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Petrobras / Sete Brasil related news which I have been keeping tabs. For VBs who may be interested.
With results of SMM just out, I'm estimating S$250 - 300 million net profits for FY15. Hope I am not too far off.
(03-12-2015, 04:52 PM)money Wrote: [ -> ]
(07-11-2015, 01:36 PM)greengiraffe Wrote: [ -> ]
(07-11-2015, 09:48 AM)boochap Wrote: [ -> ]
(06-11-2015, 11:21 PM)greengiraffe Wrote: [ -> ]
(06-11-2015, 10:52 PM)Yoyo Wrote: [ -> ]SEMBCORP COMPLETES DIVESTMENT OF STAKE IN SEMBSITA PACIFIC Singapore, November 6, 2015 – Further to its announcement of September 21, 2015, Sembcorp Industries (the Group) wishes to announce that its wholly-owned subsidiary, Sembcorp Environment, has completed the divestment of its 40% stake in SembSita Pacific to Suez Environnement Asia. The Group will recognise a net gain of approximately S$350 million for the financial year ending December 31, 2015 from this transaction. With the completion of this divestment, SembSita Pacific and its entities now cease to be part of the Group.

With this divestment, the full year results should be decent.

One off quality of earnings not fantastic...
This is a joke? This is 350m$ of real money. This is like when u made an investment in a real estate and sold it off later for 300+% gain and u tell yourself that this is nothing fantastic.

When u consider Superman busy looking for deals in Europe and Down Under and SCI selling out of Down Under to invest in high risks supposedly high returns emerging markets... u can decide for yrself if the fun mgrs within SCI are jokes or not...

So far SCI's utilities division has yet to deliver the stable earnings profile despite having the division for years.

With Sembmarine facing huge headwinds... $350m real $ will be gone with the wind very soon...


There's truly nothing much to brag about when this 350m is a one-off profit while the marine arm is bleeding badly.

marine arm probably won't recover in the next 5 years ... the Chinese shipyards have received 1/3 of global rig orders lately (due to very lenient financing term and favourable pricing). They are willing to sacrifice margin in the near term for the sake of long term dominance. This is a case of state support and state role in helping the Chinese companies rise up the value chain.

Don't see how spore shipyard can compete with them (except for a few high-end rig orders).
Concall transcript:

Sent from my LG-H818 using Tapatalk
Missed today's AGM , hope some buddies here can share , many thanks in advance .
2016 Q1 result
EPS 5.5cts

vs 2015 Q1
Turnover at S$1.9 billion, down 19%
Profit from Operations at S$237.5 million, down 6%
Net Profit at S$107.0 million, down 25%
is sembcorp a value buy now? since its 0.759 book value and market pricing in the difficult marine portion
(11-08-2016, 10:35 AM)stam Wrote: [ -> ]is sembcorp a value buy now? since its 0.759 book value and market pricing in the difficult marine portion

Reported NAV is 3.57, but perps are also included in the equity. Excluding perps, NAV is 3.09. Whether or not you want to include perps when calculating your P/B ratio is important, IMO

Our analysis of SCI’s implied valuation for
its non-marine business finds that it is
trading at a 20% discount below its long-term
historical mean. Additionally, implied
prices for both its businesses are either pri
ced for distress, or at a sharp discount to
regional peers. The market has overly discounted headwinds in the business and an
opportunity exists to accumulate. We also update on a minor hiccup in its India
operations and trim 2016 earnings by 1%. Maintain BUY with a lower target price of

If you think only Sembcorp Marine is suffering from earnings decline; think again!

Its urban development is still struggling. Utilities is the saving grace, where net profit exluding one-offs has increased. SCI net debt is increasing.

If this continues, it is likely many retirees vested in Sembcorp Industires are going to see a cut in their retirement cash flow
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