Keppel Corp 01 (May 08 - Dec 14)

[winston]

Not vested

Limited upside

Having increased our 2012 net-profit forecast by 18%, we raise our sum-of-the-parts target price by 22% to S$13.

The stock will be driven by strong property earnings and new O&M orders. However, with only 10% upside to our target price and trading on 16.4x FY11CL PE, we downgrade the stock from BUY to Outperform.

In the event that oil prices stay above US$100, we could see another 19% upside to our target price.

Source: CLSA

[winston]

Not vested

RESEARCH ALERT-CLSA downgrades Keppel Corp to outperform

SINGAPORE, Feb 8 (Reuters) - CLSA Asia Pacific has downgraded Keppel Corp , the world's largest oil rig builder, to outperform from buy, but raised its target price by 22 percent to S$13.

STATEMENT: CLSA said it downgraded Keppel Corp because there is only 10 percent upside to its target price and the stock is trading at 16.4 times price-earnings ratio for the 2011 financial year.

But the brokerage said it expects Keppel Corp to get new orders worth S$8.7 billion ($6.8 billion) in 2011, compared with S$3.2 billion last year, as more companies replace their jack-up rigs and demand from customers remains robust.

CLSA added that strong residential sales will be the main earnings drivers as Keppel Land , the property arm of Keppel Corp, sells the luxury Reflections project in Singapore at healthy margins and continues selling homes in China and Vietnam.

The capacity expansion at the Keppel Merlimau Cogen power plant on Singapore's Jurong Island and the new contract for an energy-from-waste project in the United Kingdom will also drive growth in Keppel Corp's infrastructure business, CLSA said.

At 0258 GMT, Keppel Corp shares were down 0.2 percent at S$11.80 on a volume of 803,000 shares.


Source: Reuters

[LenaHuat]

昨天在“俄罗斯——新加坡商业论坛”上讲话的知名俄罗斯企业家都认为，新加坡是亚洲地区甚至是全球最亲商的国家，他们因此鼓励更多俄国企业到这里进行投资，进军崛起的亚洲市场。我国的吉宝企业和淡马锡控股的独资子公司星桥国际（Singbridge International）则表示将在俄罗斯市场发展业务。

　　对新加坡的吉宝企业来说，俄罗斯并非新的市场，它曾为俄罗斯石油公司Lukoil建造破冰船，以及为俄国企业建造钻油台。吉宝企业总裁朱昭明表示，集团将继续扩大在俄罗斯的业务，包括房地产、可持续性基础设施及岸外与海事业务。

Temasek's subsidiary and KepC are planning to invest in Russia (in infrastructure, real estate and marine engineering projects). Russia is no stranger to KepC as it has built ice breakers and rigs for Lukoil.

Still awaiting for the first move into Russia. If it takes place, this ticker is going places

[winston]

Not vested

RESEARCH ALERT-UOB upgrades Keppel to buy from sell, target S$13

SINGAPORE, Feb 21 (Reuters) - UOB Kay Hian upgraded Keppel Corp , the world's largest oil rig builder, to buy from sell and raised its target price to S$13.00 from S$9.70.

STATEMENT: UOB said it raised its estimates for Keppel due to its strong order wins of S$3.7 billion in the first two months of the year, which have already surpassed 2010's total orders of S$3.2 billion.

The brokerage now expects Keppel to win S$7 billion worth of contracts this year, up from its previous estimate of S$4 billion.

It has also raised its pre-tax margin assumptions for Keppel in 2012 and 2013 by 1.5 percentage point to 15 percent.

Shares of Keppel were 1.4 percent lower at S$11.56 at 0237 GMT but have risen 2.1 percent so far this year.


Source: Reuters

[winston]

Not vested

RESEARCH ALERT-RBS downgrades Keppel Corp to hold; target S$13.50

SINGAPORE, April 21 (Reuters) - RBS has downgraded Singapore's Keppel Corp , the world's biggest oil rig builder, to hold from buy, but maintained its target price of S$13.50.

STATEMENT: Keppel Corp reported a better-than-expected 7.8 percent rise in quarterly net profit on Wednesday, helped by better margins from its offshore and marine business, while new orders for oil rigs rebounded. [ID:nL3E7FJ1BZ]

RBS said it had increased its offshore order estimate for 2011 to S$6 billion ($4.8 billion) from S$5.2 billion, but it downgraded its rating as it believed there is limited upside to Keppel Corp's share price.

The brokerage said it prefers Sembcorp Marine for near-term order win potential as Keppel Corp's 2012 slots are nearly full.

It added that Sembcorp Marine tends to outperform substantially when order momentum improves and the stock has only performed in line with Keppel Corp year-to-date.

Keppel Corp shares closed at S$12.72 on Wednesday. The stock has risen 12.6 percent so far this year.

Sembcorp closed on Wednesday at S$5.94, up 10.6 percent from the start of the year.

Source: Reuters

[Muhajir]

-not vested

Singapore's Keppel unit wins $260 mln contract

SINGAPORE, Jun 13 (Reuters) - Keppel FELS, a unit of Keppel Corp <KPLM.SI>, has been awarded a $260 million contract to build a semi-submersible rig for Floatel International <FLOA.OL>, the company announced on Monday. Delivery is scheduled for the first quarter of 2014.

Floatel said on Friday in Oslo that the total project price would reach $283 million including project management, contingencies, spare parts, financing costs and pre-operation costs.

Keppel Corp owns a 31.7 percent stake in Floatel.

Keppel also said its shipyard unit was on track to deliver a converted floating, production, storage and offloading vessel to Malaysia's Bumi Armada Bhd that will be deployed in oil fields off Vietnam.

Source: Reuters

[winston]

Not vested

Singapore's Keppel Corp , the world's largest oil rig builder, may be in focus after reporting a better-than-expected 9.3 percent rise in second-quarter net profit as margins from its offshore and marine business remained high.

Bank of America Merrill Lynch raised its target price on Keppel to S$13.15 from S$12.07 on the back of the firm's stronger-than-expected profit margins. It maintained its buy call.

Source: Reuters

[winston]

Not vested

KEPPEL CORP - Keppel Corp, the world's largest rig-builder expects demand for rigs to remain sustainable as long as oil prices remained above $80 a barrel, the head of its offshore and marine business said on Saturday.


Source: Reuters

[winston]

Not vested

Keppel Corp (S$8.74/BUY/TP: S$13.35)

High earnings visibility. Share price has fallen 21% since end-Jul 2011. We expect short term O&M order book momentum to slow down due to the uncertainty in the capital market and volatile crude oil prices, but positive long term trend for asset replacement remains intact.

Keppel has high earnings visibility as more than 75% of its offshore marine earnings are back by current order book of S$9.5b and recurring jobs from ship repairs and conversions.

Share price is now trading at 10.5x FY12F and offers 4.6% net dividend yield.

Our SOTP-derived TP of S$13.35 implies 16x FY12F P/E.

Source: DMG

[winston]

not vested

Singapore's Keppel Corp, the world's largest oil rig builder, said on Tuesday its unit in China had secured a contract worth S$143 million ($115.7 million) to build a floating crane.

Source: Reuters