SembMarine: CS maintains O/p with TP $5.60. House hosted a roadshow in Europe and management highlighted confidence in securing more contracts in 2H11. In the medium term, SMM’s new yard in Spore is likely to increase revenue in the high-margin ship repair business from $646m in 2010 to $1.2-1.3 b in 2014….
Brazil will be its key global base outside Singapore. On a 2011E P/E of 16x, the stock is trading in line with its historical average despite orders expected to return to peak.
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