Sembcorp Marine target cut 8.3% to $3.30 by Credit Suisse

Stock Name: Sembcorp Marine
Company Name: SEMBCORP MARINE LTD

Research House: Credit Suisse

Price Call: HOLD

Target Price: 3.30

SINGAPORE (Feb 13): Credit Suisse has cut its price target for Sembcorp Marine from $3.60 to $3.30, based on 12 times projected 2015 earnings, after lowering its earnings per shares estimates for this year by 8% and for 2016 by 15% to reflect an expected drop in business.

As it stands, the company has yet to receive payment since November last year of $70 million to $80 million for seven drillships that it is building for Sete Brasil, a company linked to Brazilian oil giant Petrobras.