Keppel Corp (SGX:BN4)'s 1Q22 net profit was higher y-o-y, improvement seen across segments except Urban Development. 1Q22 revenue grew 9.5% y-o-y to S$2,068m during the quarter. Net gearing was stable at around 0.7x as of end Mar.
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Yard combination. Keppel Corp and Sembcorp Marine are expected to reach a definitive agreement on yard combination by end Apr. We await details on valuation of the shipyards and integration plans, before reviewing our valuation on Keppel.
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Keppel Land’s net profit was lower y-o-y due to a drop in contribution from China property trading and absence of enbloc sales. Home sales dropped 60% y-o-y to 540 units in 3Q22, as new launches are slated for later this year. For the China market, underlying demand, especially at Keppel Corp’s core markets, remains fairly strong.
Keppel Capital – Asset management fees surged 69% y-o-y to S$71m in 1Q22. It has successfully completed over S$2.5bn in acquisitions during the quarter.
M1’s earnings were higher y-o-y in 1Q22; improving roaming and prepaid business outlook with reopening of borders.
Keppel Corp - Valuation:
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Above is an excerpt from a report by DBS Group Research. Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.
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