2017 Year of Kitchen-Sinking for Keppel; Better Outlook Ahead, Though Shares Remain Overvalued
No-moat Keppel’s fourth-quarter 2017 net loss of SGD 499 million was not surprising, though it includes an additional SGD 81 million provision for losses made on the Sete Brasil projects and SGD 54 million in impairment on other assets, besides the one-off impact of the financial penalty and related costs of SGD 619 million. As guided, dividends were not affected. Stripping these off, Keppel’s 2017 results were better than we expected due to robust earnings from the property, infrastructure, and...
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