Singapore Stock Market News
Keppel T&T - Deeply undervalued
StockFanatic
Publish date: Wed, 21 Jan 2015, 10:27 AM
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KPTT's FY14 core net profit of S$72m exceeded our expectations, at 112% of our full-year forecast. This was mainly due to acquisition fees earned by KPTT through its wholly-owned subsidiary, Keppel DC REIT Management. Due to the one-off gain recognised from the sale of its data centre assets, a special DPS of 11.5 Scts was declared, bringing total DPS to 15 Scts (implying a 10% dividend yield).
We trim our FY15-16 EPS by 2-3% to account for:
1) the divestment of its data centre assets to Keppel DC REIT,
2) management fees earned from the REIT, and
3) associates contributions from its 30.1% stake in the REIT.
Our SOP target price inches up to S$1.93. KPTT remains an Add, with asset recycling and new logistics capacity additions as the key catalysts.
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