SembCorp Industries

SembCorp Industries: SCB has earnings preview. House saw a maintenance shutdown; weaker marine masked robust utilities performance in 2012. Estimate Sembcorp Industries (SCI) 4Q12 net profit will be down 24% YoY, at $190m. Forecast earnings from Sembcorp Marine (SMM) will fall 28% YoY and utilities profit will be down 24% YoY. 4Q12 utilities earnings factor in the impact of maintenance shutdown at its Jurong Island power plant in Dec12. For FY12E, forecast SCI‟s net profit to be 9% lower at $739m, dragged by weak marine performance (SMM FY12E down 32%). However, utilities‟ earnings will be up 18% YoY, driven by robust performance in its key SG market.