Sembcorp Marine ’s financials will likely deteriorate further in the next 2-4 quarters as it has not won any new orders in 2020. Although its yards are back to full capacity and its repairs & upgrades (R&U) business is busy, the company has not won new orders this year, UOB Kay Hian analyst Adrian Loh noted in a report. 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UOB's Loh estimates that the lifeline of the $600m will be able to last the company for at least two years, based on forecasts for operating expenses and maintenance capex. Equipment October 31, 2017 Singapore’s Sembcorp Marine returned to profit in the third quarter 2017, posting a net profit of $2.7 million, versus a net loss of $21.8 million a year ago. While plans to split from unit Sembcorp Marine Ltd. resulted in a flurry of rating upgrades in June, the firm expects to incur a full-year loss for 2020 amid the pandemic, which will be its first in more than two decades based on Bloomberg-compiled data. 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Although its yards are back to full capacity and its repairs & upgrades (R&U) business is busy, the company has not won new orders this year, UOB Kay Hian analyst Adrian Loh noted in a report. On the whole, the outlook for the offshore & marine (O&M) sector remains challenging, according to UOB Kay Hian. Sembcorp Marine reiterated that the rights issue will provide it with much-needed recapitalisation to ride out the industry downturn There is the potential for impairments ahead, and whilst the financial position is less precarious following the rights issue, it is still tight and could limit the types of orders that the group can pursue,” OCBC’s Equity Research team noted in a report. The market is then expected to recover and grow at a CAGR of 3.3% from 2021 ad reach $32,692.0 million in 2023. Offers ship repair, refurbishment, retrofitting, life extension, ship-type conversion and upgrade of vessels, marine and offshore structures and MODUs. Contract wins momentum to pick up and earnings to recover from 2018. Fax: +65 6971 7320. Designed by LMG Marin (Norway), part of the Sembcorp Marine group, to deliver 65T Bollard Pull (BP) with ABS Class, the LNG-hybrid tug is … ; We nevertheless continue to see upside over the next 6-12 months given that the company trades at a discount to its regional utilities peers both on a P/B and PE basis. producing oil from land-based fracking is getting cheaper as well, so i dont know why some people still think there's so much potential for SMM to recover to pre-covid levels or even pre-2014 levels I thought sembcorp marine no longer focusing on oil rigs and exploring other alternative business? There's no reason to own Sembcorp Marine (SembMarine) stocks yet, with the company likely to continue incurring losses until H1 2021 as outlook remains bearish, analysts said. Email: rigsandfloaters@sembmarine.com There’s no reason to own Sembcorp Marine (SembMarine) stocks yet, with the company likely to continue incurring losses until H1 2021 as outlook remains bearish, analysts said. 2017-11-02 . Net orderbook revised up to S$7.97bn, adding in the nine jackup contracts with Borr Drilling. Sembcorp Industries’ Share Price and Valuation "We continue to see multiple headwinds on low order book clarity and [capital expenditure] requirements. Can fine-dining Cantonese cuisine survive as old chefs retire? Sembcorp Marine - On Recovery Track. Oil rates also remain low, hitting on the sector—and SembMarine’s—recovery progress. As mentioned earlier, Sembcorp Marine is expecting full-year losses due to the prolonged downturn in the oil and gas sector. The company recently provided a weak Q3 business update, guiding that it has incurred losses in the third quarter and that the losses will continue into Q4. 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Management also commented that its banks now see the company in an even more positive light given its stronger balance sheet—although it conceded that its cash flow in 2020 will be affected by the delivery delays. 80 Tuas South Boulevard. Major players in the market include Sembcorp Marine Ltd, United Shipbuilding Corporation, Fincantieri S.p.A., China Shipbuilding Industry Corporation, Imabari Shipbuilding Co., Ltd. among others. Prior to COVID-19, the company saw R&U revenue increasing sequentially from Q3 2019 to Q1 2020, and thus it is hopeful that this trend can continue. Day rates and utilisation rates for rigs have continued to deteriorate in the second half of the year, and chances of a recovery in the O&M sector in the near term remain low. “We continue to see multiple headwinds on low order book clarity and [capital expenditure] requirements. A potential restructuring? Sembcorp Industries and Sembcorp Marine (SembMarine) jointly announced today that the recapitalisation of SembMarine through a proposed S$2.1 billion (RM6.43 billion) renounceable rights issue, as well as the proposed demerger between the two companies via a distribution in specie of SembCorp’s stake to SCI shareholders, had been approved by shareholders of both companies in their … To get a media kit and information on advertising or sponsoring click here. Since the demerger of Sembcorp Marine (SGX:S51) from Sembcorp Industries (SGX:U96) on 9 Sep 20, Sembcorp Industries' share price has significantly outperformed, rising by 36% from its theoretical demerged price of S$0.96/share. Oil rates also remain low, hitting on the sector—and SembMarine's—recovery progress. 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On the upside, SembMarine is currently undertaking $330m of ongoing jobs and new orders secured for its R&U segment during the quarter, noted UOB’s Loh. Even though there can be some upsides from the current prices, they are highly uncertain. The market is expected to reach … It's lack of new orders and project delays spell continued losses for the company. The market is then expected to recover and grow at a CAGR of 3.3% from 2021 ad reach $32,692.0 million in 2023. M&A Sembcorp Marine to raise $2.1 billion via rights issue; parent Sembcorp Industries to distribute stake in-specie to shareholders Furthermore, Sembcorp Marine has said that most of its projects will be delayed into 2021, which is expected to affect its near-term working capital and cash flow. Sembcorp Marine sees signs of recovery in offshore drilling market. Two prominent blue-chip companies, Singapore Press Holdings Ltd (SGX: T39), or SPH, and Sembcorp Marine Ltd (SGX: S51), or SMM, have surged by 25% and 31%, respectively, in the past week. Equity investors have given Singapore’s Sembcorp Industries Ltd. a big thumbs-up this year after it shed its loss-making marine unit. But 2021 may prove to … In my last article, I received a comment to share insight about the possible merger of Keppel Corp (KC) and Sembcorp Marine (SCM) to ensure survival in the light of the current low oil price environment. In response, I wrote this article. In addition, new order flow may only resurface in the first half of 2021 at the earliest, reinforcing UOB’s view that an upcycle is more than two years away. Singapore 637051. The market is expected to reach … 2017-11-01 . On the upside, SembMarine is currently undertaking $330m of ongoing jobs and new orders secured for its R&U segment during the quarter, noted UOB's Loh. Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us. There's no reason to own Sembcorp Marine (SembMarine) stocks yet, with the company likely to continue incurring losses until H1 2021 as outlook remains bearish, analysts said. First, the restructuring. What does the sudden rise imply? Bulky and magnetic ferrous waste is first separated for removal. Its recently raised net $600m from its August rights issue places SembMarine in a stronger position compared to six and even 12 months ago. Sembcorp Marine (SMM)'s 3Q17 earnings affected by the revenue reversal of two cancelled Perisai jackups and expected inventory write down post Borr-Drilling transaction. Management also commented that its banks now see the company in an even more positive light given its stronger balance sheet—although it conceded that its cash flow in 2020 will be affected by the delivery delays. LIM Siew Khee - Sembcorp Marine - FY17F To Be Weak, Orders In Focus. Sembcorp Marine first set up a subsidiary – JPL Industries, in 1990 to take advantage of the opportunities behind copper slag recycling. Geek Review: Minidesk Electric Height-Adjustable Kids Desk (by Omnidesk), Singapore restricts gatherings at home ahead of Chinese New Year, Michael Cassidy and Director Mike Mosallam on Making Space for Gay Muslims in 'Breaking Fast' (Exclusive), Princess Margaret’s grandson is a fitness and fashion influencer: meet Arthur Chatto, 21 and one of Britain’s most eligible bachelors, US television host Larry King dies aged 87, Largest sea on Saturn's mysterious moon Titan could be more than 1,000 feet deep, Xbox Live Gold price hike reversed, service to no longer be required for free-to-play games, How digital document processing boosts customer servicing, business output, Here's How to Tell If Your Dog Is Cold (and May Need a Coat!). Phillip Securities . DBS Research . In addition, new order flow may only resurface in the first half of 2021 at the earliest, reinforcing UOB's view that an upcycle is more than two years away. It’s lack of new orders and project delays spell continued losses for the company. Do you know more about this story? Sembcorp Marine: 1.61: 0.71: 0.75: 50%: $0.75: 14%: To round it up, two key catalysts are needed for the share prices to move up. If the oil price doesn’t recover, Sembcorp Industries’ Marine sector could see more pain. Chen Guangzhi - Sembcorp Marine Ltd - Performance Remains Weak. Date: 24/11/2020 We believe Sembcorp Industries is well positioned for recovery in 2021. Analysts on average predict that the stock will rise just 5.1 per cent over the next 12 months, versus an estimated 9.6 per cent gain … Analysts on average predict that the stock will rise just 5.1% over the next 12 months, versus an estimated 9.6% … Jun 21, 2019 Corporate Sembcorp Industries to Provide S$2 Billion Subordinated Loan Facility to Sembcorp Marine to Better Position for Offshore and Marine Industry Recovery; Jun 18, 2019 Energy Sembcorp to Build Solar Energy System to Power Singapore’s Changi Exhibition Centre While plans to split from unit Sembcorp Marine resulted in a flurry of rating upgrades in June, the firm expects to incur a full-year loss this year amid the pandemic. This is the first LNG-hybrid tug to be powered by mtu gas engines. Business Description. What can Singaporean retailers do to beat the post-pandemic blues? Sembcorp Industries said Friday it agreed to provide Sembcorp Marine with a five-year subordinated loan of S$2 billion to strengthen the rig builder’s financial position amid an on-going severe global downturn in the offshore and marine industry. Sembcorp Industries and Sembcorp Marine jointly announced on 8 June 2020 a transaction involving the recapitalisation of Sembcorp Marine through a S$2.1 billion renounceable rights issue (the “Rights Issue”), followed by a demerger of the two companies via a distribution in specie (the “SCI Distribution”) of Sembcorp Industries’ stake in the recapitalised Sembcorp Marine to Sembcorp Industries … CIMB Research . There’s no reason to own Sembcorp Marine (SembMarine) stocks yet, with the company likely to continue incurring losses until H1 2021 as outlook remains bearish, analysts said. Its recently raised net $600m from its August rights issue places SembMarine in a stronger position compared to six and even 12 months ago. Tel: +65 6265 1766. Luxury resorts in the Maldives hire 'Barefoot Booksellers' to run their quaint island bookshops. LIM Siew Khee - Singapore-based Sembcorp Marine is a leading global marine and offshore engineering group with more than 50 years of track record. Furthermore, Sembcorp Marine has said that most of its projects will be delayed into 2021, which is expected to affect its near-term working capital and cash flow. 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OCBC Investment Research echoes the same sentiment, saying that SembMarine's recovery is still likely a long way off and that losses will continue. This comes as news of successful vaccine trials has led to higher certainty that the global economic recovery may be swifter than expected, thus positively impacting energy demand. Chrissy Teigen spilled too much tea about Joe Biden’s inauguration! For companies with rig-building exposure (Keppel Corporation and Sembcorp Marine), the industry remains in the doldrums as we expect market recovery to be at least 1-2 years away while better prospects appear around the corner for Sembcorp Industries and Yangzijiang Shipbuilding in our view. vessels, tugs and barges and recently finished restructuring its debt after getting "almost zero" enquiries in the previous two years. To avoid confusion, Keppel Corp is the parent company of Keppel Offshore and Marine (KOM), so the merger on the cards is between KOM and SCM. Prior to COVID-19, the company saw R&U revenue increasing sequentially from Q3 2019 to Q1 2020, and thus it is hopeful that this trend can continue. SINGAPORE (June 29): The offshore and marine (O&M) sector, which has experienced a prolonged downturn since the 2014 crash in crude oil prices, is unlikely to see a recovery any time soon. Contact us anonymously through this link. Second is the recovery in oil price. 2017-11-01 . Sembcorp Marine - DBS Research 2017-11-02: On Recovery Track. However, concerns over the economic recovery in some of Sembcorp's biggest markets are emerging, adding pressure to further gains. BTW – Sembcorp Marine will then use the $1.5 billion to repay its debt owed to Sembcorp Industries, so in a way Sembcorp Industries is just doing a debt for equity swap. Like us on Facebook to see similar stories. Sembcorp Industries - Well Positioned For Recovery In 2021 We believe Sembcorp Industries is well positioned for recovery in 2021. I will prefer to avoid investing in O&M stocks now. Jan. 23, 1942: NASA's Glenn Research Center is founded, Microsoft Reverses Course On Xbox Live Price Increase, Toshiba regains Tokyo exchange's top category amid calls for better governance, Gabourey Sidibe became bulimic to cope with depression, Communal Table: Broiling, Sopping, Citrus, and Comfort, Man Utd legend Lou Macari proving to be just as much a hero off the pitch as he was on it, This Week in Cars: a Cheaper Taycan, the Golf is Dead, Long Live Stellantis. While plans to split from unit Sembcorp Marine resulted in a flurry of rating upgrades in June, the firm expects to incur a full-year loss this year amid the pandemic. On the whole, the outlook for the offshore & marine (O&M) sector remains challenging, according to UOB Kay Hian. This comes as news of successful vaccine trials has led to higher certainty that the global economic recovery may be swifter than expected, thus positively impacting energy demand. UOB’s Loh estimates that the lifeline of the $600m will be able to last the company for at least two years, based on forecasts for operating expenses and maintenance capex. In outlining the plan, the companies noted that with new orders likely to remain depressed for a prolonged period, Sembcorp Marine believes a recovery will be delayed to 2021 and beyond. Adding on to its woes is the Wuhan virus outbreak. Singapore's Offshore Industry Recovering. OCBC Investment Research echoes the same sentiment, saying that SembMarine’s recovery is still likely a long way off and that losses will continue. The company treats, filters and recycles used copper slag. Sembcorp Marine is a leading global marine and offshore engineering group, specialising in a full spectrum of integrated solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering & construction. 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