Stock Name: SembMar
Company Name: SEMBCORP MARINE LTD
Sembcorp Marine [ PDF] Blockbuster order yearSMM SP / SCMN.SI | OUTPERFORM - Maintained | Share Price S$5.23- Tgt. S$6.28 Offshore & Marine | - by Siew Khee LIM
2012 could be a record order yearfor SMM as the yard has secured S$1.25bn of contracts, or 15% of our S$8bntarget. We believe margins could surprise on the upside as more fast-trackprojects are clinched. FY11 net profit was slightly above expectations,forming 107% of our forecast and consensus, from stronger margins. SMMdeclared final/special dividend of S$0.20. We introduce our FY14 forecasts.Our unchanged target price is based on 18x CY13 P/E. Maintain Outperform.
Source: CIMB 24 February 2012
Company Name: SEMBCORP MARINE LTD
| Research House: CIMB | Price Call: BUY | Target Price: 6.28 |
Sembcorp Marine [ PDF] Blockbuster order yearSMM SP / SCMN.SI | OUTPERFORM - Maintained | Share Price S$5.23- Tgt. S$6.28 Offshore & Marine | - by Siew Khee LIM
Source: CIMB 24 February 2012
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