Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
Phillip Securities Research in a July 22 research report says: "Keppel Corp reported 2Q11 revenue of $2,288 million (-3.7% y-o-y) and PATMI of $385 million (+9.3%) respectively.
"The decline in revenue was mainly due to lower revenue from the offshore& marine division (lower vol. of work) and property division (change in accounting treatment) partly offset by higher revenue from infrastructure division (stronger results from Co-gen plant). As of 2Q11, Keppel Corp has chalked up an impressive offshore and marine orderbook of $9.1 billion.
"We raise our fair value to $12.16 from $10.84 due to stronger than expected margins from the offshore and marine sector. We are apprehensive about placing a higher valuation on Keppel Corp until there is more visible return of semi-submersible drilling rigs orders. MAINTAIN HOLD."
Company Name: KEPPEL CORPORATION LIMITED
| Research House: Phillip Securities | Price Call: HOLD | Target Price: 12.16 |
Phillip Securities Research in a July 22 research report says: "Keppel Corp reported 2Q11 revenue of $2,288 million (-3.7% y-o-y) and PATMI of $385 million (+9.3%) respectively.
"The decline in revenue was mainly due to lower revenue from the offshore& marine division (lower vol. of work) and property division (change in accounting treatment) partly offset by higher revenue from infrastructure division (stronger results from Co-gen plant). As of 2Q11, Keppel Corp has chalked up an impressive offshore and marine orderbook of $9.1 billion.
"We raise our fair value to $12.16 from $10.84 due to stronger than expected margins from the offshore and marine sector. We are apprehensive about placing a higher valuation on Keppel Corp until there is more visible return of semi-submersible drilling rigs orders. MAINTAIN HOLD."
No comments:
Post a Comment