Keppel Corporation - CGS-CIMB Research 2021-10-28: Look Forward To Asset Recycling

Keppel Corporation - Look Forward To Asset Recycling

KEPPEL CORPORATION LIMITED (SGX:BN4) | SGinvestors.ioKEPPEL CORPORATION LIMITED (SGX:BN4)
  • Keppel Corporation (SGX:BN4) updated that 9M21 revenue was S$5.5bn (~78% of our FY21F), in line with our expectations. All segments’ profits improved y-o-y (no numbers given).
  • Higher oil price and jack-up rig utilisation rate (~69% globally) resulted in more enquiries for bareboat charters. Keppel Corporation is waiting for higher rates.
  • Catalysts:
    1. asset recycling activities after SPH (SGX:T39) acquisition is completed in Nov,
    2. divestment of offshore & marine to Sembcorp Marine (SGX:S51), and
    3. higher dividend.
  • Medium-term catalysts: new growth area of renewable (7GW target by 2025) and data centre investments.
  • Maintain ADD call on Keppel Corporation with SOP-based target price of S$6.90.



Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.



LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2021-10-28
SGX Stock Analyst Report ADD MAINTAIN ADD 6.900 SAME 6.900




Read also CGS-CIMB's most recent report:
2022-01-20 Keppel Corporation 4Q21 Preview - Generous Dividend

Target prices by 2 other brokers at Keppel Corp Target Prices.
Listing of broker reports at Keppel Corp Analyst Report.

Relevant links:
Keppel Corp Share Price History,
Keppel Corp Announcements,
Keppel Corp Dividends & Corp Actions,
Keppel Corp News Articles





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