- Record FY10 core PATMI of S$808m, 6% above our consensus numbers
- Generous final and special DPS of 31.0 Scts
- Orders to catch up; FY11 order wins raised to S$5bn; Raised FY11/12F earnings by 9% each
- Maintain BUY, TP raised to S$6.63
Record year, record payout. SMM posted record core PATMI of S$808m (+14% y-o-y) for FY10, mainly on the resumption of profit recognized from CJ-70 jackup rig, execution of repeat rig orders, as well as fast track recognition of the jackup sold to Transocean in 4Q10. EBIT margins also expanded 5.6ppt yoy to 20.7%. With its record performance and cash horde, SMM proposed a final and special DPS of 6.0 / 25.0 Scts (total FY10 DPS of 36.0 Scts vs FY09: 15.0 Scts); translating to 6.9% yield.
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