Keppel T&T - Visible catalysts ahead | I3investor

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Keppel T&T - Visible catalysts ahead

StockFanatic

Publish date: Wed, 15 Apr 2015, 01:41 PM

KPTT's 1Q15 net profit of S$15.8m was broadly in line with expectations at 23% of our full-year forecast. 1Q15 was the first quarter that featured the new holding structure in its data centre (DC) division after the divestment of its DC assets into Keppel DC REIT and took up a 30.1% stake in the REIT. We tweak our FY15-17 EPS to account for the higher-than-expected DC revenue, albeit partly offset by higher operating costs. Our SOP-based target price rises to S$2.05 after factoring in stronger DC earnings and higher market value for its stakes in M1 and Keppel DC REIT. We maintain our Add rating.

Potential key catalysts are:

1) new logistics capacity additions, and

2) potential special dividends from divestment of 1-2 DC assets per year into Keppel DC REIT.

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