Proposed Privatizations of M1 and KTT Have Limited Impact on Keppel Corp’s FVE
No-moat Keppel Corp has announced that it will partner with Singapore Press Holdings, or SPH, to make a voluntary general offer for M1. Meanwhile, Keppel also proposed a scheme of arrangement to privatize Keppel Telecommunications & Transportation, or KTT. We retain our fair value estimate of SGD 8.50, as we see less than 2% negative impact on our valuation even if both deals are completed. We are negative mainly due to the premium offered to acquire M1, which may cut our valuation on Keppel...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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