Keppel's One-Off Fine Is Blow to Reputation, but Financial Impact Limited
The financial impact of Keppel’s one-off penalty payment of USD 422 million is limited; while it will cut into 2017 earnings, it should not hurt dividends and only reduces our fair value estimate by less than 2% to SGD 5.30. Our concern, however, is that it does damage Keppel’s reputation and brings to doubt the company’s future ability to garner large rig contracts. Since we rated Keppel as no-moat, this news does not change our view. We think the rig-building market will remain subdued, given ...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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