As of 1 Nov 07, all of SembCorp Marine’s (SMM) forex positions had
been closed. The total potential realized loss announced was US$303m (or
S$439m), of which US$83m had been paid out to an undisclosed bank. On
account of the ongoing investigations, management has not indicated whether
they would be making a provision for forex losses in 2007. This aside, FY07
was an outstanding year for the group due to strong order momentum as well
as the expansion of its operations. The group will be releasing its FY07
results in the coming weeks and we are maintaining our FY07 and FY08
estimates for now.
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