Towards Financial Freedom
Singapore Offshore & Marine (Neutral)
Singapore Offshore & Marine (Neutral): Seadrill said it has ordered two more F&G JU2000E jack-up (JU) rigs from DSIC Offshore for USD230m each. In total, Seadrill has ordered six jack-up orders from Dalian Shipbuilding Industry Offshore (DSIC Offshore) so far in 2013 and has eight such rigs currently under construction by DSIC Offshore, including the two units ordered in Nov 2010. We believe competition in the rig building space remains intense and may persist due to weakness in the commercial shipbuilding market. Rig owners are also drawn to the attractive take-out financing in China, which is the reason why some orders are going to that country despite execution challenges. We maintain our Neutral rating on KEP (TP: SGD11.21) and SMM (SGD4.65) given the limited upside to our TPs. However, we see an opportunity to accumulate on valuations should share prices pull back by another 5% to 10% from current levels. (OSK-DMG)
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
