Sembcorp Industries

Re: Sembcorp Industries

Postby winston » Mon Sep 30, 2019 10:22 am

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Postcard from Vietnam: preferred park

SCI’s urban development in Vietnam is a direct beneficiary of the trade tensions as the country is preferred by MNCs for expansion in ASEAN.

Our ground checks showed that VSIP is a highly-preferred industrial park and township master developer among international and local companies.

Urban development is a self-sustained division with a recurring income base and good potential, in our view. It contributed to 25% of SCI’s FY18 profit.

Source: CIMB

https://cgs-cimb-insticrm-services.hero ... 524C076719
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Re: Sembcorp Industries

Postby winston » Mon Oct 07, 2019 9:33 am

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Sembcorp Industries (SCI SP)
Solid Foundations For Continued Growth In Vietnam


We recently visited SCI’s industrial parks located north of Ho Chi Minh City, Vietnam, and came away with a positive impression on the company’s long-term growth strategy for the country.

Unfortunately, near-term headwinds in the offshore-marine sector will continue to overshadow positive developments in SCI’s core business segments in our view, thus we maintain our HOLD recommendation with a slightly lower fair value of S$2.22.

Entry price: S$2.00

Source: UOBKH

https://research.uobkayhian.com/content ... 9d91f86538
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Re: Sembcorp Industries

Postby behappyalways » Sun Nov 17, 2019 5:36 pm

Sembcorp posts 13% drop in 3Q earnings to $71 mil, dragged by poor-performing Sembmarine
https://www.theedgesingapore.com/capita ... sembmarine
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Re: Sembcorp Industries

Postby winston » Mon Jan 20, 2020 1:16 pm

Sembcorp's disclosure of China unit's troubles falls short

by TAY PECK GEK

On Friday night, Sembcorp Industries (SCI) disclosed that its China joint-venture company, Sembcorp Nanjing Suiwu (SNS), had been fined S$10 million last quarter for illegal discharge of waste water in China.

Further, a civil claim settlement had been reached with the local authorities, with the agreement expected to be finalised next month.

SCI added in the regulatory filing that its share of the fine and cash settlement for both the criminal charges and civil claims amounts to a total of S$54 million, which has been fully provided for as of last September.

The timing of the announcement warrants scrutiny.

News that the China water treatment unit had been slapped with a record 50 million yuan (S$9.8 million) fine had already surfaced online on Jan 8 - with over a dozen China websites carrying it - or almost 10 days before SCI's announcement.

These websites noted that the errant company could face another whopping 470 million yuan in civil claims arising from its illegal discharge of wastewater.

SCI's statement followed queries from The Business Times, which had received a tip-off on Friday on a China news report about the case.

Source: Business Times

https://www.businesstimes.com.sg/opinio ... alls-short
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Re: Sembcorp Industries

Postby behappyalways » Sat Feb 08, 2020 6:19 pm

Sembcorp Industries expects to sink into the red in 4Q on impairment losses worth $245 mil
https://www.theedgesingapore.com/news/r ... th-245-mil
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Re: Sembcorp Industries

Postby behappyalways » Fri Feb 21, 2020 4:54 pm

Sembcorp Industries sinks into the red with 4Q loss of $15 mil; proposes final dividend of 3 cents
https://www.theedgesingapore.com/capita ... nd-3-cents
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Re: Sembcorp Industries

Postby winston » Tue May 19, 2020 11:48 am

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Waiting to be rescued

SCI gave an update on the impact of Covid-19. Its merchant operations in Singapore, UK and India have seen energy demand decline 10-25% in Apr.

Energy unit will recognise EI losses in FY20 -- S$30m forex loss from divestment of Chilean water assets, and c.S$37m of MTM losses in gasoil.

Maintain Hold in view of SCI's restructuring angle and high likelihood of another business review with its new CEO in Jul. Our TP is cut to S$1.76.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 8E1A10CFE7
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Re: Sembcorp Industries

Postby winston » Tue May 19, 2020 11:52 am

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What’s New

Challenging 2020 though confident to churn positive operating cash flow

Energy & Marine businesses affected by COVID-19

Urban segment expected to delivery steady profits

FY20/21F earnings cut by 15%/7%; Maintain HOLD; TP lowered to S$1.70

Source: DBS

https://researchwise.dbsvresearch.com/R ... =febgfkhab
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Re: Sembcorp Industries

Postby winston » Wed May 20, 2020 4:07 pm

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Energy Business Affected By COVID-19

Buy (Maintained)
Target Price (Return): SGD2.00 (29.0%)
Price: SGD1.55
Market Cap: USD1,953m
Avg Daily Turnover (SGD/USD) 10.9m/7.71m

Keep BUY, with new SOP-derived SGD2.00 TP from SGD2.33, 29% upside and c.3% yield.

In a recent Sembcorp Industries update, management indicated that its FY20 energy business underlying performance would be lower than in FY19.

While we cut FY20F earnings, SCI’s recent share price weakness has already factored in the negatives.

Source: RHB

https://research.rhbtradesmart.com/atta ... d00f24.PDF
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Re: Sembcorp Industries

Postby winston » Tue Jun 02, 2020 7:11 am

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DBS says Sembcorp 'too cheap to ignore', upgrades to 'buy'

by VIVIENNE TAY

DBS Group Research has upgraded Sembcorp Industries (SCI) to "buy" from "hold" with an unchanged target price of S$1.70.

The sell-off in SCI shares was likely due to the company's recent removal from the MSCI Index, said the research team in a note on Monday. DBS analyst Ho Pei Hwa also called SCI "too cheap to ignore".

The sell-off had pushed SCI's valuation to an "unwarranted low". Ms Ho added that there is 25 per cent potential upside on the stock.

SCI's earnings are expected to remain in positive territory with mid-single-digit return on equity (ROE), the note added.

While subsidiary Sembcorp Marine's (Sembmarine) ROE has deteriorated from a peak of greater than 30 per cent before the global financial crisis to be loss-making in recent years, the non-marine business should continue to deliver steady ROE at around the mid-to-high single digits.

Spinning off the group's marine arm could result in the re-rating of SCI's undervalued utilities business by at least 30 per cent or 40 Singapore cents per share, the report noted.

Potential restructuring between SCI and Keppel Corp also remains a wild card, with largest stakeholder Temasek's partial offer for Keppel seemingly progressing well, Ms Ho said.

Source: Business Times

https://www.businesstimes.com.sg/compan ... 2#cxrecs_s
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