Keppel - UOB Kay Hian 2023-10-20: A Generally Positive Business Update With Asset Sales To Look Forward To

• Keppel’s 9M23 business update was in line and generally positive although China real estate was the key drag as expected. In the near to medium term, asset monetisation as well as the potential sale of rigs within the Asset Co could be key drivers to Keppel's share price.
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Keppel's 9M23 - Some hits, some misses.

• Keppel Corp (SGX:BN4) reported an in-line 9M23 business update with revenue from continuing operations rising by 5% y-o-y to S$5.3b (or 75% of our full-year revenue estimates), bolstered by the infrastructure and connectivity segments.
• - Read this at SGinvestors.io -
• In the near to medium term, it would appear that potential rig sales by Asset Co, and thus early repayment of credit notes, may be a share price catalyst.
• As has been the case for the past few years, it was Keppel’s real estate segment in China that appears to be a drag on overall performance with a 30% q-o-q decline in home sales.

Gearing rises on a sequential basis.

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Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-10-20 SGinvestors.io

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