Daily Morning Note – 23 February 2018
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Sembcorp Industries Ltd announced FY2017 results and unveiled a new strategy for the future. Summary of Sembcorp’s FY2017 Financial Results: 1.Turnover at S$8.3 billion, up 6%; 2.Profit from Operations* at S$795.3 million, down 13%; 3.Net Profit at S$230.8 million, down 42%. Highlights of the new strategy: 1. Reposition the Utilities business across certain developing and developed markets (Singapore & Southeast Asia; China; India and the UK).
Divest a number of peripheralutilities assets and propose IPO of Sembcorp Energy India Limited. 3.Double its renewables portfolio to approximately 4,000 megawatts by 2022. 4. Continue to support Sembcorp Marine through the cycle.
Sanli Environmental Limited – Sanli Environmental Limited (“Sanli” and together with its subsidiaries, the “Group”), an environmental engineering company with more than ten years of experience and over 1,000 completed projects in the field of water and waste management under its belt, has announced that it has secured four new Engineering, Procurement and Construction (“EPC”) contracts (“Contracts”) worth a total of S$18.1 million, bringing the Group’s order book to S$121.3 million.
SUTL Enterprise Limited – SUTL Enterprise Limited (“SUTL Enterprise” or the “Group”), a leading marina infrastructure developer and owner of the ONE°15 brand, has entered into a conditional sale and purchase agreement (the “Agreement”) to acquire a 60% stake in Makham Bay Marina Co., Ltd. (“MBM”) for S$5.6 million. The project’s total construction cost is estimated to be S$24.3m.
Source: SGX Masnet, Phillip Securities Research
Clients of Phillip Securities can keep updated with Country Strategy and Singapore Sector Reports by logging into: www.poems.com.sg > STOCKS > Research
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