I thought I may have missed out on Sembcorp Industries for the second time when IT rebounded from a low of $4.80 to $5.15. People may prefer Sembcorp Marine since it distributes a larger dividend and have a higher ROE. To me, ROE and margins that are huge are only good to you if you can protect yourself from competition. Most of the time a company will find it difficult. Yangzijiang, other China and Korean shipyards are starting to develop capabilities of building rigs and customers are getting demanding since there are more bidders and economic climate are not so good. As such, the contracts gotten now are not as fat. A large part of Sembcorp Marine and Keppel Corps’ share valuation is due to their Rig building and similar capabilities. We should be valuing future cash flow. As such I see a recurring utilities revenue to be ......