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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 for Gravifloat), though it is unclear whether the run rate will remain the same for the rest of the year. Recall that the group incurred capex of S$905 million in FY15 and S$772 million in FY14, mostly due to the new yards in Singapore and Brazil. Given such, the group's net gearing only inched...

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