Stock Name: SembMar
Company Name: SEMBCORP MARINE LTD
Maybank-Kim Eng Research in a Feb 7 research report says: Sembcorp Marine (SMM) has announced that its Brazilian shipyard has secured a contract worth approximately US$792.5 million from Sete Brasil for the design and construction of a drillship.
"SMM will announce its FY2011 earnings on Feb 23. We expect the group to cap off the year with another solid quarter on execution of its ongoing orderbook, and EBIT margins to be maintained at a healthy 17-18%. Our FY2011 net profit forecast stands at $733.7 million, which is ahead of consensus estimate of $711 million.
"SMM's order backlog currently stands at around US$5.1 billion and we estimate another US$4 billion worth of new orders to be secured for FY2012 (excluding Petrobras). Sum-of-the-part-derived target price of $5.58 ($4.95 previously). MAINTAIN BUY."
Company Name: SEMBCORP MARINE LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 5.58 |
Maybank-Kim Eng Research in a Feb 7 research report says: Sembcorp Marine (SMM) has announced that its Brazilian shipyard has secured a contract worth approximately US$792.5 million from Sete Brasil for the design and construction of a drillship.
"SMM will announce its FY2011 earnings on Feb 23. We expect the group to cap off the year with another solid quarter on execution of its ongoing orderbook, and EBIT margins to be maintained at a healthy 17-18%. Our FY2011 net profit forecast stands at $733.7 million, which is ahead of consensus estimate of $711 million.
"SMM's order backlog currently stands at around US$5.1 billion and we estimate another US$4 billion worth of new orders to be secured for FY2012 (excluding Petrobras). Sum-of-the-part-derived target price of $5.58 ($4.95 previously). MAINTAIN BUY."
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