Towards Financial Freedom
DBS Equity Research: Wired Daily 18 Nov 2015
Marco Polo Marine to cancel rig contract with SembMarine unit
Marco Polo Marine is set to terminate a newbuild contract valued at US$214.3m for a jack-up rig under construction at Sembcorp Marine's85%-owned PPL Shipyard, following the latter's failure to comply with certain of its material contractual obligations. PPL Shipyard disagrees with the allegations and will regard this as repudiatory breach of the contract, and will terminate the contract and claim amounts due under the contract against MP Drilling and its guarantor Marco Polo Marine.
CSE Global's order book remains healthy with outstanding orders worth S$222m (+10 y-o-y) despite the tough market conditions arising from low commodity prices and affecting investments in oil & gas and mining, We believe that CSE will be able to maintain contributions from brownfield and small greenfield projects. However, due to a lack of large greenfield order wins, CSE may face difficulty in achieving our targets for FY15 and FY16. Hence, we have revised down our EPS for FY15F/FY16F by 2%/5%. CSE is also looking to acquire smaller companies which could boost bottom line in the near term. The stock also offers a yield of 5.7% at current prices.
We maintain our neutral stance on Tat Hong as the outlook remains uncertain. P/BV valuations are currently depressed at 0.5x and near -2SD of its 7-year mean. 2Q16 earnings disappointed, but the depressed valuations should have priced in the weak earnings. In addition, we expect the recovery in Tat Hong's earnings to be long drawn on slow mining, oil & gas development and construction activities in Australia.
Q & M Dental Group has decided to proceed with the proposed spin-off listing, by listing its China manufacturing business, Aidite on the New Third Board of the People's Republic of China. The New Third Board is the national securities trading platform of the PRC. It mainly serves innovation-oriented, entrepreneurial and growth medium, small and micro enterprises.
SGX has flagged disclosure concerns over some companies, particularly several with large operations in China. It is closely monitoring disclosures of companies including those which show large swings in financial positions and performance. These companies are mainly from the textile and sporting goods, manufacturing, heavy industries, packaging, electrical and electronics, retail and chemical sectors.
Source: DBS
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