Little Surprise in Keppel’s First-Quarter Results; Shares Remain Undervalued
No-moat Keppel reported first-quarter 2019 net profit of SGD 203 million, down 40% year over year, mainly attributable to smaller gains from en-bloc sales of residential projects. Although the earnings only accounted for 21% of our full-year forecast, we consider the results to be in line given that the firm’s profit is lumpy in nature. Our fair value estimate of SGD 8.30 is unchanged. While there was little surprise in the firm’s results, we think Keppel remains undervalued at current share pri...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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