Sembcorp Industries

Re: Sembcorp Industries

Postby winston » Mon Aug 06, 2012 8:57 am

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Singapore energy, water and marine group Sembcorp Industries said on Friday its second-quarter net profit rose 8.9 percent, to S$190.7 million from a year earlier, helped by the contribution from its utilities business.


Source: Reuters
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Re: Sembcorp Industries

Postby winston » Fri Oct 12, 2012 8:54 am

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Sembcorp Industries said its urban development unit is co-developing a residential project, Gateway, in Vietnam's Binh Duong province.

Sembcorp's partner is the Vietnam Singapore Industrial Park Joint Venture Co.


Source: Reuters
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Re: Sembcorp Industries

Postby winston » Fri Nov 09, 2012 6:47 pm

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Sembcorp Ind Q3 net slips 18.5% By Teo Si Jia

Sembcorp Industries on Friday posted a year-on-year net profit slide of 18.5 per cent to S$181.21 million for the third quarter ended Sept 30.

This works out to an earnings per share of 10.14 Singapore cents, down from 12.45 Singapore cents previously.

Third-quarter revenue declined 13.6 per cent to S$2.27 billion from a year ago.

For the nine-month period, net profit dipped 1.6 per cent to S$548.61 million, though revenue rose 8.4 per cent to S$7.37 billion.

Source: Business Times
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Re: Sembcorp Industries

Postby winston » Mon Nov 12, 2012 9:19 am

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Saved by Utilities
OUTPERFORM - Maintained
Share Price S$4.99
Tgt. S$6.26

--------------------------------------------------------------------------------

Utilities reached a new record in earnings in 3Q12 from continued strength in power spreads and gas sales in Singapore.

International operations could be the next growth drivers, as Singapore remains steady with lower power prices expected.

Maintain Outperform 9M12 net profit was in line with our expectations, at 74% of our FY12 forecast (3Q12: 24%) and consensus, despite the earnings miss in SMM.

Higher utilities output in Singapore were the drivers. We cut our EPS by 5-7% for FY12-14, from our downgrade of SMM.

Accordingly, our target price is lowered to S$6.26, still on SOP. Stronger international operations could be the key catalysts.


Source: CIMB
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Re: Sembcorp Industries

Postby winston » Mon Nov 12, 2012 10:29 am

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Sembcorp Industries- 3Q12: Within our expectation. 2013 and 2014 earnings forecasts cut by 7- 11% on lower marine earnings. Target price lowered by 7%, but maintain BUY.

(SCI SP/BUY/S$4.99/Target: S$5.75)
FY12F PE (x): 12.0
FY13F PE (x): 11.4

Another quarter of stellar utilities earnings. Sembcorp Industries (SCI) reported a net profit of S$181m (-18% yoy) and S$549m (-2% yoy) for 3Q12 and 9M12 respectively.

The dip in 3Q12 earnings is primarily due to lower marine earnings as earlier 3Q11 earnings had lumpy recognition in the Songa Eclipse semi-submersible rig (semi) project and exceptional interest income. The utilities segment saw another strong quarter with a reported 3Q12 net profit of S$100m, +27% yoy.


Another strong utilities quarter upholds relative defensiveness. SCI provides a better refuge than higher-beta Sembcorp Marine (SMM) in times of uncertainty.

Its utilities earnings growth in 2012F-15F will be driven by three additional power plant capacities namely:
a) the Salalah IWPP expansion in Oman (starting 2Q12),
b) Sembcorp Cogen’s new 400MW power plant (end-13) in Singapore, and
c) a 49% stake in Thermal Powertech Corp which is building a 1,320MW power plant (1H14) in Andhra Pradesh, India.

We have cut our earnings forecasts for SMM. Accordingly, we cut our earnings forecasts by 7-11% and target price by 7% to S$5.75. However, we maintain our BUY call as utilities will gain momentum as new projects come on-stream.

Source: UOBKH
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Re: Sembcorp Industries

Postby winston » Thu Nov 22, 2012 5:49 pm

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Let there be light… and water

We gleaned from our recent road show to the US and Canada with SCI that Utilities Singapore remains competitive despite new supplies of LNG and gencos in 2013.

Utilities, Marine and Urban Development will be its three core businesses in the next few years.

There is no plan to abandon Marine despite concerns over its cyclicality and declining margins. Excluding Marine, SCI Utilities’ stub is not lofty, at 6.8x CY13 P/E vs. regional peers’ average 13x.

Maintain EPS, Outperform and SOP target price, with stronger international operations and M&As potentially providing catalysts.

Source: CIMB

http://www.remisiers.org/cms_images/res ... 12cimb.pdf
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Re: Sembcorp Industries

Postby winston » Thu Nov 29, 2012 6:02 pm

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Sembcorp Mulls Acquisitions in Migration to City: Southeast Asia By Matthew Winkler & Kyunghee Park -

Sembcorp Industries Ltd. (SCI), Southeast Asia’s biggest utilities company, plans to acquire and develop new plants as Asia’s population increasingly migrates to cities, driving demand for resources.

The Singapore-based company is considering the acquisition of distressed assets in India and has dispatched a team to seek investments in Myanmar, Chief Executive Officer Tang Kin Fei said in a Nov. 27 interview at its headquarters. Sembcorp also is seeking opportunities in Indonesia, he said.

http://www.bloomberg.com/news/2012-11-2 ... -asia.html
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Re: Sembcorp Industries

Postby winston » Fri Jan 18, 2013 8:54 am

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Sembcorp Industries signed a 20-year water purchase agreement with the Abu Dhabi Water & Electricity Company, allowing it to expand its seawater desalination capacity in the United Arab Emirates.

Source: Reuters
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Re: Sembcorp Industries

Postby winston » Wed Feb 27, 2013 8:22 pm

Sembcorp Industries’ FY12 net profit fell 7% y-o-y to S$753m although sales grew 10%.

This is mainly due to lower margins at the Marine division, which is offset by strong Utilities.

Our analyst cuts FY13/14F by 7%.

Consequently, TP is lowered to S$5.20 (prev. $5.60).

Maintain Hold in view of limited upside. SCI’s stub value of 8.6x FY13 PE is within historical mean of 8-9x PE.

Source: DBS
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Re: Sembcorp Industries

Postby winston » Sat Mar 30, 2013 6:17 pm

SEMBCORP INDUSTRIES LTD

Energy, water and marine group Sembcorp Industries, said fourth-quarter net profit fell 18.7 percent to S$204.7 million from a year ago, hurt by poorer margins from new design rigs.

Sembcorp proposed a final cash dividend of 15 Singapore cents per share for payment on May 14.


Source: Reuters
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