SembMarine (S51.SG) is down 1.6% at $4.39, extending Monday's 2.2% fall after an accident at its Jurong Shipyard injured 89 workers. Beyond the human cost of one of Singapore's worst industrial accidents in recent times, an analyst notes the company hasn't come out with any statements on the financial impact or any insurance claims.
"It looks bad, for sure. It's just that we couldn't put a finger on the time of the delay or financial side," he says. "The bigger hit is on the reputation. How will this impact future orders? That's more critical than the single project alone. Obviously, it's a big accident."
Orderbook quotes suggest the stock won't retest its $4.36 intraday low. Parent Sembcorp (U96.SG) is down 2.2% at $4.97.
No comments:
Post a Comment