Keppel Corp 01 (May 08 - Dec 14)

[winston]

not vested

RESEARCH ALERT-OCBC cuts target on Keppel Corp to S$12.12

SINGAPORE, Sept 14 (Reuters) - OCBC Investment Research has cut its target price on Singapore oil rig builder Keppel Corp to S$12.12 from S$12.92 but maintained its buy rating.

STATEMENT: OCBC said its earnings estimates for Keppel Corp's 2012 fiscal year and beyond could be at risk, if the global economy worsens in the coming quarters, especially in a situation of tighter financing.

Keppel Corp's property arm, Keppel Land , also faces headwinds as the uncertain economic outlook is expected to affect demand for office space, OCBC said, adding that rentals could dip with more office supply coming onstream.

However, the broker said Keppel Corp has a robust order book of S$9.1 billion ($7.3 billion) that extends till 2014 and the rig builder is supported by its strong balance sheet and track record.

Keppel Corp has also been improving its efficiency and product offering, OCBC said. At 0201 GMT, Keppel Corp shares were up 0.4 percent at S$8.55. The stock has fallen around 17 percent so far this year.

Source: Reuters

[winston]

not vested.

Singapore's Keppel Corp, the world's largest oil rig builder, said on Thursday its shipyard unit had secured three conversion contracts worth a total of S$142 million ($109.9 million) from MISC Berhad, Dixstone Holdings and Bumi Armada.

Source: Reuters

[Aspellian]

Keppel Corp now below $8 after struggling for a month at $8.50... wonder how much lower it is going to go.

But this time round Keppel Corp seems stronger than previous 08/09 cycles. its order book also much more than SembMarine - this even before the Brazilian contracts are announced.

[winston]

not vested

RESEARCH ALERT-Phillip upgrades Keppel to buy from hold

SINGAPORE, Oct 13 (Reuters) - Phillip Securities has upgraded Singapore oil rig builder Keppel Corp Ltd to buy from hold and raised its target price to S$9.86 from S$8.50.

STATEMENT: Phillip Securities has upgraded its rating and target price for Keppel to take into account potential order wins from Brazil state-run oil firm Petrobras.

"We believe that Keppel stands a high chance of securing some of contracts given the sheer size of the award and that it is separately bidding in three out of seven tenders," Phillip said in a report.

Keppel's strong orderbook and good dividend yield should also limit any downside in its share price at current levels, the brokerage said.

At 0131 GMT, Keppel shares were 0.83 percent higher at S$8.49, and have fallen 17.4 percent since the start of the year.

Source: Reuters

[winston]

not vested

Singapore's Keppel Corp , the world's largest rig builder, may be in focus after saying it saw good prospects for its deepwater business and robust global oil demand.

The company posted on Thursday a 33 percent rise in third-quarter net profit that beat expectations.

Source: Reuters

[winston]

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RESEARCH ALERT-Goldman ups Keppel Corp target to S$8.90

SINGAPORE, Oct 21 (Reuters) - Goldman Sachs has raised its target price on Singapore's Keppel Corp , the world's largest oil rig builder, to S$8.90 from S$8.70 and maintained its neutral rating.

STATEMENT: Keppel said on late on Thursday it saw good prospects for its deepwater business and robust global oil demand after it reported a 33 percent rise in third-quarter net profit that beat expectations.

Goldman said the earnings before interest and tax (EBIT) margins for offshore and marine had increased to 26 percent in the third quarter from 24 percent in the second quarter, due to continually high revenue contribution from pre-crisis orders and operational improvement.

However, the bank noted that cancellations of rig options have accelerated recently, which it saw as a confirmation of a slower industry outlook.

At 0242 GMT, Keppel shares were up 1.3 percent at S$8.89, outperforming the broader Straits Times Index <.FTSTI> which was 0.7 percent higher.

Source: Reuters

[winston]

Keppel Corp says currently not making bid for STX OSV

SINGAPORE, Jan 18 (Reuters) - Keppel Corp Ltd , the world's largest rig builder, said on Wednesday it is not bidding for South Korea's STX Group's 50.75 percent stake in Singapore-listed STX OSV Holdings Ltd .

"The company wishes to state that currently it is not making a bid for a stake in STX OSV," Keppel said in a disclosure to the Singapore Exchange.

South Korea's STX Group said on Tuesday it had chosen JP Morgan and Standard Chartered to manage the sale of the stake. The stake worth around $603 million according to Reuters data.

Source: Reuters

[winston]

not vested

Shares of Keppel Corp , the world's largest rig builder, retreated as much as 0.7 percent though the company reported a 11 percent rise in fourth quarter net profit.

[ID:nL4E8CQ4EE] Some traders said the market had priced in most of the positive news as Keppel's shares jumped about 15 percent so far this year. However, the outlook for the sector is upbeat, with oil prices likely to stay above $80 a barrel.

"Oil and gas industry spending is expected to remain strong and we believe share price could continue to re-rate on Petrobras news," DMG & Partners said in a report.

Source: Reuters

[winston]

not vested

Keppel Corp – 4Q11: Well-placed for a slice of 2012’s higher global E&P spending
(BUY/S$10.76/Target: S$11.50)

FY12F PE (x): 15.5
FY13F PE (x): 13.7

Keppel Corp’s (Keppel) results excluding exceptionals were within our expectation.

A final DPS of 26.0 cents has been declared.

Keppel reported a net profit (ex-exceptionals) of S$1,491.2m (+14% yoy) for 2011 with the O&M and property segments accounting for 71% and 20% of total earnings respectively, followed by the infrastructure (6%) and t(he investments segment (3%). 4Q11’s net profit (ex-exceptionals) came in at S$389m (+10% yoy).

Profit from the infrastructure division increased 26% yoy to S$120m as a result of better performance from Keppel Energy, but partly offset by losses from KIE.

The higher property earnings were due to higher contributions from several residential projects in Singapore, China and Vietnam.

Maintain BUY. We tweak our target price marginally upward from S$11.30 to S$11.50 (cum-dividend).

We value Keppel’s O&M business at 15x 2013F PE. If we were to apply 18x, the stock’s fair valuation would be S$13.00.

Recent comparable peak valuation in Apr 11 was 21x 1- year forward PE.

Current stock re-rating is buoyed by large contract win expectations.


Source: UOBKH

[winston]

not vested

Keppel reported on Thursday a forecast-smashing 141 percent rise in its first quarter net profit, helped by a jump in earnings from its property division, and said it was confident about prospects for its key offshore and marine division.

Source: Reuters