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发表于 23-10-2014 09:41:31|来自:新加坡
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Keppel Corporation: Well-positioned to capture quality growth
Keppel Corp (KEP) reported an 8.1% YoY rise in revenue to S$3.18b but saw a 9.5% decrease in net profit to S$414.2m in 3Q14, such that 9M14 net profit met 76% of our full year estimates, in line with expectations. Operating margin in the O&M division remained healthy in the quarter, at 14.9% in 3Q14 vs. 14.7% in 2Q14. The semi-submersibles for Sete Brasil are also on track. Though there have been jitters in the oil market recently, management believes that this has not altered the sound fundamentals of the industry. Still, KEP’s order flow YTD has been relatively slow, and we have lowered our new order win estimates to S$5.7b for FY14 and S$6b for FY15, compared to S$6.7b and S$6.5b earlier. Our fair value estimate correspondingly drops to S$11.75 (prev. S$12.31), but given the potential upside and forecasted dividend yield of ~4.8% on the stock, we maintain our BUY rating on KEP. (Low Pei Han)
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