Financials Seatrium Limited

Equities

Market Closed - Singapore S.E. Other stock markets 05:12:55 2024-05-31 am EDT			5-day change	1st Jan Change
1.76 ^SGD	-5.38%		+11.39%	-25.42%

May. 29	News Highlights : Top Energy News of the Day - Wednesday at 4 AM ET	DJ
May. 28	Citi Adjusts Seatrium’s Price Target to SG$2.16 From SG$1.96, Keeps at Buy	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,760	1,795	2,574	4,332	8,050	6,003	-	-
Enterprise Value (EV) ¹	6,772	4,573	4,545	5,330	8,797	6,780	6,279	5,305
P/E ratio	-20.1 x	-1.31 x	-1.26 x	-16.6 x	-3.78 x	36.9 x	15.3 x	12.1 x
Yield	-	-	-	-	-	0.45%	1.93%	2.23%
Capitalization / Revenue	0.96 x	1.19 x	1.38 x	2.22 x	1.1 x	0.78 x	0.63 x	0.58 x
EV / Revenue	2.35 x	3.03 x	2.44 x	2.74 x	1.21 x	0.88 x	0.65 x	0.51 x
EV / EBITDA	88.9 x	-12 x	-4.42 x	-803 x	37.3 x	9.64 x	6.18 x	4.59 x
EV / FCF	-11.1 x	-5.45 x	-7.16 x	5.25 x	18.1 x	-36.2 x	8.08 x	7.55 x
FCF Yield	-9.04%	-18.4%	-14%	19.1%	5.51%	-2.76%	12.4%	13.2%
Price to Book	1.27 x	0.49 x	0.64 x	1.15 x	1.24 x	0.91 x	0.86 x	0.81 x
Nbr of stocks (in thousands)	104,545	627,761	1,569,342	1,569,455	3,410,854	3,410,854	-	-
Reference price ²	26.40	2.860	1.640	2.760	2.360	1.760	1.760	1.760
Announcement Date	2/19/20	2/22/21	2/25/22	2/27/23	2/26/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,883	1,510	1,862	1,947	7,291	7,744	9,593	10,333
EBITDA ¹	76.15	-379.8	-1,028	-6.634	236	703.5	1,016	1,155
EBIT ¹	-138.8	-581.5	-1,224	-206.4	-1,573	283	604.5	753.2
Operating Margin	-4.81%	-38.51%	-65.73%	-10.6%	-21.57%	3.65%	6.3%	7.29%
Earnings before Tax (EBT) ¹	-177	-670.7	-1,255	-239.7	-1,939	199	466.3	562.1
Net income ¹	-137.2	-582.5	-1,171	-261.1	-1,940	183.2	489	613.5
Net margin	-4.76%	-38.57%	-62.86%	-13.41%	-26.61%	2.37%	5.1%	5.94%
EPS ²	-1.314	-2.176	-1.298	-0.1660	-0.6240	0.0477	0.1147	0.1451
Free Cash Flow ¹	-612.4	-839.1	-634.8	1,016	484.9	-187.4	777.2	702.8
FCF margin	-21.25%	-55.56%	-34.09%	52.18%	6.65%	-2.42%	8.1%	6.8%
FCF Conversion (EBITDA)	-	-	-	-	205.48%	-	76.5%	60.84%
FCF Conversion (Net income)	-	-	-	-	-	-	158.91%	114.56%
Dividend per Share ²	-	-	-	-	-	0.008000	0.0340	0.0392
Announcement Date	2/19/20	2/22/21	2/25/22	2/27/23	2/26/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,012	2,777	1,972	998	747	777	276	-
Net Cash position ¹	-	-	-	-	-	-	-	698
Leverage (Debt/EBITDA)	52.68 x	-7.312 x	-1.919 x	-150.4 x	3.165 x	1.104 x	0.2718 x	-
Free Cash Flow ¹	-612	-839	-635	1,016	485	-187	777	703
ROE (net income / shareholders' equity)	-6.12%	-20%	-30.5%	-6.7%	-37.9%	2.43%	6.61%	8.11%
ROA (Net income/ Total Assets)	-0.66%	-6.68%	-12.8%	-2.84%	-15.3%	1.13%	2.85%	3.57%
Assets ¹	20,637	8,720	9,135	9,201	12,664	16,287	17,160	17,200
Book Value Per Share ²	20.80	5.840	2.550	2.400	1.900	1.920	2.050	2.170
Cash Flow per Share ²	-2.840	-2.800	-0.6500	0.6600	0.1900	0.1700	0.2400	0.2600
Capex ¹	316	89.2	45.7	23.3	116	140	140	131
Capex / Sales	10.97%	5.91%	2.46%	1.2%	1.59%	1.81%	1.46%	1.27%
Announcement Date	2/19/20	2/22/21	2/25/22	2/27/23	2/26/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.76 SGD

Average target price

2.833 SGD

Spread / Average Target

+60.97%

	1st Jan change	Capi.
SEATRIUM LIMITED	-25.42%	4.44B
CHINA CSSC HOLDINGS LIMITED	+26.15%	22.94B
CHINA SHIPBUILDING INDUSTRY COMPANY LIMITED	+22.76%	15.96B
HD KOREA SHIPBUILDING & OFFSHORE ENGINEERING CO., LTD.	+7.86%	6.67B
YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.	+53.02%	6.66B
HANWHA OCEAN CO., LTD.	+18.33%	6.58B
COCHIN SHIPYARD LIMITED	+187.70%	6.14B
SAMSUNG HEAVY INDUSTRIES CO., LTD.	+18.19%	5.66B
CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED	+38.96%	4.15B
HD HYUNDAI MIPO CO.,LTD.	-14.96%	2.08B