Keppel Corporation - CIMB Research 2015-10-23: Upside capped
KEPPEL CORPORATION LIMITED BN4.SI Keppel Corporation - Upside capped
- 3Q15 net profit of S$363m is largely in line with our expectation and consensus. 9M15 core net profit forms 75% of our FY15 forecast.
- Revenue for O&M missed slightly on slower-than-expected project recognition and more deferral of deliveries (three jack-ups). O&M EBIT % stable at c.12%.
- Property sold 1,330 homes in China, up from 1,080 in 2Q15.
- Downgrade from Add to Hold on limited upside. Re-rating catalysts could include stronger-than-expected margins and orders on O&M.
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