Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
Company Name: KEPPEL CORPORATION LIMITED
| Research House: UOB KayHian | Price Call: BUY | Target Price: 12.55 |
UOB KayHian lowers its 2013 contract-win assumption for Keppel (BN4.SG) to $5.0 billion from $6.5 billion after the company said its conditional contract with Ukraine's Naftogaz for two semi-sub drilling rigs, estimated at US$1.2 billion, won't take effect.
It lowers its target to $12.55 from $12.70 after trimming its 2013-15 net profit forecast by 1.5% each. It keeps a Buy call. The house notes Keppel has won $572 million worth of contracts year-to-date.
It keeps its 2014-15 contract win assumptions at $6.0 billion each. The stock ended Tuesday down 0.3% at $11.86.
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