Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
Research House: Credit Suisse
Company Name: KEPPEL CORPORATION LIMITED
Research House: Credit Suisse
Credit Suisse raises Keppel Corp. (BN4.SG) target price to $12.10 from $10.40, keeps Outperform.
Expects pick-up in orders in coming quarters on recovering utilisation, day rates, “as well as on improving returns on jackup rigs. As Keppel’s share price performance has historically been closely linked with new order announcements, higher-than-expected order intake could lead to a re-rating of the sector.”
Expects pick-up in orders in coming quarters on recovering utilisation, day rates, “as well as on improving returns on jackup rigs. As Keppel’s share price performance has historically been closely linked with new order announcements, higher-than-expected order intake could lead to a re-rating of the sector.”
Adds, increasingly positive news flow on deepwater segment should support sentiment. Says Keppel best positioned to win sizeable Petrobras order given its established yard in Brazil, strong relationship with Petrobras, excellent execution; tips potential US$5.95 billion ($7.78 billion) worth of orders, expects announcement 1Q11. Notes, at 2011 P/E of 12.0X, stock trading at 20% discount to historical average.
Shares +1.0% at $9.68.
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