This high-quality rig builder has pricing power, but low-cost competitors are gaining traction.
After transferring coverage to a new analyst, we are downgrading our moat ratings for Keppel and Sembcorp Marine, or SMM, to none from narrow. We raise our fair value estimate for Keppel slightly to SGD 5.10 per share from SGD 5.00, taking into account better cash flow from its ongoing projects. We also increase our fair value estimate for SMM to SGD 1.14 from SGD 1.06 on the back of lower capital expenditure assumptions. Nonetheless, at current prices, we think both stocks are overvalued and ha...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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