LIM Siew Khee - 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? The market is expected to reach … If the oil price doesn’t recover, Sembcorp Industries’ Marine sector could see more pain. Offers ship repair, refurbishment, retrofitting, life extension, ship-type conversion and upgrade of vessels, marine and offshore structures and MODUs. 80 Tuas South Boulevard. 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 … 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. It's lack of new orders and project delays spell continued losses for the company. 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. Business Description. 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. Chrissy Teigen spilled too much tea about Joe Biden’s inauguration! Oil rates also remain low, hitting on the sector—and SembMarine's—recovery progress. Sembcorp Marine plans rights issue to ‘ride out downturn’ The struggling shipyard company said the current priority is to ensure it has adequate liquidity to sustain operations and ride through the downturn. First, the restructuring. The top ten competitors in the market made up to 7.43% of the total market in 2019. 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As mentioned earlier, Sembcorp Marine is expecting full-year losses due to the prolonged downturn in the oil and gas sector. 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. It’s lack of new orders and project delays spell continued losses for the company. Date: 24/11/2020 We believe Sembcorp Industries is well positioned for recovery in 2021. 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. Fax: +65 6971 7320. Can fine-dining Cantonese cuisine survive as old chefs retire? vessels, tugs and barges and recently finished restructuring its debt after getting "almost zero" enquiries in the previous two years. Meet 2 women who got the gig. 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. Luxury resorts in the Maldives hire 'Barefoot Booksellers' to run their quaint island bookshops. 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. Sembcorp Marine - On Recovery Track. Sembcorp Industries - Well Positioned For Recovery In 2021 We believe Sembcorp Industries is well positioned for recovery in 2021. What can Singaporean retailers do to beat the post-pandemic blues? 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. 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. LIM Siew Khee - Sembcorp Marine - FY17F To Be Weak, Orders In Focus. 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. "We continue to see multiple headwinds on low order book clarity and [capital expenditure] requirements. Do you know more about this story? Even though there can be some upsides from the current prices, they are highly uncertain. Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us. 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. Sembcorp Marine - DBS Research 2017-11-02: On Recovery Track. A potential restructuring? 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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. 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. What does the sudden rise imply? 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. M&A Sembcorp Marine to raise $2.1 billion via rights issue; parent Sembcorp Industries to distribute stake in-specie to shareholders Sembcorp Marine first set up a subsidiary – JPL Industries, in 1990 to take advantage of the opportunities behind copper slag recycling. 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. Equity investors have given Singapore’s Sembcorp Industries Ltd. a big thumbs-up this year after it shed its loss-making marine unit. I will prefer to avoid investing in O&M stocks now. 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 … The company treats, filters and recycles used copper slag. The market is expected to reach … Rolls-Royce is supplying two mtu 16V 4000 M55RN gas engines to Sembcorp Marine Integrated Yard for the construction of the first liquefied natural gas (LNG)-hybrid powered tug.. OCBC Investment Research echoes the same sentiment, saying that SembMarine's recovery is still likely a long way off and that losses will continue. 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. 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 … 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. On the whole, the outlook for the offshore & marine (O&M) sector remains challenging, according to UOB Kay Hian. 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. 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. Want to train your retail and front-line sales staff to sell better? However, concerns over the economic recovery in some of Sembcorp's biggest markets are emerging, adding pressure to further gains. Singapore's Offshore Industry Recovering. In response, I wrote this article. However, concerns over the economic recovery in some of Sembcorp’s biggest markets are emerging, adding pressure to further gains. Sembcorp Industries and Sembcorp Marine believe that this financing will strengthen Sembcorp Marine, a key subsidiary of Sembcorp Industries, and better position it for the eventual recovery of the industry,” Sembcor Marine explained. Net orderbook revised up to S$7.97bn, adding in the nine jackup contracts with Borr Drilling. Chen Guangzhi - Sembcorp Marine Ltd - Performance Remains Weak. 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. Sembcorp Marine reiterated that the rights issue will provide it with much-needed recapitalisation to ride out the industry downturn Sembcorp Marine sees signs of recovery in offshore drilling market. Second is the recovery in oil price. 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. 2017-11-01 . We view Sembcorp Marine (SGX:S51) ’s recent strong share-price performance as unjustified as the offshore marine industry remains in bad shape and our bearish outlook remains intact. 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. To get a media kit and information on advertising or sponsoring click here. 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 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. On the whole, the outlook for the offshore & marine (O&M) sector remains challenging, according to UOB Kay Hian. DBS Research . Tel: +65 6265 1766. Contract wins momentum to pick up and earnings to recover from 2018. 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. 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. 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. Email: [email protected] 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. 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 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. Phillip Securities . Like us on Facebook to see similar stories. 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. 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. 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Bulky and magnetic ferrous waste is first separated for removal. Adding on to its woes is the Wuhan virus outbreak. Sembcorp Industries’ Share Price and Valuation 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. Singapore-based Sembcorp Marine is a leading global marine and offshore engineering group with more than 50 years of track record. “We continue to see multiple headwinds on low order book clarity and [capital expenditure] requirements. This is the first LNG-hybrid tug to be powered by mtu gas engines. CIMB Research . 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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. Contact us anonymously through this link. 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. Could both SPH and SMM be witnessing a nascent recovery soon? Singapore 637051. Analysts on average predict that the stock will rise just 5.1% over the next 12 months, versus an estimated 9.6% … 2017-11-02 . Oil rates also remain low, hitting on the sector—and SembMarine’s—recovery progress. OCBC Investment Research echoes the same sentiment, saying that SembMarine’s recovery is still likely a long way off and that losses will continue. But 2021 may prove to … Capitaland, Shopee form alliance to push digitalisation in retailers, Singapore's hoolah launches physical retail store solution, Alibaba's Cainiao to expand last mile network in Singapore, Revolut Singapore sees 70% hike in Chinese New Year e-cash gifting, Singapore, Philippine central banks partner for data connectivity, DBS names new group cash product management head, Razer Fintech, FWD Singapore launch Visa prepaid card solution. 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. 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. 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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. 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 ’s financials will likely deteriorate further in the next 2-4 quarters as it has not won any new orders in 2020. 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. ; 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. 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. 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. 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. 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. 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. 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