HS-亚太地区-投资策略-新加坡企业集团OM产业复苏之际多元化将带来回报-2020.1.21-47页.pdf
《HS-亚太地区-投资策略-新加坡企业集团OM产业复苏之际多元化将带来回报-2020.1.21-47页.pdf》由会员分享,可在线阅读,更多相关《HS-亚太地区-投资策略-新加坡企业集团OM产业复苏之际多元化将带来回报-2020.1.21-47页.pdf(49页珍藏版)》请在启牛文库网上搜索。
1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.MCI(P)008/02/2019 MCI(P)077/12/2019 Issuer of report:The Hongkong and Shanghai Banking Corporation Limited,Singapore Branch V
2、iew HSBC Global Research at:https:/ Growth to be driven by a diversified strategy,with Sembcorp Industries big in the energy business and Keppel in property Our investment case is driven by this and an improvement in the Singapore Offshore&Marine(O&M)yards in 2020e Upgrade KEP to Buy(from Hold);main
3、tain Buy on SCI and Hold on SMM Credit where credits due:We believe the market does not give sufficient credit to the diversified strategies of Keppel Corp(KEP)and Sembcorp Industries(SCI).Over the years,they have both reduced their exposure away from the O&M business.KEPs property business and SCIs
4、 energy business contribute more than 50%to our valuations and are recurring streams of income.Having said that,the O&M business continues to have an outsized impact on the two companies share prices mainly due to the divisions high historical returns and business volatility.Outlook for 2020e:We lik
5、e the strategy and execution of KEPs property business and SCIs energy business and expect profit to grow for the two divisions in the near term.In the O&M business,we expect new orders of SGD2.5bn for each yard(KEP and Sembcorp Marine(SMM)in 2020e,more than they won in 2019.While we do not expect a
6、 rebound in rig orders,there are niche areas(such as FPSOs,FLNGS,and renewables)where the Singapore yards may receive orders and where we are optimistic.In addition,we believe the period of provisions and one-offs is behind us and the near-term outlook for profitability in the O&M business is relati
7、vely clearer from 2020e onwards.Key events to watch in 2020:We expect SCI and KEP to remain in the headlines in 2020e.They are likely to be event-driven,ranging from an update on Temaseks bid for an increased stake in Keppel and consequently a strategic review,an update on the settlement of Sete Bra
8、sils contracts,possible corporate actions related to the unlocking of value in SCIs energy business and KEPs property business,and refinancing at Sembcorp Marine(SMM,whose parent is SCI).Upgrade KEP to Buy;maintain Buy on SCI and Hold on SMM:In this report,we make a number of rating,target price and
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