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Wednesday, 6 November 2013

SembMarine slumps to 2-month low on weak margins

[SINGAPORE] Marine and offshore engineering company Sembcorp Marine Ltd dipped to a two-month low on concerns over weak operating margins, while the Singapore benchmark index was flat.

Sembcorp Marine shares fell as much as 3.3 per cent to S$4.35, after reporting disappointing operating margin for the third quarter despite a 12 per cent increase in net profit.

Operating profit margins for the quarter dropped 4 percentage points to 10.1 per cent from a year earlier, while S$0.4 billion in orders were added to its total order wins of S$3.9 billion for the year to date.

"We are concerned that SMM's margins will be under further pressure in the coming quarters and years," said analysts at Religare Capital Markets Ltd in a note.

2 comments:

  1. SMM down today but Sembcorp is up today. Is there a buyback involved? If not, results looming might be good.

    ReplyDelete
  2. Don't think so.

    Last buy back at 4.8227 was on 4 Sep 13.

    ReplyDelete

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