Sembcorp Marine: CIMB maintains O/p with $6.28 TP. Note that Weaker-than-peers’ order pace in 2011 could have been a blessing in disguise as SMM’s yard now welcomes fast-track projects with high
margins and contract values for 2012/13 deliveries. 2012 is set to be a blockbuster year as yard orders top S1.2bn YTD.
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