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Brokers' take

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Capital expenditure for yards slowed down considerably to S$102 million in Q1 2016 (excludes S$47 million for Gravifloat), though it is unclear whether the run rate will remain the same for the rest of the year.

Sembcorp Marine | Sell

Target price: S$1.14

April 28 close: S$1.685

OCBC Investment Research, April 28

Capital expenditure for yards slowed down considerably to S$102 million in Q1 2016 (excludes S$47 million