Tuesday, June 14, 2011

Phillip - Keppel Corporation - ( Downgraded to Hold )



Keppel Corporation

  • Awarded US$260 million accommodation semi-submersible contract from Floatel International.
  • Wins semi-submersible drilling tender contract from Seadrill worth US$142 million.
  • Expect moderation in margins going forward.
  • We lower FY11e and FY12e EPS from 88 cts and 92 cts to 65 cts and 73 cts respectively.
  • Downgrade from Buy to Hold following a change of analyst with change in fair value from $11.58 to $10.84.




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