Another Disappointing Quarter for Keppel Corp’s Offshore and Marine Segment, Shares Overvalued
We think no-moat Keppel Corp remains overvalued as the offshore and marine, or O&M, segment continue to drag on the firm’s performance. Keppel’s first-half 2017 net profit of SGD 421 million was 1% higher year over year and only accounts for 46% of our full-year estimate. We cut our 2017 earnings forecast by 3% to factor in the disappointing results but our fair value estimate of SGD 5.10 is unchanged. Our fair value estimate implies about 0.8 times 2017 price/book ratio for Keppel, which we...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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