yet to be made." In February, Thermal Powertech had agreed to buy about 1 MT of coal a year for 10 years from Indonesia's PT Bayan Resources. The contract is expected to commence in 2014. " If the deal happens at decent valuations, it will help NCC reduce its overall debt burden, bring down interest burden and improve its profit margins," said analyst Teena Virmani of Kotak Securities. |
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Octavia
Elite |
10-Jun-2013 10:14
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Sembcorp Industries solid waste management subsidiary, SembWaste, has been awarded a contract worth a total of $299m by the National Environment Agency to provide refuse collection and recycling services to the City-Punggol sector of Singapore. The City-Punggol sector will be formed by the merging of two current sectors served by SembWaste since 2006 under existing contracts: City and the Hougang-Punggol sectors. Sembcorp’s contract for the newly-merged sector will take effect upon the expiry of its existing contracts for City and Hougang-Punggol on 1 Oct 2013 and 1 Mar 2014 respectively. The new contract will last until 30 Jun 2021. At its last closing price of $4.84, Sembcorp Industries trades at 11.5x trailing P/E and 1.8x P/B. | ||||
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krisluke
Supreme |
09-May-2013 16:36
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Sembcorp Industries - 1Q13 – Flat quarter, as expected - OUTPERFORM - TP $5.80 - MacQ Singapore Utilities weakens positioning for regional growth - HOLD - TP $5.25 - DB SembCorp - Flat results as utility fights rising capacity - BUY - TP $6.00 - NOMURA SembCorp - 1Q13: Expect Further Pressure on Singapore Utilities - OVERWEIGHT - MS SembCorp IndustUtilities fell less than expected HOLD Price Target : 12-month S$ 4.80 (Prev S$ 5.20) by DBS Vickersries (SCIL.SI) Results in Line with Expectations - BUY - TP $6.00 - CITI
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krisluke
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09-May-2013 16:28
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Project pipelines on track, Maintain Buy. Sembcorp Industries’ (SCI) pipeline of utilities projects are well on track to add to its recurring earnings base. Together with the Marine business, this should support a steady 9-12% EPS growth over FY13-15F. Stripping out the current value of the Marine business (which we view as undervalued), Utilities business is trading at an implied PER of only 6.3x which is unjustifiably low in our opinion. Reiterate Buy with SOTP-based TP of SGD5.74. Flat YoY performance within expectations. 1Q13 revenue of SGD2.35b (-3% YoY, -17% QoQ) and PATMI of SGD177m (+0% YoY, -14% Qoq) were within expectations. Quarterly PATMI accounted for 21% our FY13F forecast. Overall net margins improved marginally to 7.5% (4Q12: 7.2% 1Q12: 7.3%). The flat YoY growth was due to a scheduled one-month maintenance for the Singapore cogen plant and lower average spark spreads for the Utilities business. Marine revenue was also lower QoQ due to recognition timing. Subsequent quarters are expected be stronger. Flags increased competition in Singapore. SCI would add new capacity of 400MW to its cogen plant by Dec 2013. However it warns that with the completion of the LNG terminal in 2013 and addition of 2,400MW of new power generation capacity in Singapore over 2013 and 2014 would intensify competition, resulting in lower power prices. We thus expect at more moderate FY13F Utilities net margin of 6.3% (vs 7.2% for 1Q13) for the Utilities segment. Focused execution on new revenue stream. The long term value in SCI is the pipeline of utilities projects, scheduled to come onstream over 2013-2016. These are progressing well and would add to its recurring revenue base, lending more stability to its income stream. Divestment of Gallant Venture possible. Gallant Venture (GV) has ceased to be an associate due to a drop in shareholding from 24% to 12%, as SCI did not subscribe to the former’s rights issue. SCI would record a fair value loss of SGD25m in 2Q13 as GV will be reclassified as an available-for-sale financial asset. We think that SCI may eventually seek to divest its entire stake in GV. We lower our FY13-15F earnings by 1-3% mainly on that account. Source: Maybank Kim Eng Research - 9 May 2013 | ||||
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krisluke
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09-May-2013 10:11
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Sembcorp Industries’ Utilities earnings exceeded estimates despite lower sales. FY13/14F earnings cut by 13%/2% mainly for Marine earnings downgrade and fair value loss for Gallant Venture. TP reduced to S$4.80 (Prev S$ 5.20), maintain HOLD.
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krisluke
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09-May-2013 10:07
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Cut FY13/14F earnings by 13%/2% TP reduced to S$4.80, maintain HOLD - DBSV | ||||
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krisluke
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09-May-2013 09:31
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Long-term positive outlook on utilities remains intact. UOBKH reduce target price marginally from S$6.10 to S$5.90 Sembcorp Industries: Building a Strong Recurring Base Buy TP $5.74 KE Fruitful overseas operations - (OUTPERFORM - Maintained | S$4.98 - Tgt. S$5.95 Conglomerate) - CIMB |
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krisluke
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08-May-2013 17:31
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May 8, 2013
Sembcorp Posts 1Q2013 Net Profit of S$176.9 MillionSINGAPORE, May 8, 2013 – Sembcorp Industries (Sembcorp) reported a net profit of S$176.9 million and turnover of S$2.4 billion in the first quarter of 2013 (1Q2013), comparable to 1Q2012’s net profit of S$176.7 million and turnover of S$2.4 billion. Sembcorp’s main profit contributors, the Utilities and Marine businesses, accounted for 49% and 39% of Group net profit respectively. The Utilities business’ net profit was S$89.4 million compared to S$99.0 million in 1Q2012. The business was impacted by lower contribution from Singapore, mitigated by better performance from China and the Middle East. The Marine business’ 1Q2013 net profit was up 5% to S$72.0 million from S$68.7 million in 1Q2012, due to higher operating profit, offset by lower contribution from Cosco Shipyard Group. Meanwhile, the Urban Development business posted a net profit of S$6.7 million, an increase from S$4.7 million in 1Q2012. Return on equity (annualised) for the Group was 14.6% and earnings per share amounted to 9.9 cents for the quarter. Economic value added was S$131.5 million while cash and cash equivalents stood at S$2.1 billion. Tang Kin Fei, Group President & CEO of Sembcorp Industries, said, “In 1Q2013, we continued to position our company for long-term growth, in particular from our overseas investments. Our Utilities business achieved significant milestones in the execution and development of our pipeline of projects, which will grow our recurring income base. We secured a 25-year power purchase agreement for our coal-fired power plant in India, and a 20-year water purchase agreement for our Fujairah 1 Independent Water and Power Plant in the UAE. Our UK operation was also selected as the preferred bidder to develop a new energy-from-waste facility on our Wilton International site on Teesside. Meanwhile, our Marine business achieved a net orderbook of S$13.6 billion with completions and deliveries stretching till 2019.”
Utilities 2013 will see a full year’s contribution from our newly-acquired power assets in China and the completion of our second woodchip boiler in Singapore in June.
The Utilities business, underpinned by long-term contracts and strong operational performance, will remain focused on the execution of its pipeline of projects and pursuit of new growth opportunities to deliver long-term growth.
Marine Overall, enquiries remain healthy across Marine’s diverse business segments of ship repair, ship conversion & offshore platforms and rig building. However, competition is intense and impacts margin.
Urban Development Group Highlights from Sembcorp’s 1Q2013 Financial Results - END -
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krisluke
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08-May-2013 16:37
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2013-05-07 22:14:00
The configuration is mixed. 4.82 is our pivot point.
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krisluke
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07-May-2013 15:00
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Do take note that 1st Q 2013 for Sembcorp Industries is on 08 May | ||||
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krisluke
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30-Apr-2013 09:26
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SCI: Deutsche cuts FY13-15e net earnings by 7-8%, citing rising competitive pressures for utilities, which should lead to lower power prices in the coming years and shrink Singapore utilities margins by 100-120 bps. Singapore contributed ~70% of FY12 utilities earnings. Given lack of further drivers, Deutsche expects the stock price to be range bound. Downgrades to Hold from buy, on reduced TP of $5.25 from $6.35. | ||||
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krisluke
Supreme |
29-Apr-2013 10:50
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Cont... As the largest and most energy-efficient power and water plant in Dhofar, in southern Oman, the Salalah IWPP plays a major role in meeting the growing power and water demand in this region. The first phase of the project was completed in July 2011, the second phase was subsequently completed in the first quarter of 2012, and the third and final phase was completed a few months later. Two other major independent power projects in Oman--Al Batinah Power Company and Al Suwaidi Power Company--are also expected to offer shares to the investing public. Since both companies signed agreements with the government at some point in 2010, these share offers will probably be seen by next year. Sohar 2 (owned and operated by Al Batinah Power Company) and Barka 3 (owned and operated by Al Suwaidi Power Company) have achieved full commercial operations on April 3 and 4, respectively. |
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krisluke
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29-Apr-2013 10:47
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Salalah power company's IPO likely this year By A. E. James28 April 2013 Muscat: Sembcorp Salalah Power and Water Company, which owns and operates Salalah's $1 billion independent water and power project (IWPP), is planning to float an initial public offering (IPO) this year. The promoters of the Salalah IWPP, which started full operations last year, are diluting their 35-per cent stake in line with a contractual commitment with the government, which stipulates that an IPO has to be floated within a certain period of signing the agreement. The agreement for the power project was signed in 2009. " We are on track (for floating the IPO), and all agreements are in place," said a company official, who did not want to be named. However, he declined to comment on the size of the issue or the timeframe for floating the share offer. Like other independent power producers, the profitability of Sembcorp Salalah is pre-determined and, therefore, is not vulnerable to market fluctuations. The price of natural gas (feedstock for power plants) and the price at which power is sold to Oman Power and Water Procurement (OPWP) Company are all pre-determined through long-term contracts. Sembcorp Salalah Power and Water Company is a joint venture of Sembcorp's wholly owned subsidiary Sembcorp Utilities, the Oman Investment Corporation (OIC), and Bahrain-based Instrata Capital. Sembcorp holds a 60-per cent stake in Sembcorp Salalah Power and Water Company, which is the largest investment by a Singaporean company in Oman. OIC and Instrata have 35 per cent and five per cent holdings, respectively, in the power company. The Salalah IWPP consists of a gas-fired power plant, with a total gross capacity of 490 megawatts, and a desalination plant, with a water-production capacity of 15 million gallons per day.
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WanSiTong
Master |
22-Apr-2013 11:29
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15 cents dividend Ex date : 29 Apr
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WanSiTong
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19-Apr-2013 17:26
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you are right! down almost 2 months. Over sold, time to rebound!!?
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WanSiTong
Master |
19-Apr-2013 17:18
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SEMBCORP TO DEVELOP ITS FIRST OVERSEAS ENERGY-FROM-WASTE FACILITY IN THE UK http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_92F2F09FAB74C7AF48257B520027A7B5/$file/Sembcorp-DevelopFirstOverseasEnergy-From-WasteFacilityinUK-19Apr2013.pdf?openelement
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WanSiTong
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19-Apr-2013 17:09
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Extraded from 2012 Full yr results announcement: 2013 Prospects look good !!! 15 cents dividend ex 29/4 13. PROSPECTS Utilities In 2013, the completion of Singapore’s liquefied natural gas (LNG) terminal is expected to increase natural gas supply to the country. In addition, over 2,400 megawatts of new generation capacity is expected to come onstream over the next few years, starting from 2013. The increase in gas supply and generation capacity is expected to intensify competition and may impact the performance of our Singapore operations. 2013 will see a full year’s contribution from our newly-acquired power assets in China and the completion of our second woodchip boiler in Singapore in June. The Utilities business, underpinned by long-term contracts and strong operational performance, will remain focused on the execution of its pipeline of projects and pursuit of new growth opportunities to deliver longterm growth. Marine Our Marine business has a net orderbook of S$13.6 billion with completion and deliveries stretching into 2019. This includes S$11 billion in contract orders secured in 2012 and a S$900 million contract secured since the start of 2013. The new yard at Tuas will commence operations in the second half of 2013 and the construction of the Brazilian yard is on track. The business continues to receive healthy enquiries for the various segments although competition remains keen with effects on margin. Urban Development The Urban Development business is expected to deliver a better performance in 2013. Group The Group, underpinned by sound business fundamentals and a healthy pipeline of projects and orderbook, continues to be well-positioned to deliver long-term growth. |
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