Written by Bloomberg
Monday, 30 August 2010 12:50
SembCorp Industries plans to sell $200 million of notes under its $1.5 billion medium-term note program, according to a Singapore stock exchange statement.
$100 million of 4.25% bonds will mature in 2025 while a further $100 million of notes which will pay interest of 0.55% more than the six-month Singapore dollar swap offer rate will mature in 2017, the statement said.
Proceeds will be used to repay debt and for general working capital purposes and DBS Group Holdings is managing the sale, the statement said.
Showing posts with label Semb Corp. Show all posts
Showing posts with label Semb Corp. Show all posts
Monday, August 30, 2010
Sunday, August 15, 2010
Aug 13: Genting, Noble, Sembcorp Industries, Wilmar
Written by Bloomberg
Friday, 13 August 2010 08:53
The following companies may have unusual price changes in Singapore trading today. Share prices are from the previous close. Singapore’s Straits Times Index dropped 0.8% to 2,927.04.
Shipping companies: The Baltic Dry Index of commodity-shipping rates rose 2.5% in London yesterday to its highest level since June 29.
Friday, 13 August 2010 08:53
The following companies may have unusual price changes in Singapore trading today. Share prices are from the previous close. Singapore’s Straits Times Index dropped 0.8% to 2,927.04.
Shipping companies: The Baltic Dry Index of commodity-shipping rates rose 2.5% in London yesterday to its highest level since June 29.
Sembcorp Industries +0.7%; Cheaper than unit: RBS
Written by The Edge
Friday, 13 August 2010 11:50
Sembcorp Industries (U96.SG) +0.7% at $4.13 in thin trade, hardly swayed by improved 2Q10 results as investors prefer to wait for outcome of unit SembMarine’s (S51.SG) bids for some of Petrobras’ 28 rig projects, possibly due this month, says Dow Jones.
Shares not expected to clear 10-day moving average, last at $4.22. Still, analysts generally agree valuations remain attractive.
“Sembcorp Industries appears to be a cheaper alternative to ride SembMarine’s increasing newbuild orders,” says Royal Bank of Scotland, which has Buy call with $4.70 target. 2Q10 earnings +13.6% on-year at $161.2 million on higher profits from SembMarine, utilities business.
Profit from utilities division may increase in coming quarters with Sembcorp having completed acquisition of water company Cascal, which should start contributing from 3Q10.
Friday, 13 August 2010 11:50
Sembcorp Industries (U96.SG) +0.7% at $4.13 in thin trade, hardly swayed by improved 2Q10 results as investors prefer to wait for outcome of unit SembMarine’s (S51.SG) bids for some of Petrobras’ 28 rig projects, possibly due this month, says Dow Jones.
Shares not expected to clear 10-day moving average, last at $4.22. Still, analysts generally agree valuations remain attractive.
“Sembcorp Industries appears to be a cheaper alternative to ride SembMarine’s increasing newbuild orders,” says Royal Bank of Scotland, which has Buy call with $4.70 target. 2Q10 earnings +13.6% on-year at $161.2 million on higher profits from SembMarine, utilities business.
Profit from utilities division may increase in coming quarters with Sembcorp having completed acquisition of water company Cascal, which should start contributing from 3Q10.
Saturday, August 14, 2010
Sembcorp Industries - Citi
Buy: Weakness in UK Offset by Strength in Asia & Mid East
Maintain Buy —We still like SCI, given its expansion pipeline in the Utilities division,
and more aggressive acquisition roadmap. The possibility of its Marine division
securing a substantial contract from Petrobras could also be a stock catalyst.
Despite the rise in the share price, Utilities stub valuation is inexpensive at 10.3x
2011PE (vs.15x for regional peers). We maintain our Buy call.
2Q10 Results — PATMI of S$161m (+2% QoQ; +14% YoY) was in-line with mkt
expectations, bringing 1H10 profit to S$320m (48% of our FY10 est). Earnings
growth YoY was largely driven by the grp’s marine business (+18% QoQ; +26%
YoY; 67% of PATMI), which achieved higher gross profitability through i) executing
projects ahead of schedule; and ii) productivity gains. Utilities delivered S$52m
profit (+8%YoY), underpinned by growth from Singapore (+11%) and China,
Vietnam and UAE (+23%). 1H10 (annualized) ROE stood at 18.4%.
Utilities Operations in UK remain challenging.. — 2Q10 PATMI from the group’s
UK operations fell 39% YoY to S$8m due to closure of customer facilities and lower
mkt spreads. Mgmt is in the process of right-sizing operations and expects current
mkt spreads for power to improve in the longer term. New condensing turbines are
being installed to provide flexibility between steam and power production by 3Q11.
The UK enjoyed a S$7.5m one-off gain due to closure of defined benefit pension
scheme to future accrual
.. But experiencing robust growth in other regions— i) Utilities operations in China
grew in 1H10 and poised to continue in 2H10; ii) Capacity expanding in ME, with
Salalah IWPP project to complete in 1H12 and 30% desalination capacity increase
in Fujairah scheduled for completion by end 2013; iii) Establishing wastewater
facility (9,600m3/day) in Tembusu (Jurong Island) by 2Q12 (with key customer,
LANXESS, secured); iv) Acquisition % of Cascal incurred ~S$9m in related cost.
Maintain Buy —We still like SCI, given its expansion pipeline in the Utilities division,
and more aggressive acquisition roadmap. The possibility of its Marine division
securing a substantial contract from Petrobras could also be a stock catalyst.
Despite the rise in the share price, Utilities stub valuation is inexpensive at 10.3x
2011PE (vs.15x for regional peers). We maintain our Buy call.
2Q10 Results — PATMI of S$161m (+2% QoQ; +14% YoY) was in-line with mkt
expectations, bringing 1H10 profit to S$320m (48% of our FY10 est). Earnings
growth YoY was largely driven by the grp’s marine business (+18% QoQ; +26%
YoY; 67% of PATMI), which achieved higher gross profitability through i) executing
projects ahead of schedule; and ii) productivity gains. Utilities delivered S$52m
profit (+8%YoY), underpinned by growth from Singapore (+11%) and China,
Vietnam and UAE (+23%). 1H10 (annualized) ROE stood at 18.4%.
Utilities Operations in UK remain challenging.. — 2Q10 PATMI from the group’s
UK operations fell 39% YoY to S$8m due to closure of customer facilities and lower
mkt spreads. Mgmt is in the process of right-sizing operations and expects current
mkt spreads for power to improve in the longer term. New condensing turbines are
being installed to provide flexibility between steam and power production by 3Q11.
The UK enjoyed a S$7.5m one-off gain due to closure of defined benefit pension
scheme to future accrual
.. But experiencing robust growth in other regions— i) Utilities operations in China
grew in 1H10 and poised to continue in 2H10; ii) Capacity expanding in ME, with
Salalah IWPP project to complete in 1H12 and 30% desalination capacity increase
in Fujairah scheduled for completion by end 2013; iii) Establishing wastewater
facility (9,600m3/day) in Tembusu (Jurong Island) by 2Q12 (with key customer,
LANXESS, secured); iv) Acquisition % of Cascal incurred ~S$9m in related cost.
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