Keppel Corp 02 (Jan 15 to Dec 25)

[helios]

omg ~ I must be getting old ...........
Actually, there were 8,000 shares in tally, and sold 7,600 yesterday ........... left 400 dangling ............

[winston]

not vested

Good blend of old and new economy

KEP updated that 1Q21 revenue was S$1.889bn (c.28% of our FY21F) and net profit was slightly higher yoy (1Q20: S$160m); we deem them in line.

Positives: Keppel O&M order book could double to S$6bn if P-78 contract is in, Bifrost secured maiden customer, strong home sale in China.

Negatives: KrisEnergy impact still uncertain with total exposure of S$423m although mainly secured. Keppel O&M still loss-making.

Reiterate Add, and SOP-based TP of S$6.40. Announcement of new growth initiatives (e.g. renewables, EV) and divestments are key catalysts.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 331FD7011B

[winston]

KEPPEL CORPORATION (KEP SP)

Recommendation : HOLD
Fair Value : SGD 5.50

CONTINUED RESTRUCTURING.

1Q21 net profit slightly higher than SGD160m in 1Q20
Impairments from KrisEnergy likely in coming quarters
Expecting order win from Brazil while pursuing asset light strategy

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

Management has reaffirmed its Vision 2030 strategy and identified assets with a total carrying value of SGD17.5b that can potentially be monetised over time and channelled towards growth initiatives.

Over SGD3-5b of this would be monetised over the next three years.

Meanwhile the group will exit its offshore rig building business.

Source: OCBC

[winston]

Keppel Corporation – Operations picked up
Recommendation: Buy (Maintain), Last Done: S$5.45
Target price: S$6.12,

1Q21 revenue came in at S$1.9bn (26% of FY21e) with net profit also stronger on a y-y basis. Results are in-line with our expectations.

Keppel O&M’s net orderbook could double to S$6bn if they secure the P-78 FPSO project with Petrobras.

Keppel Logistics divestment into Phase 2 of the strategic review process, final offer could come in 3Q21.

Maintain BUY and SOTP TP of S$6.12, with a 10% holding-company discount.

Our TP translates to about 1.0x FY21e book value, a slight discount to its 5-year average of 1.05x.

Source: Phillips

https://www.stocksbnb.com/reports/keppe ... picked-up/

[behappyalways]

Keppel seals $2.3bn FPSO contract with Petrobras
https://splash247.com/keppel-seals-2-3b ... petrobras/

[helios]

somewhat I need to sell off that remains of 400 shares ... price target 5.6 thereof.

[winston]

not vested

Keppel Corp (KEP SP)
The Beginning Of The End Of Its Upstream Foray

KrisEnergy’s submission to wind itself up should not come as a surprise.

With KEP having appointed receivers, the key issue over the next year is to see if KrisEnergy’s upstream assets will be successfully sold.

With the bulk of these being exploration assets, our channel checks indicate that the sale process will be challenging.

KEP will book a non-cash loss of S$318m at its 1H21 resultz, offset somewhat by a gain in the sale of its Floatel stake. Maintain BUY. Target price: S$6.37

Source: UOBKH

https://research.uobkayhian.com/content ... 01a6309758

[winston]

not vested

Kris-talised

Pursuant to KrisEnergy’s filing of a winding up petition, KEP will book a loss of S$318m in respect of its exposures to KrisEnergy, based on recoverability.

As a guarantor via a bilateral contract with DBS Bank, KEP is also liable to pay on demand the revolving credit facility of S$251m.

The payment is likely to be covered by asset recycling. We also estimate c.S$309m of gains to offset the loss. Reiterate Add and TP of S$6.40.

This could mark the last vestige of ‘legacy’ issue and remove the overhang on KEP as it has been plagued by KrisEnergy’s weak performance.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 39b747e72b

[helios]

Am queuing to sell out at 5.62 exit 400 shares !
KeppelCorp went up a lot due to SembCorp !! Time to let go ~

[helios]

looking at the momentum, thus shifting Q to 5.65