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Possible Slowdown for SembCorp Marine?
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amazon
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22-Oct-2007 18:38
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Still no announcement regarding the trading halt. Hope news will not be too bad to cause prices to fall drastically tomorrow. |
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Pinnacle
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22-Oct-2007 09:52
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SembCorp Marine & SCI announces trading halt pending announcement at 5pm today. (SembMarine & SCI) Comments: Possible delivery issues in SembMarine could affect earnings, which flows through to SCI level. Although there have been no earlier warning from SembMarine but meetings with other smaller companies in the sector suggests that delivery delays are not uncommon for both Keppel and SembMarine due to the tight schedule/capacity. SembMarine is due to deliver 5 units of J/Up rip by 1Q08. |
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kiwi77sg
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06-Oct-2007 01:20
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In general, when u Q for sell at $5.30, there is a buyer who is buying huge volume at $5.40. Therefore he bought the volume from $5.40 & below. Hoped I am right.... |
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Pinnacle
Master |
05-Oct-2007 17:36
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Contra this counter today. Bought in $5.2 and queue to sell at $5.3. But what suprised me was it got sold off $5.4 at 5.05pm ![]() Can anybody explain how this thing can happen? Market already closed but still a sudden jump.
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Ryanwong
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03-Oct-2007 10:48
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SINGAPORE, Oct 3 (Reuters) - BNP Paribas has increased its target price
for shares of SembCorp Marine (SCMN.SI: Quote, Profile, Research) to S$6.10 from S$4.85 and kept its "buy" recommendation for the offshore rig maker on a stronger earnings forecast.
BNP Paribas analyst Stanley Tan said in a client note that SembCorp Marine and its associate Cosco Corp (COSC.SI: Quote, Profile, Research) were sitting on record order book levels and the strong earning expectations from its associate Cosco would lift SembCorp Marine's price. |
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Ryanwong
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02-Oct-2007 14:54
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UBS Investment Research SembCorp Marine New Brazil yard to tap Petrobras work Signs MOU for a large, new yard in Rio Grande, Brazil SembCorp Marine (SMM) has signed an MOU with Brazilian engineering group WTorre to co-own and operate a shipyard in Rio Grande, Brazil. We think the likelihood of the MOU materialising is very high. We believe SembMarine would have management control at the new yard. Partnership receives Petrobras? endorsement Most significantly, in a very explicit endorsement of the JV, Petrobras is expected to sign a rental contract spanning 10 years. The yard (completion in June 2008) will have a large new graving dock, which would be capable of taking on most of Petrobras? projects and should meet local content requirements. SMM?s stake in Cosco Corp increasingly undervalued We highlight that SMM still owns 150.4m shares of SGX-listed Cosco Corp, the share price of which has benefited significantly from expected QDII fund inflows. We believe SMM?s stake in Cosco has been undervalued by the market because Cosco Corp?s dividend payments are not substantial. Price target raised to S$6.00 from S$4.75 Our derivation is now set at 28x our 2008 earnings estimate vs. 21x previously. SMM has traded at 22.5x forward earnings and, as its order book visibility is stronger now, we believe this is justified. Furthermore, it reflects appropriately the re-rating of its Cosco shares, now worth S$0.51/SMM share. Also, 28% of our estimate of SembMarine?s 2008 net profit should come from 30%-owned Cosco Shipyard Group which, through Cosco Corp, trades at a much higher multiple vs. SMM. |
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Ryanwong
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02-Oct-2007 13:29
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http://beta.malaysia.news.yahoo.com/rtrs/20070927/tbs-brazil-petrobras-rig-7318940.html Petrobras confirms Keppel-Technip for new rig dealReuters - Thursday, September 27 RIO
DE JANEIRO, Sept 27 - Brazil's state-run oil company Petrobras has
sealed a $1.4 billion contract for a new 100,000 barrel-per-day rig
with FELS Setal-Technip consortium after months of exclusive
negotiations, a company official said. |
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Ryanwong
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02-Oct-2007 11:05
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Today Citigroup raised the TP for SMM to $5.60 but this is before the news about the Brazilian shipyard. Looks like there will be new TPs from other analysts soon New S$5.60 target price ? We incorporate our latest estimates and target price for Cosco Corp (COS) into our SMM earnings model and sum-of-theparts valuation (SMM has a direct 6.8% stake in COS and a 30% stake in Cosco Shipyard Group). As a result, we raise 07E-09E earnings estimates by between 0.2% and 2.5%, and raise our SMM target price to S$5.60 from S$5.29. 10x FY08E PER ? With Cosco Corp's recent share price surge, SMM trades at attractive implied P/Es (ex-COS) of 10.2x (FY08E) and 9.0x (FY09E). We believe SMM is a good "one-stop shop" to gain exposure to a world class rig business, an established ship repair operation, and strong production equipment prospects. Further, its stakes in Cosco provide healthy exposure to a rapidly growing China business. Maintain Buy/Low risk on SMM. |
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ghlau935
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02-Oct-2007 10:46
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DJ MARKET TALK: SembCorp Marine May Rise On Brazil Shipyard JV
2350 GMT [Dow Jones] SembCorp Marine (S51.SG) could rise on announcement of Brazil shipyard JV. Company has signed memorandum of understanding with Brazilian civil engineering group WTorre to form JV to own and operate shipyard in Rio Grande; contract signed with Petrobras (PZE) to use shipyard for next ten years. Company says "the shipyard, when completed in 2008, will be the largest in the Southern Hemisphere and is ideally located in close proximity to cater to the potential offshore market in West Africa ." Shares closed +4.8% at record high of S$4.82 yesterday; likely to meet psychological resistance at S$4.90. (KIG) |
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Ryanwong
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01-Oct-2007 10:51
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The DB analysts should be fired. They forgot that Sembmarine owns about 30% of COSCO. With the recent jump in COSCO prices by more than $1.50, Sembmarine price is worth at least an increase of $0.30-$0.45. I've been watching this laggard. Looks like today the move has started. |
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Ryanwong
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29-Sep-2007 10:42
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Yes DB issued a sell call. But other analysts are still issuing buy calls. Hence despite the sell call from DB, SMM closed down only 2 cents yesterday. Just a few days ago, BNP and CS issued positive write ups on the Singapore O&M industry. See below From BNP : Rig building economics remain healthy Crude futures surged past USD80/bbl for the first time in mid-September on unexpected US inventory declines, hurricane fears and, to a lesser extent, a weak US dollar. Energy Information Administration (EIA) reported a larger-than-expected draw on the nation's weekly crude inventories on 12 September. Crude stockpiles sank by 7.1 million barrels, while gasoline inventories fell by 700,000 barrels (-0.4%). The US National Hurricane Center also expressed concern that tropical storms off the coast of Texas and over the Atlantic would have the potential to impact offshore oil producing facilities in the Gulf of Mexico. Meanwhile constrains to premier rig-building yard capacity are highlighted in record backlogs of SGD11.3b and SGD8.6b for Keppel Corp and SembCorp Marine (SMM), respectively. A client who places an order today will only receive delivery of the rig in 2010. The market?s inability to increase the already fully-utilised global rig capacity quickly is also reflected in firm day rates. ODS Petrodata estimates that there will be a net surplus of 17 jack-ups by December 2008. We believe, however, that operators would take the chance to retire old units given 83% of jack-ups are more than 15 years old. Notwithstanding, 17 units represent but only 4% of the installed base of 427 units globally. We remain buyers of Keppel Corp and SMM. From CS Strong underlying demand momentum As oil reaches new highs, we expect continued momentum in the demand for newbuild offshore rigs. With average semi-submersibles and drill ships currently contracted for 36 and 53 months respectively, we believe the present demand cycle is likely to extend further. ■ Prospects for new offshore exploration remain strong, as several countries, including Sri Lanka, Bangladesh, Burma and New Zealand, announce new offshore licence awards and bidding to boost national oil and gas production. The US Gulf of Mexico Lease Sale 204 attracted over US$369 mn in total bids, with a total of 47 companies participating in the auction. ■ Newbuild order momentum continued with two significant orders coming in September from a new customer, Egyptian Drilling Co. (not listed) and an old buyer, GlobalSantaFe (GSF, $75.22, OUTPERFORM, TP $81.00). EDC?s jack up order is notable for its value, US$201 mn (the highest price to date for SembCorp Marine?s patented BMC Pacific 375 design) and is an indication of potentially higher participation from national oil companies in this sector. GSF?s speculative US$740 mn drill ship order was a significant departure from the company?s conservative stance to date. ■ Further bullish trends in the day rates, with Hess (HES, $68.43, OUTPERFORM, TP $65.00) contracting the Stena Drill MAX II (drill ship) for a five-year period starting in mid-2009, at an estimated contract value of US$950 mn. ENSCO (ESV, $56.36, UNDERPERFORM, TP $60.00) also confirmed a contract for ENSCO 8502 (an ultra deepwater semi-submersible currently under construction) for a minimum two-year primary term starting in 2Q10. The primary contract, estimated at US$340 mn, can be extended for a further two years. Jack up day rates have also strengthened. ■ We maintain our positive stance on the sector with an OUTPERFORM rating on SembCorp Marine. COSCO has just passed the TP of most analysts already. SMM has a stake in COSCO and this will contribute to their earnings. I also expect new orders to be announced by SMM soon (been some time since they have announced anything and with Keppel and COSCO announcing lately I am hopeful that there will be similar news from SMM soon) Observing the price movement yesterday I must say could see some accumulation going on at 4.54-4.56 Caveat Emptor! |
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amazon
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28-Sep-2007 21:11
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Deutsche Bank started coverage of SembCorp Marine (SCMN.SI: Quote, Profile , Research) with a "sell" rating and a price target of S$3.80, citing the risk of a possible slowdown in new orders. [ID:nSFB000804] Any comments? |
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