Too Early to Expect a Turnaround for Keppel Corp
We lower our 2016-18 earnings forecasts by 2%-10% on narrow moat-rated Keppel to factor in its disappointing results. Keppel reported nine months 2016 net profit of SGD 641 million, down 43% year over year, mainly owing to lower contributions from the offshore and marine, or O&M, segment. As a result, we cut our fair value estimate to SGD 4.56, from SGD 4.80. Our fair value estimate implies about 0.75 times the 2016 price/book ratio, which is fair in our opinion, given the unexciting earning...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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