SMM: (S$1.325) Expensive stake acquisition in PPL Shipyard
-Sembcorp Marine will be acquiring the remaining 15% of PPL Shipyard that it does not own for US$115.1m.
-Although the transaction is priced at expensive 1x P/B, SMM could see the deal as strategic, as it now fully owns PPL Shipyard, which will make it easier for restructuring in the future
-Maybank KE has a Sell call on Sembcorp Marine with TP of $1.00.
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