Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Sembcorp Marine's 1Q15 results is disappointing:- 1Q Revenue is down by 2% YoY, accounting for&nbsp;21% of consensus full year revenue- 1Q Net Profit is down by 14% YoY, accounting for 22% of consensus full year net profitThe worst is yet to&nbsp;come: SMM is still facing cash collection issue with its key customer, Sete Brasil, while Sete Brasil is now expecting to reducing its target rig fleet&nbsp;- order cancellation for SMM is in the horizon. Our base case is a US$2-3bn order cancellation.As a result :- Downward revision driver 1 (near term): There will be more downward earning revision by the street due to lower margins from projects on hand.- Downward revision driver 2 (medium to long term): Even the above is&nbsp;taking place, the estimates has not taken into account 1) the likely order cancellation and 2) under-utilization of its&nbsp;Singapore&nbsp;and Brazil shipyards.&nbsp;&nbsp;

Sembcorp Marine's 1Q15 results is disappointing:- 1Q Revenue is down by 2% YoY, accounting for&nbsp;21% of consensus full year revenue- 1Q Net Profit is down by 14% YoY, accounting for 22% of consensus full year net profitThe worst is yet to&nbsp;come: SMM is still facing cash collection issue with its key customer, Sete Brasil, while Sete Brasil is now expecting to reducing its target rig fleet&nbsp;- order cancellation for SMM is in the horizon. Our base case is a US$2-3bn order cancellation.As a result :- Downward revision driver 1 (near term): There will be more downward earning revision by the street due to lower margins from projects on hand.- Downward revision driver 2 (medium to long term): Even the above is&nbsp;taking place, the estimates has not taken into account 1) the likely order cancellation and 2) under-utilization of its&nbsp;Singapore&nbsp;and Brazil shipyards.&nbsp;&nbsp;

1Q15 results: Immediate earning downward revision; Order cancellation right on the horizon.

Head of Digital Services at Singapore Post Ltd, Singapore Post Limited

Bernard Leong

Head of Digital Services at Singapore Post Ltd

Singapore Post Limited

Thematic (Sector/Industry)

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their current business model in a controlled pace.&nbsp;The trick lies in capital allocation and separation of the products/services moving towards both ends. Digital products often require high cost of acquisition contrary to perception by businesses that it is cheaper against traditional channels.

Digital disruption bifurcates traditional market segmentation

Singapore

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

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Seatrium (STM SP)

1Q15 results: Immediate earning downward revision; Order cancellation right on the horizon.

Sembcorp Marine's 1Q15 results is disappointing:- 1Q Revenue is down by 2% YoY, accounting for 21% of consensus full year revenue- 1Q Net Profit is...

Ke Yan, CFA, FRM

Digital disruption bifurcates traditional market segmentation

How should digital leaders advise businesses? Two ways: target the high and low ends of the market while allowing cannibalisation against their...

Bernard Leong

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52-week Range

Market Cap (USDm)

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