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  Bookmark this page   Sunday, 20 Apr 2014
 
Today's Headlines
Keppel Corporation: A steady quarter

Keppel Corporation (KEP) reported a 8.6% YoY rise in revenue to S$3b and a 5.1% fall in net profit to S$338.7m in 1Q14, and within expectations. Excluding one-off gains in 1Q13, net profit in 1Q14 was largely in line with that in 1Q13. Operating margins in the O&M segment remain healthy at 14.6% in 1Q14, and construction of the semi-submersible rigs for Sete remain on track. On the infrastructure side, we understand that no provisions were made for the Qatar project in 1Q14. The O&M division secured S$1.9b of new orders in 1Q14, and it is expected that the ongoing bifurcation towards premium assets and the replacement of old rigs should continue to support order momentum. As at end 1Q14, the net orderbook stood at a record S$14.4b with deliveries till 2019. Maintain BUY with S$12.25 fair value estimate.

 
  Market Pulse
Market Pulse: Ezion, KepCorp, UOL (17 Apr 2014)
Market Pulse: KepLand, Ezion (16 Apr 2014)
Market Pulse: CapitaLand, CMA, DBS, UOB, M1, Cache, Lian Beng, First REIT, ST Eng (15 Apr 2014)
Market Pulse: Telco, Ezra, SPH (14 Apr 2014)
Market Pulse: SGX, Ezra, Lian Beng, Tee Int'l (11 Apr 2014)
Market Pulse: Oil & Gas Sector, ST Engineering, KepCorp (10 Apr 2014)
Market Pulse: SPH REIT, FCT (9 Apr 2014)
Market Pulse: City Dev, Midas (8 Apr 2014)
Market Pulse: SIA, Ezion Holdings (7 Apr 2014)
Market Pulse: Midas, Goodpack (4 Apr 2014)
  Research
Keppel Corporation: A steady quarter
Keppel Corporation (KEP) reported a 8.6% YoY rise in revenue to S$3b and a 5.1% fall in net profit to S$338.7m in 1Q14, and within expectations. E ...
Ezion Holdings: New contracts and new strategic investors
Ezion Holdings recently clinched two service rigs charter contracts worth a total of US$78.7m, bringing its YTD order wins to US$260.3m. We believ ...
Keppel Land: Chinese home sales still healthy
KPLD reported 1Q14 PATMI of S$87.7m, decreasing 9.2% YoY mostly due to the absence of a tax write-back recognized in the same period last year. We ...
First REIT: Growth from acquisitions
First REIT (FREIT) reported 1Q14 gross revenue of S$22.5m, which translates into a 28.3% YoY growth. Distributable amount to unitholders and DPU i ...
M1: Decent start to FY14; maintain HOLD
M1 Ltd posted 1Q14 revenue of S$240.2m, though down 1.2% YoY and 13.8% QoQ, it still met about 23.4% of our FY14 forecast; net profit grew 4.3% Yo ...
Lian Beng: Boost from M-Space TOP
3QFY14 PATMI came in at S$33.6m – up 178% YoY – mostly due to a boost from the TOP of M-space, a 55%-owned industrial development. This is within ...
 
 Strategy
Telco Sector: M1 may offer cross carriage soon
Business Times reported yesterday that M1 could be close to being able to cross carry the coveted BPL and other exclusive content on its fledging ...
Oil and Gas: Share price correction begets opportunities
YTD, the FTSE ST Oil & Gas Index has slipped 3.3%, versus the STI’s 1.3% gain. We believe investors should take opportunity of the share price cor ...
Telecom Sector: 4QCY13 results mostly tracking our estimates
Both M1 and SingTel reported 4QCY13 results that came in within our expectations, while StarHub’s results tracked below forecast. M1’s core FY13 e ...
Consumer Sector: Looking for resilience of growth
We see three trends among our coverage’s 4QCY13 and CY13 earnings: 1) strong revenue growth, 2) stable margins, and 3) USD-denominated results bei ...
Telco Sector – Pricier charges for excess data usage
StarHub Ltd has also just revised up its charges for every GB of data consumed above the free bundle, after SingTel and M1 doubled their excess da ...
Singapore REITs: Fundamentally sound, but risks ahead
The recent respite in the unit prices of S-REITs resulting from the delay in the US Fed tapering was short-lived. Looking ahead, we believe mounti ...
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