- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
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.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 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
