SembCorp Industries

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Usually I don't really want to comment too much on brokers' report but her NAV stated on the front page for 2020F is $1.77 and $1.95 for 2021F. You have to exclude $325m minority interest on the balance sheet that's not the listco shareholders' equity.

I think the writeoff will hit 3Q PnL and not just a simple spin off from equity line as guided by manangement, but marginal impact on NAV as it's an accounting treatment, though my own NAV guesstimate is about 10% lower

(20-09-2020, 11:15 PM)Curiousparty Wrote: CIMB report => Dec 20F => Total equity = $3487 mil => $1.95.

Currently only trading at 0.67 P/BV.

don't expect SCI's price to double a few times like iFast in the next few years. But hitting $2 should not be a tall order.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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Usually I don't really want to comment too much on brokers' report but her NAV stated on the front page for 2020F is $1.77 and $1.95 for 2021F. You have to exclude $325m minority interest on the balance sheet that's not the listco shareholders' equity.

I think the writeoff will hit 3Q PnL and not just a simple spin off from equity line as guided by manangement, but marginal impact on NAV as it's an accounting treatment, though my own NAV guesstimate is about 10% lower

(20-09-2020, 11:15 PM)Curiousparty Wrote: CIMB report => Dec 20F => Total equity = $3487 mil => $1.95.

Currently only trading at 0.67 P/BV.

don't expect SCI's price to double a few times like iFast in the next few years. But hitting $2 should not be a tall order.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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I feel that valuation for utilities should be tied more strongly to the earning power , ie the future potential EPS.

In this regard , I would go for PE valuation method rather than Book Value method .

Tks .
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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I feel that valuation for utilities should be tied more strongly to the earning power , ie the future potential EPS.

In this regard , I would go for PE valuation method rather than Book Value method .

Tks .
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]
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(21-09-2020, 11:01 AM)specuvestor Wrote: I think the writeoff will hit 3Q PnL and not just a simple spin off from equity line as guided by manangement, but marginal impact on NAV as it's an accounting treatment, though my own NAV guesstimate is about 10% lower

Think it is around fair value here as a utility with results in 2 weeks and STI rebal coming
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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(21-09-2020, 11:01 AM)specuvestor Wrote: I think the writeoff will hit 3Q PnL and not just a simple spin off from equity line as guided by manangement, but marginal impact on NAV as it's an accounting treatment, though my own NAV guesstimate is about 10% lower

Think it is around fair value here as a utility with results in 2 weeks and STI rebal coming
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
Reply


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