Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
DMG & Partners Research in an Oct 21 research report says: "9M11 earnings of $1.10 billion (+15% y-o-y) beat ours and consensus estimates by 5-16%, as offshore & marine (O&M) margins continue to surprise on the upside.
"3Q11 net profit rose +33% y-o-y, +16% q-o-q to $406 million, largely due to higher offshore & marine earnings. Petrobras is a key catalyst for the stock and we believe Petrobras has little room to delay the rig projects anymore.
"We raise FY2011-2012F EPS by 13% and 2% respectively on the stronger-than-expected margins and maintain FY13F EPS. Higher SOTP-derived target price of $11.40. MAINTAIN BUY."
Company Name: KEPPEL CORPORATION LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 11.40 |
DMG & Partners Research in an Oct 21 research report says: "9M11 earnings of $1.10 billion (+15% y-o-y) beat ours and consensus estimates by 5-16%, as offshore & marine (O&M) margins continue to surprise on the upside.
"3Q11 net profit rose +33% y-o-y, +16% q-o-q to $406 million, largely due to higher offshore & marine earnings. Petrobras is a key catalyst for the stock and we believe Petrobras has little room to delay the rig projects anymore.
"We raise FY2011-2012F EPS by 13% and 2% respectively on the stronger-than-expected margins and maintain FY13F EPS. Higher SOTP-derived target price of $11.40. MAINTAIN BUY."
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