Keppel’s Diversified Businesses Offset Weakness in Offshore and Marine Segment; Shares Overvalued
No-moat Keppel Corp’s offshore and marine, or O&M, segment remains weak with barely break-even results for the first nine months of 2017. Nonetheless, the weakness was mitigated by non-O&M businesses, and Keppel’s net profit of SGD 712 million, up 11% year over year, was largely within our expectation. After fine-tuning our earnings forecasts and taking into account the time value of money, we increase our fair value estimate to SGD 5.40 (from SGD 5.10). In our view, Keppel remains overv...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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