Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
Research House: Kim Eng
Kim Eng Research in an Apr 21 research report says: "Keppel Corp posted 1Q11 net earnings of $346.2 million, up 7.8% y-o-y. This better-than-expected performance came on the heels of a strong earnings recovery in the infrastructure division following the difficulties and write-downs of its Qatar projects in 4Q10.
"The offshore and marine division also met expectations with margins keeping firm. We raise our three-year forward earnings forecasts by 7-14% to take into account the infrastructure division's stronger-than-expected performance, as well as the one-off item in Keppel Land's 1Q11 earnings.
"Our SOTP-based target price is also raised to $15.30 on the back of this and the strong share price performance of its 27%-owned associate Dyna-Mac. MAINTAIN BUY."
Company Name: KEPPEL CORPORATION LIMITED
Research House: Kim Eng
Kim Eng Research in an Apr 21 research report says: "Keppel Corp posted 1Q11 net earnings of $346.2 million, up 7.8% y-o-y. This better-than-expected performance came on the heels of a strong earnings recovery in the infrastructure division following the difficulties and write-downs of its Qatar projects in 4Q10.
"The offshore and marine division also met expectations with margins keeping firm. We raise our three-year forward earnings forecasts by 7-14% to take into account the infrastructure division's stronger-than-expected performance, as well as the one-off item in Keppel Land's 1Q11 earnings.
"Our SOTP-based target price is also raised to $15.30 on the back of this and the strong share price performance of its 27%-owned associate Dyna-Mac. MAINTAIN BUY."
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