Results 2nd Quarter earnings up 5% 1st Half earnings up 4% NAV up 12% Earnings Trend Earnings peak at 2010 and crashed along with the European crisis, from 2012-2013 we kinda see them holding well above 500m levels, given the 1H14 results I don't think they would have any problems earning above 500m for the full year 2014, with 550-600 being more likely. Order Book The order books looks pretty solid, with the 12 bil stretching into the next 5 years. As such I do think they should at least be able to maintain earnings and if things goes well, maybe 5-10% annual growth in earnings. Stock Price Down 15% over the last 2 years, which is clearly the opposite direction of the STI. However at 15 times earnings Semb Marine seems fairly priced already, a purchase at such level would have little to no margin of safety. I would ......