Keppel’s Robust Property Business Helps to Offset Weaknesses in Other Segments; Shares Undervalued
No-moat Keppel Corp’s net profit of SGD 809 million for the first nine months of 2018, up 18% year over year, was below our expectation. Recovery in the offshore and marine, or O&M, segment remains slow, albeit partly mitigated by resilient earnings from the property division. We lower our fair value estimate to SGD 8.20 from SGD 8.50 to incorporate the weaker-than-expected order wins. Nonetheless, we believe the firm remains attractive, given its diversified business and healthy fundamental...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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