Property Segment Continues to Underpin Keppel Corp’s Earnings Growth; Increasing FVE to SGD 8.40
No-moat-rated Keppel Corp’s first-quarter 2018 net profit rose 34% year over year to SGD 337 million and accounted for 33% of our original full-year forecast. The robust earnings were mainly attributed to disposal gain on the stake in Keppel China Marina Holdings Pte Ltd. Meanwhile, the offshore and marine, or O&M, segment remained loss-making. We expect a better second half for the segment, when contribution from new orders kicks in. We raise our fair value estimate to SGD 8.40 from SGD 5.3...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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