RHB is looking after its "unbiased" approach Sembcorp Marine with a higher target cost of $1.46 notwithstanding enhancing the point of view toward ugly valuation even as it gauges higher FY17 income.
As of now, SembMarine's order book remains at $4.7 billion, a solid blend of drillships, floaters, lift rigs, seaward stages, and semi-submersibles.
While the current order book rejects $3.1 billion of Sete Brasil drillships, RHB says the resumption of the agreement could be an impetus for SembMarine.
In FY16, order book recharging came in at just $320 million, which is the least for as long as eight years. RHB comprehends that the greater part of its order book is on advance installment terms.
With the change in unrefined petroleum costs, SembMarine is encountering an expansion in inquiries for non-penetrating arrangements, which RHB accepts is an indication that improvement tasks are not far-removed.
"We keep up our presumption of $1 billion of the new order book for FY17 originating from floaters, seaward stages, and non-penetrating arrangements," says RHB.
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Our Stock Recommendation : BUY SEMBCORP MARINE AT 1.70 TARGET 1.76, 1.82 SL 1.69 . . . . .
Our Stock Recommendation : BUY SEMBCORP MARINE AT 1.70 TARGET 1.76, 1.82 SL 1.69 . . . . .
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