Keppel Reports 4Q Earnings; Shares Undervalued
No-moat Keppel’s 2018 net profit of SGD 944 million was largely within our expectations after stripping out net provisions made in the fourth quarter of 2018, notably for a SGD 167 million provision for expected losses on Sete Brasil’s contracts. Excluding the one-off financial penalty and related costs in 2017, earnings were up 16% year over year. We increase our fair value estimate marginally to SGD 8.30 from SGD 8.20 after rolling forward our earnings model. We think the firm remains attracti...Keppel is an investment holding company. Co. is engaged in provision of management services. Through its subsidiaries, Co. is principally engaged in offshore oil-rig construction; shipbuilding; ship repair and conversion; chartering tugs and other marine services; environmental engineering; power generation; provision of broadband services; provision of telecommunication network services; trading of communication accessories; shipping operation; warehousing and distribution; property development and investment; property fund management; and investments. Co. operates four business segments: Offshore and Marine, Infrastructure, Property and Investments.
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