Keppel Corp’s Disappointing Offshore and Marine Results Offset by Disposal Gains, FVE Intact
No-moat-rated Keppel Corp’s first-quarter 2017 net profit of SGD 260 million was 24% higher year over year and accounted for 29% of our full-year forecast. Nonetheless, earnings were mainly aided by disposal gains and write-back of impairment, while contribution from the offshore and marine, or O&M, segment was significantly below expectation. We retain our earnings forecasts and fair value estimate of SGD 5.10, as we think scheduled delivery of more vessels should boost performance of the O...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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