Seatrium - UOB Kay Hian 2024-02-28: 2023 Underying EBITDA & Profit Are Encouraging

Seatrium - 2023 Underying EBITDA & Profit Are Encouraging

Seatrium (SGX:S51) | SGinvestors.ioSeatrium (SGX:S51)
  • Material one-off non-cash write-downs led to the attention-grabbing loss of S$1.9b for 2023; however, we highlight that the Seatrium’s underlying EBITDA rose fivefold to S$628m with a positive trend since 1H22.
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  • The company has proposed a 20-for-1 share consolidation to be approved at its upcoming AGM.

2023 underlying results were better than expected.

  • Seatrium (SGX:S51) reported a net loss of S$1.9b which included one-off non-cash write-downs of S$2b. Excluding these exceptional items, the results were better than expected with underlying 2023 EBITDA, which excludes exceptional items, rising fivefold to S$628m while underlying net loss was S$28m vs S$141m in 2022.
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Composition of the write-downs.

  • These write-downs include S$1.4b for surplus and non-core assets and excess/obsolete inventories identified during its strategic review as well as S$0.6b of provisions for onerous contracts, legal and corporate claims, and merger expenses.
  • Included in the one-off items was a provision for S$182m regarding an in-principle settlement with the Brazilian authorities for Operation Car Wash.

Share consolidation unveiled.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

Adrian LOH UOB Kay Hian Research | 2024-02-28

Read also UOB's most recent report:
2024-03-18 Seatrium - No Surprises At Its Inaugural Investor Day.

Price targets by 4 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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