Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
Company Name: KEPPEL CORPORATION LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 14.80 |
Target S$14.80
For once, Property outshone O&M as profits were bumped up by the sale of the Reflections units under DPS. This year, lower margins in O&M should be more than compensated by a record order book, providing catalysts. 1Q12 exceeded consensus and our numbers (53% of FY12) due to higher Property contributions. We revise our FY12-14 EPS by -3.5% to +19% to reflect the strong quarter and longer delivery gaps for O&M. Our SOP target price is slightly reduced. Maintain Outperform.
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