Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
DMG & Partners Research in a Apr 2 research report says: "Keppel announced that its US wholly-owned unit, Keppel AmFELS, has secured a US$205 million contract from a repeat customer, Perforadora Central, to build a jackup rig valued at US$205 million.
"The earlier jackup rig for Perforadora Central (ordered in March 2011) was priced at US$195 millionm and will be delivered in 1Q2013. With the latest contract, new orders secured in 2012 increased to $842 million versus $1.75 billion for SMM (which includes the $1 billion drillship order).
"We estimate that Keppel has an outstanding backlog of $10.2 billion. In our model, we assume Keppel O&M to win $6 billion non-Petrobras orders in 2012 and an additional $5 billion more from Sete Brasil. Target price of $13.40, implying 16x FY12F P/E. MAINTAIN BUY."
Company Name: KEPPEL CORPORATION LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 13.40 |
DMG & Partners Research in a Apr 2 research report says: "Keppel announced that its US wholly-owned unit, Keppel AmFELS, has secured a US$205 million contract from a repeat customer, Perforadora Central, to build a jackup rig valued at US$205 million.
"The earlier jackup rig for Perforadora Central (ordered in March 2011) was priced at US$195 millionm and will be delivered in 1Q2013. With the latest contract, new orders secured in 2012 increased to $842 million versus $1.75 billion for SMM (which includes the $1 billion drillship order).
"We estimate that Keppel has an outstanding backlog of $10.2 billion. In our model, we assume Keppel O&M to win $6 billion non-Petrobras orders in 2012 and an additional $5 billion more from Sete Brasil. Target price of $13.40, implying 16x FY12F P/E. MAINTAIN BUY."
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