Singapore Stock Market News
Keppel Corporation - NDR takeaways: Sharpening focus on returns
StockFanatic
Publish date: Tue, 08 May 2018, 06:38 PM
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● In O&M, Keppel sees opportunities in the production and nondrilling sectors in the near term. There are also positive signs in the rig market, with a semisub contract secured from Awilco Drilling in 1Q18. With an improving orderbook and significant fixed cost cuts, Keppel aims to lower O&M losses in coming quarters.
● Management remains confident of 12% through-cycle ROE in Property, partially driven by more active capital recycling with divestment of residential projects en bloc. Keppel also has commercial property with total GFA of 1.5 mn sq m, which can generate a net operating income of S$300 mn when stabilised.
● In a scenario where Keppel is able to achieve breakeven in O&M and 12% ROE in Property, we estimate group ROE could reach 12%. Maintain OUTPERFORM, with improving prospects across the group and dividend upside with more active capital recycling.
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