Keppel T&T - Attractive entry point | I3investor

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Keppel T&T - Attractive entry point

StockFanatic

Publish date: Sat, 25 Oct 2014, 05:02 PM

KPTT delivered 3Q14 net profit of S$18.5m, leading to 9MFY14 net profit coming in above at 79% of our full-year estimate due to higher-than-expected other income. We keep our Add rating, and raise our FY14 EPS estimate by 5% to account for higher other income, but cut FY15-16 EPS by 4-5% to reflect a delay in the construction of Jilin Food Logistics Park.

Our SOP-based target price falls marginally to S$1.90. We see value in the stock, which is trading at 11.4x FY15 P/E (0.5 s.d. below its historical mean). Management continues to reiterate its commitment to the REIT listing, which we believe would be a key re-rating catalyst given the potential to unlock asset value.

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