SembCorp Marine ..Ho Hum..ZZzzzzzz

Was searching for the latest statements for SembMarine and spotted the error in their investor relations page. 2007 instead of 2008. But we digress..this is not impt

See below: Net Profit Margin at 9.6% ( Compare with Cosco's 18%!)
See below: Current Asset(CA) greater then Current Liabilities(CL)! (while Cosco's CA is lower than CL)

See Below: Since Sembmarine's bulk of its business comes from Rigbuilding, we decided to look at the utilization rates (2nd light blue table below) of rigs world wide to try to infer activity which is related with the demand for rigs. Well Well Well..so far so good, no dip in utilization rates (in fact it has increased, slightly, now at 89% vs 87.5% a month ago, hmm even though the price of oil has gone down!).(Actually we are watching CNBC now seeing the price of oil dipping like a dipstick to 76! Cheap Petrol..Yahoo!)

Really, SembMarine to SGDividends is So So..not good not bad..not here not there...but it will definitely be out of our watchlist. Its average fundamentally, we think!

Important: The objective of the articles in this blog is to set you thinking about the company before you invest your hard-earned money. Do not invest solely based on this article. Unlike House or Instituitional Analysts who have to maintain relations with corporations due to investment banking relations, generating commissions,e.t.c, SGDividends say things as it is, factually. Unlike Analyst who have to be "uptight" and "cheem", we make it simplified and cheapskate. -The Vigilante Investor, SGDividends Team