SembCorp 1QFY16

Summary of Sembcorp’s 1Q2016 Financial Results
 Turnover at S$1.9 billion, down 19%



 Profit from Operations* at S$237.5 million, down 6%

 Net Profit at S$107.0 million, down 25%

 EPS at 5.5 cents

 ROE (annualised) at 6.7%

Group Net Profit

  (S$M) 1Q16 1Q15 Δ%

Utilities 75.2  74.5 1

Marine 33.5  64.7 (48)

Urban Development 1.2 1.1 14

Other Businesses 9.1 9.7 (7)

Corporate* (12.0) (7.8) (54)

 

TOTAL NET PROFIT 107.0 142.2 (25)

  *
 

SembCorp Industries 1QFY2015

Revenue                                 = $2,338m
Profit From Ops                     = $254m
Net Profit                                = $142m
EPS                                         = 7.8 cents
DPU                                        = NA
ROE                                       = 9.7%
Interest Cover                         = 9.7X
NAV                                       = $3.31

Utilities contribute $74.5m net profit whereby $30.9m came from Singapore. The breakdown of the $30.9m are as follows Energy ($12.2m), Water ($8.9m) and Onsite Logistics & Solid Waste ($9.8m).

SembCorp Industries FY14

Revenue                                 = $10.9b
Profit From Ops                     = $1.3b
Net Profit                                = $801.1m
EPS                                        = 44.3 cents
DPU                                       = 11 cents final (FY14 - 16 cents)
ROE                                       = 15.2%
Interest Cover                         = 20.8X
NAV                                       = $3.15

Currently Marine constitute about 43% of net profit. The rig segment is hit by low oil prices but the ship repair segment is ok.At current prices of about $4.2, PE is less than 10, not bad  for a STI company carrying low level of debt.P/B is not high either at 1.33. If price dip below $4, I may add.

SembCorp 1QFY2014

Revenue                       = $2,627M
Net Profit                     = $185M
EPS                             =  10.3 cents

Profit From Operations
Utilities                         = $91.6M
Marine                          = $74.3M
Urban Dev                    = $19.5M
Other Businesses          = $8.3M
Corporate                    = ($8.9M)
Total                            = $184.8M

Financial Indicators
NAV                             = 3.04
Interest Cover               = 17.8
ROE                             = 13.5%
ROTA                          = 7.5%
Gearing Ratio               = NET CASH

SembCorp 4QFY2013

Revenue                       = $2,974M
Net Profit                     = $224M
EPS                             =  12.4 cents (Annualized 45.7 cents)

Profit From Operations
Utilities                         = $93.1M
Marine                          = $186.4M
Urban Dev                    = $39.3M
Other Businesses          = $7.1M
Corporate                    = ($4.3M)
Total                            = $321.6M

Financial Indicators
NAV                             = 2.93
Interest Cover               = 12
ROE                             = 17.1%
Gearing Ratio               = NET CASH
Free Cash Flow            = $1,429M

SembCorp 2QFY2013

Revenue                       = $2,499M
Net Profit                     = $165M
EPS                             =  9.3 cents

Profit From Operations
Utilities                         = $170.5M
Marine                          = $155.4M
Urban Dev                    = ( $4.4M)
Other Businesses          = $4.4M
Corporate                    = (28.11.0M)
Total                            = $297.8M

1HFY2013 Financial Indicators
NAV                            = 2.54
Interest Cover               = 10
ROE                             = 14.6%
Gearing Ratio                = 0.10
Free Cash Flow            = $828M

SembCorp 1QFY2013

Revenue                       = $2,350M
Net Profit                     = $177M
EPS                             =  9.9 cents

Profit From Operations
Utilities                         = $145M
Marine                         = $148.5M
Urban Dev                   = $7.3M
Other Businesses          = $13.5M
Corporate                    = ($1.0M)
Total                            = $313.3M

NAV                            = 2.62
Interest Cover               = 10
ROE                             = 14.6%
Gearing Ratio                = 0.07
Free Cash Flow            = $353M

Sembcorp Q4FY2012

Revenue                       = $2,815M
Net Profit                     = $205M
EPS                             =  11.5 cents

Profit From Operations
Utilities                         = $153.5M
Marine                         = $158.6M
Urban Dev                   = $20.9M
Other Businesses          = $1.8M
Corporate                    = ($0.9M)
Total                            = $333.9M

NAV                            = 2.52
Interest Cover               = 10
ROE                             = 17.5%
Gearing Ratio                = 0.07
Free Cash Flow            = $689M (FY2012)

Sembcorp Q3FY2013

Revenue                       = $2,274M
Net Profit                     = $181M
EPS                             =  10.1 cents

Profit From Operations
Utilities                         = $155.2M
Marine                         = $138.6M
Urban Dev                   = $7.7M
Other Businesses          = $11.5M
Corporate                    = ($3.0M)
Total                            = $310.0M

NAV                            = 2.40
Interest Cover               = 11
ROE                             = 17.0%
Gearing Ratio                = 0.09
Free Cash Flow            = $244M (9MFY2012)

SembCorp 2QFY2012

Revenue                       = $2,668M
Net Profit                     = $191M
EPS                             =  10.7 cents

Profit From Operations
Utilities                         = $155.2M
Marine                         = $170.8M
Urban Dev                   = $9.6M
Other Businesses          = $4.5M
Corporate                    = ($3.8M)
Total                            = $336.3M

NAV                            = 2.30
Interest Cover               = 13
ROE                             = 17.1%
Gearing Ratio                = 0.04
Free Cash Flow            = $35M (1HFY2012)