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1061-1080 of 3003
everyone's so bullish...
BUY BUY BUY :)
*not a personal call to buy/sell
JasonTrader ( Date: 24-Feb-2012 14:02) Posted:
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SembMar in a potential buy-point
Read more @
http://thetradersdiary.blogspot.com/
Cheong liao. win win huat arh.
sgnewbie ( Date: 24-Feb-2012 12:00) Posted:
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I think it is going to move up further from here. May test $5.42...
SMM: 4Q11 results generally inline.
Net profit of $229m (-4% yoy, +3% qoq) was boosted by a $54m tax write back (allowed deduction on FX losses for prior yrs following amicable settlement of disputed transaction).
Operating margin remained robust at 20.2% and was ~4 ppt higher qoq due to, i) seasonally higher repair contributions, and ii) settlement of variation orders.
The co proposed a final div of 6cts and special div of 14cts. This brings total div for FY11 to 25cts (vs 31cts in FY10 on lower special div), and translates to a yield of 4.8%.
SMM ended 4Q11 with an order backlog of $6.3b, while contract flow has been decent ytd with order wins of $1.3b. Mgt guidance remains upbeat, says customer inquiries have increased a lot in the past three months. Sees strong improvement in enquiry levels, across all asset classes incl across jackups, semisub, drillships and offshore production units. HSBC notes Petrobras order momentum flow now has a high likelihood of continuing, as rigs are typically ordered in a series from builders in order to achieve construction and cost efficiency.
Separately, mgt also highlights strong repair jobs potential (from ballast water installation and approved gas cleaning system installation), as IMO's regulatory rules become mandatory for ships.
Citi estimates capex in FY12-13E to be $700-800m (largely for new Tuas facility and Brazilian yard), to be partially debt funded. When operational in 2013, the new Spore yard will double SMM’s pdtn capacity from 1.9m dvt currently.
Citi, Deutsche, Nomura keep at Buy with TP btwn $5.80 – 6.08.
HSBC maintains Overweight, raises TP to $6.35 from $6.05, affirms stock as an Asia HSBC Super Ten portfolio constituent.
JPM keeps at Overweight, raises TP to $6 from $5.40.
Goldman has a Neutral rating with TP $5.10.
From Dow Jones newswires... ...
Sembcorp Shipbuilding: “Fundamentals for the Offshore O& G Industry Remain Intact”
Image courtesy Sembcorp
SINGAPORE (Dow Jones)–Sembcorp Marine Ltd.’s (S51.SG) fourth-quarter net profit fell 4.3% mainly because of lower operating profit from rig building, it said Thursday.
Net profit for the quarter ending Dec. 31 fell to S$229.0 million from S$239.4 million a year earlier, Sembcorp Marine said in a statement to the Singapore Exchange. The result was better than the S$195.2 million average net profit predicted in a Dow Jones Newswires poll of seven analysts.
Revenue during the quarter was S$997.6 million, up 1.5% from S$982.9 million, mainly thanks to revenue recognition from ship conversion and offshore projects. The top-line result was worse than the S$1.20 billion tipped in the poll.
“Despite the global macro-economic uncertainty, fundamentals for the offshore oil-and-gas industry remain intact, underpinned by healthy oil prices and projected increases in exploration and production spending,” the statement said.
“The offshore market continues to display signs of cyclical improvement, especially in the deep- and ultra-deep-water segments fueled by the growing needs of operators in multiple regions, in particular the ‘Golden Triangle’ of Brazil, the Gulf of Mexico and West Africa,” the company said.
Net profit for the full year fell 12.6% on year to S$751.9 million compared with S$860.3 million.
The rig builder currently has a net order book of S$6.3 billion with completion and deliveries stretching until the second quarter of 2015.
-By Matthew Allen, Dow Jones Newswires
Source: http://gcaptain.com
From offshoreenergytoday... ...
Singapore: Sembcorp’s Full-Year Profit Down 13%
Singapore based Sembcorp Marine reported full year net profit at $752 million amid a volatile and uncertain macroeconomic environment that affected the global markets. Group net profit was 13% lower than in 2010 with earnings per share at 36.13 cents. Return on equity was 30%.
Group turnover at $3,960 million was 13% lower compared with that in 2010. This was attributable to the timing, number and value of the projects in varying progressive revenue recognition stages in the three different sectors of rig building, ship conversion & offshore and ship repair.
For the rig building sector, revenue was down 28% from $3.05 billion to $2.21 billion. Three turnkey semi-submersible rigs and two non-turnkey semi-submersible rigs, the resumption of revenue recognition on delivery of Petro Rig III semi-submersible rig and the sale of a CJ-70 harsh environment jack-up rig contributed to the higher turnover in 2010. In comparison, 2011 saw seven of a total of thirteen new jack-up rigs achieving revenue recognition and one unit semi-submersible rig, the Songa Eclipse resuming revenue recognition upon completion and delivery in 3Q.
The ship conversion and offshore sector registered a 31% increase in revenue from $820 million to $1,073 million. The sector saw a total of five deliveries with six other projects in varying stages of construction and five units in the planning stage.
Ship repair revenue in 2011 was $644 million, comparable to the $646 million previously achieved. 264 vessels were repaired with an average value of $2.44 million per vessel.
Group net profit for 2011 at $752 million was 13% lower as compared with $860 million in 2010 due to lower operating profit from rig building projects as well as the receipt of the full and final amicable settlement of the disputed foreign exchange transactions with Societe Generale in 2010. This was offset by the higher interest income received in 2011 for deferred payment granted to customers and write-back of prior years’ tax over-provisions.
Source: http://www.offshoreenergytoday.com
From upstream... ...
Sembcorp reports 13% fall in profits
Sembcorp Marine has reported a 13% fall in net income to $752 million for 2011, citing the volatile and uncertain macroeconomic market for the dip.
Bill Lehane 23 February 2012 11:53 GMT
The Singapore-based contractor’s group turnover also fell 13% to $3.96 billion for the year, a fall which Sembcorp attributed to the “timing, number and value” of its projects in various stages of their contract lifetimes.
The company insisted the outlook for 2012 despite the wider economic uncertainty.
“The fundamentals for the offshore oil and gas industry remain intact underpinned by healthy oil prices and projected increases in exploration and production spending,” Sembcorp commented.
For the rig building sector, revenue was down 28% from $3.05 billion to $2.21 billion in 2011, with Sembcorp citing a lower number of semi-submersible rigs in its revenue cycle for 2011 which saw seven jack-up rigs bear financial fruit.
Revenues in ship conversion and offshore rose 31% from $820 million to $1.07 billion over the year.
Ship repair revenue in 2011 was steady at $644 million compared to $646 million a year earlier.
On a quarterly basis, group net profit was down 4% in the final quarter of 2011 at $229 million from the year-ago period’s $239 million, despite a 2% rise in turnover to $998 million.
Earlier this month, the company secured its first
drillship contract in Brazil at its new shipyard, a facility which Sembcorp says has created a strategic position for it to achieve growth in a booming market.
From channel news asia... ...
From bloomberg... ...
Cosco, Glencore, Sembcorp Marine, Toshiba: Asian Stocks Preview
February 23, 2012, 7:46 AM EST
By Norie Kuboyama and Jonathan Burgos
Feb. 23 (Bloomberg) -- The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses, and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
Casino stocks: Total visitors to Macau rose by 19 percent in January from a year earlier, according to Macau Statistics and Census Service. Visitors from China increased 23 percent, it said. Galaxy Entertainment Group Ltd. (27 HK), an operator of casinos in Macau, added 0.1 percent to HK$18.88. Wynn Macau Ltd. (1128 HK), a unit of the casino operator founded by billionaire Steve Wynn, sank 4.4 percent to H $19.70.
Cosco Corp. Singapore Ltd. (COS SP): The shipbuilding unit of China’s biggest shipping company said full-year net income declined 44 percent to S$139.7 million ($111 million). The stock dropped 3.9 percent to S$1.23.
Elpida Memory Inc. (6665 JT): The maker of semiconductors plans to double its common shares to 800 million to boost capital, according to the company’s statement. The stock jumped 13 percent to 349 yen.
Glencore International Plc (805 HK): Exxaro Resources Ltd. (EXX SJ), a South African miner, said Glencore will pay 939 million rand ($122 million) for a controlling share in the Rosh Pinah zinc mine in Namibia. The Glencore rose 0.1 percent to HK$53.55.
Guotai Junan International Holdings Ltd. (1788 HK): The brokerage said net income for the year ended Dec. 31 rose 15 percent to HK$287.7 million ($37.1 million) from a year ago. The stock rose 5.8 percent to HK$2.54.
Housing Development Finance Corp. (HDFC IN): Citigroup Inc. is selling its entire stake in India’s biggest mortage lender for as much as 102 billion rupees ($2.1 billion), a term sheet obtained by Bloomberg News shows. The bank is offering 145.3 million shares at between 630 rupees and 703.55 rupees apiece, the terms of the sale showed. The sale represents Citigroup’s remaining stake in HDFC, or 9.9 percent, the document showed. HDFC shares closed fell for a fourth straight day, losing less than 0.1 percent to 701.3 rupees.
Meisei Electric Co. (6709 JT): The maker of telephones and related parts cut its net-income forecast by 9.7 percent to 1.49 billion yen for the year ending on March 31, saying bad weather has delayed its reconstruction projects after the March 11 disasters. The stock added 3.2 percent to 97 yen.
Sega Sammy Holdings Inc. (6460 JT): Sega Sammy, a maker of video-game machines, agreed to buy Phoenix Resort K.K. from RHJ International SA for 400 million yen ($5 million) in cash. RHJ will also be reimbursed for 878 million yen in loans granted to Phoenix Resort. Sega Sammy gained 1.1 percent to 1,513 yen.
Singapore Technologies Engineering Ltd. (STE SP): Asia’s No. 1 aircraft maintenance company said full-year net income increased 7 percent to S$527.5 million from the previous year. ST Engineering, as the company is known, added 0.7 percent to S$3.08.
Sembcorp Marine Ltd. (SMM SP): The world’s second-largest builder oil platforms said fourth-quarter net income fell 4.3 percent from a year earlier to S$229 million. That exceeded the S$193.7 million average of 10 analysts’ estimates in a Bloomberg survey. The shares slid 1 percent to S$5.23.
Toshiba Corp. (6502 JT): The electronics maker said it will take $1 billion in loans to cope with the strong yen, according to a statement on its website. The company’s shares rose 0.6 percent to 343 yen.
--With assistance from Kana Nishizawa in Hong Kong and Santanu Chakraborty in Mumbai. Editor: Ravil Shirodkar
To contact the reporters on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net Norie Kuboyama in Tokyo at nkuboyama@bloomberg.net
The earnings beat analysts estimate.
See related news coverage.
sriramanv ( Date: 23-Feb-2012 20:30) Posted:
| Bad results...tomorrow will be bleeding... |
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On Thursday, Sembmar re-test the support at $5.15 and closed at $5.23 with LOW volume of 5.15 million shares traded.
During the past 10 bars, there have been 5 white candles and 4 black
candles for a net of 1 white candle. During the past 50 bars, there have
been 24 white candles and 22 black candles for a net of 2 white
candles.
RSI & MACD are bearish as MACD perform a “death cross” recently.
Important Resistance of Sembmar: $5.45
Immediate Support of Sembmar: $5.15
Currently prices are supported by 20 days MA at $5.15.
For the past 8 trading sessions...........
READ MORE
Bad results...tomorrow will be bleeding...
| Written by The Edge |
| Thursday, 23 February 2012 17:50 |
Sembcorp Marine, the world’s second largest rig-builder, reported a larger-than-expected 26% fall in quarterly net profit as it booked fewer higher-margin projects, reported Reuters.
The company, controlled by Singapore-listed infrastructure conglomerate Sembcorp Industries, earned $177 million in net profit excluding exceptional items for the three months ended December compared to $239.4 million a year ago.
The profit figure was below analysts forecast of $184.1 million. Including exceptional items, the net profit attributable to the owners of the firm would be $229 million.
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20 cents dividends .. ...
Sembcorp Marine: Post Full Year 2011 Net Profit At $752 Million.
23 Feb 2012 17:22
Sembcorp Marine recorded full year net profit at $752 million amid a volatile and uncertain macroeconomic environment that affected the global markets. Group net profit was 13% lower than in 2010 with earnings per share at 36.13 cents. Return on equity was 30%. Group turnover at $3,960 million was 13% lower compared with that in 2010. This was attributable to the timing, number and value of the projects in varying progressive revenue recognition stages in the three different sectors of rig building, ship conversion & offshore and ship repair...Attachments:
Be careful! this mkt is controlled by pro - look at both Wilmar n Genting Sp being dumped after results, even though maiden dividend declared by Genting Sp with earnings of $1 Billion nett oso not enough.
New123 ( Date: 20-Feb-2012 11:50) Posted:
| Result will be out on 23rd Feb. Will they be declaring special dividend this round??? |
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Result will be out on 23rd Feb. Will they be declaring special dividend this round???
Sembcorp Marine: CIMB maintains O/p with $6.28 TP. Note that Weaker-than-peers’ order pace in 2011 could have been a blessing in disguise as SMM’s yard now welcomes fast-track projects with high
margins and contract values for 2012/13 deliveries. 2012 is set to be a blockbuster year as yard orders top S1.2bn YTD.
Sembcorp Marine: Could see positive sentiment, after Co. announced this morning that it has announced a new order worth US$213m for a jack-up rig for customer Safin Gulf. The rig is due for delivery in Nov12, which is a relatively short time of less than a yr, (typically jack-up built from scratch takes around two years)
Kim Eng suspect that the rig may have been pre-built by SMM, hence the faster lead time and a significant premium pricing. Previously, the same class of rig sold for US$192m. While waiting further updates from Co, contract win itself is positive for SMM, and news could propel share price higher.
Ytd grp has already secured contracts of $1.26b vs $3.9b for FY11, and if momentum continues, we do not rule out that FY12 could be the yr for SMM, which a few houses have already been tipping since the start of the yr.
Kim Eng maintains Buy recommendation with $5.58 TP.
