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Author: StockFanatic   |   Latest post: Mon, 24 Sep 2018, 01:06 PM

 

Offshore & Marine - 2Q18 preview: stronger qoq for YZJ, hope for dividend for KEP

Author:   |    Publish date:   |  >> Read article in Blog website


■ YZJ could be the only one in the sector to deliver stronger qoq earnings. KEP, SMM and SCI are likely to post weaker qoq earnings.

■ KEP could dish out a special 50th anniversary dividend on stronger balance sheet while SCI should see better utilities earnings with higher load factors in India.

■ YZJ should also see stronger qoq shipbuilding margin with the delivery of some 30 vessels in 2Q18 vs. 9 in 1Q18. There could be a positive impact from a weak Rmb.

■ SMM could see a net loss of c S$20m with little improvement in operating leverage.

Maintain sector Overweight as aggregate valuations are at c 1x CY18FP/BV or -1s.d of its 10-year mean vs. improving ROE of c. 7% . Orders are still the key catalysts. Read More
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