Seatrium - CGS-CIMB Research 2023-06-01: Singapore Investigation Into Brazil Yard

Seatrium - Singapore Investigation Into Brazil Yard

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • Seatrium announced that the Corrupt Practices Investigation Bureau (CPIB) Singapore has commenced investigations against Seatrium on alleged corrupt offences that occurred in Brazil prior to 2015. Seatrium is fully cooperating with CPIB in its investigations.
  • - Read this at -
  • We estimate that, as at end-May 23, Petrobras orders accounted for ~50% of its ~S$23.6bn orderbook (as at end May-23, in our estimates) for Seatrium.
  • - Read this at -
  • We think that negative newsflow on any form of investigations by authorities could be a near-term overhang for Seatrium's share price until further clarity is provided.
  • Our target price for Seatrium is based on 1.5x CY23F P/B (average from Jan 15 to May 23). Our ADD call on Seatrium is premised on its strong orderbook (~S$23.6bn as at May 23, in our estimates) and a new management as at 1 Mar 23.

Summary of the Brazilian situation

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

LIM Siew Khee CGS-CIMB Research | Izabella TAN CGS-CIMB Research | 2023-06-01

Read also CGS-CIMB's most recent report:
2023-09-06 Seatrium - Visit To FLNG Vessel Gimi.

Previous report by CGS-CIMB:
2023-08-28 Seatrium - Repeated Deepwater Floating Production Unit Order From Shell.

Price targets by 3 other brokers at Seatrium Target Prices.

Listing of research reports at Seatrium Analyst Reports.

Relevant links:
Seatrium Share Price History,
Seatrium Announcements,
Seatrium Dividends & Corporate Actions,
Seatrium News Articles


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