Sembcorp Marine

Sembcorp Marine:

Key highlights: For the three months to March 31, 2018  Revenue of $1.18 billion. 
Net profit of totalled $5.3 million. 

EPS of 0.25 cents .
A drop if 86% as compared to last year EPS of 1.77 cents ( once-off gain ) .

NAV of 1.157
PE of 220 times (0.25 x 4).

Price seems very high at $2.23 per share.

I think It has overrun ahead of it's fundamental.

Not a call to buy or sell.
Please do your due diligence.

Secured $476 million in new contracts in 1Q 2018. Singapore, April 25, 2018: Sembcorp Marine posted Group revenue of $1.18 billion for the three months to March 31, 2018. This compares with $746 million in revenue generated in 1Q 2017 (restated for accounting changes on adoption of SFRS (I)). The higher revenue in 1Q 2018 was largely due to higher recognition on delivery of 2 jackup rigs to Borr Drilling and 1 jack-up rig to BOTL during the quarter. Excluding the effects on the adoption of SFRS(I) 15, revenue would have been $858 million, an increase of 15% compared with 1Q 2017.

Turnover for Rigs & Floaters was $1.02 billion in 1Q 2018, compared with $327 million in 1Q 2017 (restated for accounting changes on adoption of SFRS (I)). The higher revenue was related to recognition of the Borr Drilling and BOTL jack-up deliveries as well as higher floaters revenue on recognition of the Johan Castberg project. Offshore Platforms revenue was $62 million in 1Q 2018 compared with $302 million in 1Q 2017 due to completion of existing projects. During the quarter, revenue from the remaining work for the three topside modules for the Culzean platform topsides continued to be booked progressively. Delivery of the topside modules is scheduled for June 2018. Revenue from Repairs & Upgrades totalled $79 million for 1Q 2018 compared with $95 million in 1Q 2017 on fewer ships repaired. A total of 80 ships and other vessels were repaired or upgraded in the first quarter of this year compared with previously.