Brokers' take

Shipyard

DBS Group Research, Aug 24

SEMBCORP Marine (SMM) has entered into a sale and purchase agreement with PPL Holdings Pte Ltd (PPLH) and E-Interface Holdings Ltd (E-Interface) to acquire the remaining 15 per cent stake in its PPL Shipyard Pte Ltd (PPLS) for US$115.1 million cash, at an implied valuation of 1 time price/book value.

PPLH, formerly a wholly owned subsidiary of Baker Technology Ltd, was acquired by Yangzijiang (YZJ, 45 per cent s…