Thursday, 22 October 2015

Keppel Corp - Maybank Kim Eng 2015-10-23: Support from 6% yield

Keppel Corp - Maybank Kim Eng 2015-10-23: Support from 6% yieldKEPPEL CORPORATION LIMITED BN4.SI 

Keppel Corp - Support from 6% yield 

  • 3Q15 met expectations. Weaker O&M performance offset by stronger property contribution. We marginally cut EPS 1-2%. 
  • Infrastructure unlikely to be burdened by any more losses as EPC projects are complete. 
  • Maintain HOLD, but slightly trim SOTP TP to SGD7.70 from SGD7.80. Stock price is supported by 6% dividend yield. 
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