Keppel Corp 02 (Jan 15 to Dec 24)

Re: Keppel Corp

Postby winston » Tue Aug 11, 2020 1:58 pm

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Keppel Corporation (KEP SP) - Temasek walks away… for now?

Keppel Corporation’s multi-business strategy shone when the property business continued to support earnings despite a downturn in the offshore marine segment.

Infrastructure remains a steady contributor while Investments is expected to see gains from asset disposals.

The pre-conditional partial offer by Temasek’s subsidiary will not proceed, such that the share price will lose its crucial support, and traders are likely to eye troughs in March 2020 or early 2016; any shorting activity could cause prices to overshoot on the downside.

We see value in the stock, though near-term catalysts may be lacking especially after this latest development. BUY.

Source: OCBCCCcc
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Re: Keppel Corp

Postby winston » Wed Aug 12, 2020 5:14 pm

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What’s New

Share price pressure to persist as Temasek invoked MAC pre-conditions and pulled the partial offer

Potential restructuring of Keppel Corp remains evolving and fluid at this juncture

Await catalysts and evidence on business turnaround and ROE enhancement

Downgrade to HOLD; TP reduced to S$5.50

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fgdaakhea
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Re: Keppel Corp

Postby winston » Mon Aug 31, 2020 9:50 am

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Keppel Corporation, which owns a 40 per cent stake in upstream oil and gas company KrisEnergy, on Sunday said it is prepared to support the final restructuring proposal of the debt-hit firm.

In a bourse filing, Keppel Corp said it has evaluated KrisEnergy's debt workout plan, which it believes is a "deliverable plan".

Source: Phillips
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Re: Keppel Corp

Postby helios » Sat Sep 19, 2020 8:14 am

Regretfully I should have sold it off during SG Election week on hindsight .... Will need to average down at the right price before Q4 I think ...
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Re: Keppel Corp

Postby winston » Tue Sep 22, 2020 8:38 am

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BRIEF - Keppel Corp Says Keppel O&M Secured 2 Contracts Worth About S$200 Mln

Sept 22 (Reuters) - Keppel Corporation Ltd :

* KEPPEL O&M SECURES TWO CONTRACTS WORTH ABOUT S$200 MILLION

* IN US, KEPPEL AMFELS WILL BE CONSTRUCTING HIGH-SPECIFICATION TRAILING SUCTION HOPPER DREDGER FOR MANSON CONSTRUCTION

* IN SINGAPORE, KEPPEL SHIPYARD IS UNDERTAKING CONVERSION OF LNG CARRIER TO FLOATING STORAGE AND REGASIFICATION UNIT

Source: Reuters
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Re: Keppel Corp

Postby winston » Thu Sep 24, 2020 7:45 am

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Keppel’s contract wins could push O&M biz back to profitability: CGS-CIMB

by Jeffrey Tan

Keppel Corp’s recent contract wins amounting to $200 million could enable its offshore and marine (O&M) business to return to the black next year, according to CGS-CIMB Research.

Coupled with its low valuation, shares of the company are an opportunity to accumulate now, it says.

On Sept 22, Keppel announced that its subsidiary Keppel Offshore & Marine (Keppel O&M) secured a contract to build a high-specification trailing suction hopper dredger.

Keppel O&M also bagged a contract for the conversion of a liquefied natural gas (LNG) carrier into a floating storage and regasification unit (FRSU).

CGS-CIMB says these contract wins represent Keppel’s ninth newbuild dredger and its fifth FRSU conversion to-date.

It notes that the company’s cheap valuation is currently lower than when it traded during the previous oil crisis in 2006 and the global financial crisis in 2009.

“At the current share price, the market is heavily discounting its O&M business to zero value,” CGS-CIMB head of research Lim Siew Khee writes in a note dated Sept 22.

“We think this is unwarranted as the O&M order book of $3.5 billion is in progress and should be able to guide the yard into profitability in 2021,” she adds.

CGS-CIMB has maintained its “add” rating for the stock with an unchanged target price of $6.46.

Source: The Edge

https://www.theedgesingapore.com/issues ... y-cgs-cimb
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Re: Keppel Corp

Postby winston » Thu Sep 24, 2020 7:58 am

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Keppel Capital acquires stake in premium bilingual K12 school property operated by Malvern College in Chengdu, China

by Felicia Tan

Keppel Capital Holdings has raised over half of its target commitments for its US$500 million ($679.7 million) Keppel Education Asset Fund through its wholly-owned subsidiary Keppel Capital Alternative Asset.

The fund, which is managed by Keppel Capital Alternative Asset, is a closed-end private equity fund that will focus on the fast-growing private education sector in Asia Pacific.

The investors in the fund and its parallel vehicle include a sovereign wealth fund, an endowment fund and a family office.

The fund intends to partner established school operators to invest in private education-related real estate in the Asia Pacific region and build a portfolio of stable assets in different education sub-sectors.

“When fully leveraged and invested, the Fund is expected to have assets under management of approximately US$1.2 billion,” says Keppel Capital Holdings.

On September 22, the fund has acquired a 70% stake in a premium bilingual K12 school property operated by Malvern College Chengdu, located in Chengdu, Sichuan Province, China.

The fund is also looking at other education-related assets in Australia, China, Singapore, South Korea, and Vietnam.

“The private education industry is a resilient and fast-growing sector in Asia Pacific, supported by macrotrends including rapid urbanisation, an expanding middle class and rising affluence, increasing focus on education as well as supportive government policies,” says Christina Tan, CEO of Keppel Capital.

“Education assets offer investors attractive risk-adjusted returns, with potential downside risks protected by established tenants and long leases.

The reception to the Fund despite the pandemic reflects investors’ confidence in and demand for this defensive asset class, as well as Keppel’s capabilities,” Tan adds.

Jacqueline So, co-founder and CEO of Malvern College (Asia), says, “The partnership will support our overseas expansion plans and we can focus on strengthening our operations to provide superior education and services to our students”.

Source: The Edge

https://www.theedgesingapore.com/news/c ... y-operated
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Re: Keppel Corp

Postby winston » Wed Sep 30, 2020 8:03 am

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Keppel Corporation reaffirms Vision 2030, announces strategic review of its offshore & marine business

by Felicia Tan

“The Board and Management are committed to drive Vision 2030 and realise Keppel’s full potential as an integrated business, providing solutions for sustainable urbanisation”.

Keppel has identified assets with a total carrying value of approximately $17.5 billion that can be monetised over time and channelled towards growth initiatives.

The assets include Keppel’s landbank that has a value of $7 billion, development projects, investment properties, as well as noncore assets such as Keppel Offshore & Marine’s (O&M) oil rigs (that’s valued at $3.9 billion).

We will also seek to realise the Group’s current potential by unlocking about $3-5 billion of our monetisable assets over the next three years.

Source: The Edge

https://www.theedgesingapore.com/news/c ... s-offshore
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Re: Keppel Corp

Postby winston » Wed Sep 30, 2020 10:36 am

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KGI Company Update - Keppel Corp (KEP SP)

-KEP's mgt gave an update on its Vision 2030 Plan after market close today. The update provided more concrete steps of what it is doing and is timely given concerns over its strategy after Temasek withdrew its partial offer.

-As of 29 Sep, KEP's shares are down 36% YTD, the 6th worst performing stock in the STI, after other STI underperformers like SIA (-46% YTD), SATS (-45%), ComfortDelGro (-38%), Jardine C&C (-37%), SingTel (-36%).

-KEP has initiated a strategic review of Keppel Offshore & Marine (KOM), looking at both organic and inorganic options. This could include assessing capacity of its global network of yards and restructuring to seek opportunities in renewable energy, while inorganic options include mergers or disposals.

-The group is also looking at S$3-5bn of asset sales over next 3 years, out of a total of S$17.5 billion that KEP has identified that can be monetised over time.

-KEP's Vision 2030 is basically a plan to be asset light as it looks to tap partnerships and 3rd party funds to expand its capital base for investments. It has a 15% ROE Target.

With the latest update, we reiterate our Outperform recommendation with TP $6.34 vs current price of S$4.30

Source: KGI
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Re: Keppel Corp

Postby winston » Wed Sep 30, 2020 10:39 am

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Keppel Corp (KEP SP)
Accelerating Its Transformation


KEP is looking to unlock S$3b-5b in monetisable assets in the next three years.

Importantly, it has started a strategic review of its O&M business (which we value at S$1.4b or S$0.78/share) that could involve a strategic merger or disposal.

This was disclosed as at end-1H20.

Excluding its shipyards, KEP had assets with a total carrying value of S$17.5b that it can potentially monetise over the longer term.

Maintain BUY.

Target price: S$6.30.

Source: UOBKH

https://research.uobkayhian.com/content ... 9cfd671d68
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