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Semb Corp to file for Indian IPO Post Reply Rate topic
marketuncle Veteran	23-Feb-2018 08:13        marketuncle About Contact  Quote this Post!
x 0   x 0  Alert Admin	Lets see which effect is higher, confirmation of India IPO vs deep dive in 4Q profit. https://www.theedgesingapore.com/sembcorp-list-india-energy-unit-bse-nse-after-strategic-review-reports-846-fall-4q-earnings-228-mil
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john_ric Supreme	23-Feb-2018 07:58        john_ric About Contact  Quote this Post!
x 0   x 0  Alert Admin	net profit down 95%. lao sai.. .
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guards80 Supreme	23-Feb-2018 07:26        guards80 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Better then loss ysh2006      ( Date: 23-Feb-2018 07:26) Posted: Where got good compared last year ? 2c div ni privatise SMM still think it is good Usually spin off IPO subsidary no good for mother share eg Decliut Tritech etc.... guards80      ( Date: 23-Feb-2018 07:01) Posted: Nice result huat ah
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ysh2006 Supreme	23-Feb-2018 07:26        ysh2006 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Where got good compared last year ? 2c div ni privatise SMM still think it is good Usually spin off IPO subsidary no good for mother share eg Decliut Tritech etc.... guards80      ( Date: 23-Feb-2018 07:01) Posted: Nice result huat ah
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guards80 Supreme	23-Feb-2018 07:01        guards80 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Nice result huat ah
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leongyan Master	23-Feb-2018 00:10        leongyan About Contact  Quote this Post!
x 0   x 0  Alert Admin	yup.. fingers crossed. if STI recovers it will bounce back up.. plus CD.. blurtrader      ( Date: 22-Feb-2018 12:35) Posted: highly doubt it will go below $3 Neil was brought in by TH for some corporate movements, i believe... lets see tml morning leongyan      ( Date: 22-Feb-2018 12:23) Posted: keep some bullets to buy below $3... results will be +ve as YTD  9 mths is already above expectations. Marine pulling it down today so good to collect on dips.. with CD everything will be ok temporar
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beginners Veteran	22-Feb-2018 20:33        beginners About Contact  Quote this Post!
x 0   x 0  Alert Admin	Bro try to talk to your mgt next time don?t send Liao. Not only just rape, plus kill. Many years ago keep promoting India tourism as incredible India! You remembered? After the big rape case and the poor girl came to Singapore for treatment. Immediately stop the advertisement of Incredible India tourism promotion on TV. It is not just a rape country, plus incredible with many reported cases after that and recently the poor 5 years old girl whom just only a child. KAMAL0883      ( Date: 22-Feb-2018 11:08) Posted: cannot send female staff overthere ... my bank female colleague sent to India Branch to guide the staff works dare not step out from her hotel for 2 weeks LOL cos everyone know India is a rape country beginners      ( Date: 22-Feb-2018 10:53) Posted: They think is easy at India? They will face a lot roti prata there.
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wehuattogether88 Supreme	22-Feb-2018 14:59        wehuattogether88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	look like Sembcorp Indus price lower..
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spore1 Supreme	22-Feb-2018 12:38        spore1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I think if Tmr dividend is being lowered again then prie may head South!
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blurtrader Master	22-Feb-2018 12:35        blurtrader About Contact  Quote this Post!
x 0   x 0  Alert Admin	highly doubt it will go below $3 Neil was brought in by TH for some corporate movements, i believe... lets see tml morning leongyan      ( Date: 22-Feb-2018 12:23) Posted: keep some bullets to buy below $3... results will be +ve as YTD  9 mths is already above expectations. Marine pulling it down today so good to collect on dips.. with CD everything will be ok temporary blurtrader      ( Date: 22-Feb-2018 10:19) Posted: nice, bought back at 3.31 this morning again
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leongyan Master	22-Feb-2018 12:23        leongyan About Contact  Quote this Post!
x 0   x 0  Alert Admin	keep some bullets to buy below $3... results will be +ve as YTD  9 mths is already above expectations. Marine pulling it down today so good to collect on dips.. with CD everything will be ok temporary blurtrader      ( Date: 22-Feb-2018 10:19) Posted: nice, bought back at 3.31 this morning again
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KAMAL0883 Supreme	22-Feb-2018 11:15        KAMAL0883 About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	go there 36, 28, 36 come back only left 26, 18, 26  wehuattogether88      ( Date: 22-Feb-2018 10:56) Posted: roti prata over there with a huge market better than kaya butter... beginners      ( Date: 22-Feb-2018 10:53) Posted: They think is easy at India? They will face a lot roti prata there.
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KAMAL0883 Supreme	22-Feb-2018 11:08        KAMAL0883 About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	cannot send female staff overthere ... my bank female colleague sent to India Branch to guide the staff works dare not step out from her hotel for 2 weeks LOL cos everyone know India is a rape country beginners      ( Date: 22-Feb-2018 10:53) Posted: They think is easy at India? They will face a lot roti prata there. wehuattogether88      ( Date: 21-Feb-2018 10:51) Posted: Result should be good & big things if unit at India go IPO..
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KAMAL0883 Supreme	22-Feb-2018 11:04        KAMAL0883 About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	LOL ......talking politic or share investment here ? john_ric      ( Date: 21-Feb-2018 16:21) Posted: so ah neh cannot be PM ! KAMAL0883      ( Date: 21-Feb-2018 14:22) Posted: 0k but careful cos ah nay cannot be trusted
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blurtrader Master	22-Feb-2018 10:56        blurtrader About Contact  Quote this Post!
x 0   x 0  Alert Admin	agreed! i hold only 3 lots, worth the risk to see how the roti prata unfolds. News of pending spin off would be good enough to drive price towards book value beginners      ( Date: 22-Feb-2018 10:53) Posted: They think is easy at India? They will face a lot roti prata there. wehuattogether88      ( Date: 21-Feb-2018 10:51) Posted: Result should be good & big things if unit at India go IPO..
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wehuattogether88 Supreme	22-Feb-2018 10:56        wehuattogether88 About Contact  Quote this Post!
x 0   x 0  Alert Admin	roti prata over there with a huge market better than kaya butter... beginners      ( Date: 22-Feb-2018 10:53) Posted: They think is easy at India? They will face a lot roti prata there. wehuattogether88      ( Date: 21-Feb-2018 10:51) Posted: Result should be good & big things if unit at India go IPO..
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beginners Veteran	22-Feb-2018 10:53        beginners About Contact  Quote this Post!
x 0   x 0  Alert Admin	They think is easy at India? They will face a lot roti prata there. wehuattogether88      ( Date: 21-Feb-2018 10:51) Posted: Result should be good & big things if unit at India go IPO..
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blurtrader Master	22-Feb-2018 10:19        blurtrader About Contact  Quote this Post!
x 0   x 0  Alert Admin	nice, bought back at 3.31 this morning again
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john_ric Supreme	21-Feb-2018 16:21        john_ric About Contact  Quote this Post!
x 0   x 0  Alert Admin	so ah neh cannot be PM ! KAMAL0883      ( Date: 21-Feb-2018 14:22) Posted: 0k but careful cos ah nay cannot be trusted  blurtrader      ( Date: 21-Feb-2018 12:14) Posted: alright, i' m in it. I believe Mr Neil has something up for his strategic plan each to his or her own risk appetite :) good luck to yo
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ruanlai Elite	21-Feb-2018 16:16        ruanlai About Contact  Quote this Post! Style: Fundamental   Mood:
x 0   x 0  Alert Admin	20 February 2018 Singapore Company Note Sembcorp Industries | PDF Detaching India? SCI SP / SCIL.SI | ADD - Maintained | S$3.28 tp:S$3.87 Mkt.Cap:US$4,457.00m | Avg.Daily Vol:US$9.56m | Free Float:50.00% Conglomerate Author(s):Siew Khee LIM +65 6210 8664,       ?¡   SCI is streamlining its Indian operations under SEIL for greater synergy. ?¡   This could be a precursor for the listing of its Indian assets. Pegging to Indian power peers (8-10x 12M forward EV/EBITDA), we estimate SEIL to be worth S$1bn-2.3bn. ?¡   We believe SCI is likely to retain c.40% stake on the Indian assets having spent years developing the market. ?¡   We expect the above to be announced at the company' s full-year results briefing on Friday morning, 23 Feb, together with update on its ongoing strategic review. ?¡   Maintain Add and SOP-based target price of S$3.87.           Streamlining Indian operations Yesterday, SCI announced the reorganisation of its India energy operations to a more streamlined shareholding structure and for greater synergy. The reorganisation will combine its thermal and renewable energy businesses into one entity. The reorganisation comprised: 1) transfer of SCI' s 88% stake in SGPL to TPCIL, now known as Sembcorp Energy India Limited (SEIL) 2) transfer of 12% stake in TPCIL from SCI&rsquo s partner Gayatri Energy Ventures to SEIL and 3) transfer of SCI' s entire 71.6% stake in SGI to SEIL.   SEIL could worth S$1bn-2.3bn if listed We think the reorganisation is a precursor to a listing of its Indian assets. Indian media has reported the potential listing of SCI&rsquo s India operations, which could see the company raising as much as SS$500m-600m (Rs3,200-3,800 crore). Benchmarking to Indian peers that are trading at c.8-10x 12M forward EV/EBITDA, we estimate equity value of SEIL at c.S$1bn to S$2.3bn. We believe SCI is likely to retain c.40% stake in SEIL having spent years developing the market.   Balance sheet to improve If SCI' s Indian operations is detached, we estimate its net gearing will reduce to 0.6x, from 1.1x currently as it carried c.S$3.6bn of debt as of 9M17. SCI&rsquo s earnings could also be boosted as interest costs for Indian assets are at about S$400m p.a. Together with SMM&rsquo s receipt from Borr Drilling (US$500m) for the sale of nine jack-up rigs and US$385m for the sale of semi-submersible rig, Westi Rigel, net gearing could further improve to 0.3x, in our estimate.   What to do with SMM? The market expects some corporate exercise on SCI&rsquo s stake in SMM post the former' s strategic review. We reiterate a few options:- 1) Privatisation of SMM. We are not in favour of this as it will negate the streamlining of its Indian assets. It may not extract the best shareholders' value at c.2.1x 2018F P/BV. 2) Outright divestment. This could unlock S$3.4bn of cash for its 61% stake, although it would then forego the potential upcycle of order recovery. Together with the listing of Indian operations, SCI would be in a net cash position. This would free up capital for investment in other utilities assets.   What to do with SMM? Other options include 3) Dividend in specie. We see this as mildly positive with the deconsolidation of SMM&rsquo s debt. 4) Reducing stake in SMM to below 50%. Again, we think this would be mildly positive with the deconsolidation of debt and the potential of riding the upcycle. However, this would mean the SCI will still be seen as a non-pure play in utilities.   Maintain Add and TP of S$3.87 We see clarity of strategic review as a key catalyst for the stock. Downside risk could come prolonged strategic review that stretches beyond 1Q18F.
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