Stock Name: SembMar
Company Name: SEMBCORP MARINE LTD
DBS Vickers Securities in a July 15 research report says: "As highlighted in our flash note "Possible award of PTTEP's Zawtika platform project" dated June 13, Sembcorp Marine has secured the contract worth c.$600 million for an integrated processing and living quarters platform from PTTEP International Limited (PTTEP), through its wholly-owned subsidiary, SMOE Pte Ltd.
"While orders have been slow YTD, we remain optimistic that our FY2011 $5 billion order wins assumption can be met, implying $2.9 billion worth of orders in the next 6 months. This should be underpinned by the exercise of at least a portion of the 8 outstanding jackup options worth an estimated US$1.6 billion, and other potential jackup orders from Capital Ship Management Corp and DryShips, as flagged up previously. Target price of $6.3. MAINTAIN BUY."
Company Name: SEMBCORP MARINE LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 6.30 |
DBS Vickers Securities in a July 15 research report says: "As highlighted in our flash note "Possible award of PTTEP's Zawtika platform project" dated June 13, Sembcorp Marine has secured the contract worth c.$600 million for an integrated processing and living quarters platform from PTTEP International Limited (PTTEP), through its wholly-owned subsidiary, SMOE Pte Ltd.
"While orders have been slow YTD, we remain optimistic that our FY2011 $5 billion order wins assumption can be met, implying $2.9 billion worth of orders in the next 6 months. This should be underpinned by the exercise of at least a portion of the 8 outstanding jackup options worth an estimated US$1.6 billion, and other potential jackup orders from Capital Ship Management Corp and DryShips, as flagged up previously. Target price of $6.3. MAINTAIN BUY."
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