Sembmarine risks sinking in 2018 despite new orders
https://sbr.com.sg/shipping-marine/news ... new-orders
Recommendation
The news would undoubtedly cause a knee jerk reaction to SMM’s stock price. Concern on the Brazil bribery issue has probably been another overhang on SMM’s share price besides concern of potential rights issue.
We believe the latter concern on rights issue has taken a back seat, with the shareholder loan by Sembcorp Industries.
We are cognizant that share price could remain volatile in the near term.
Our BUY call on SMM and S$2.40 TP hinges on order win uptick driving an earnings recovery
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