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keppel Corp
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krisluke
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30-Jul-2013 10:57
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Technically, and from a chart pattern point of view, this counter is probably weaker than the other yards. Prices were unable to move above the meeting point of the declining 100- and 200-day moving averages at $10.80. Quarterly momentum appears poised for a retreat, and 21-day RSI is already on the retreat. Prices will probably ease from here ($10.55) towards the low end of the range at $10.40, which is below the 50-day moving average. These moves are likely to be part of a broader base formation. 
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jacelin84
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29-Jul-2013 22:52
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If this counter is downtrend,IMO Vard will follow suit. | ||||
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Jackpot2010
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29-Jul-2013 21:53
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Gulf Prince warns shale could hurt Saudi economy Source: CNBC BUSINESS NEWS Reuters | Monday, 29 Jul 2013 | 7:38 AM ET Saudi billionaire Prince Alwaleed bin Talal warned that the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues, as rising U.S. shale energy supplies cut global demand for its oil. In an open letter to Oil Minister Ali al-Naimi and other ministers, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from OPEC member states was " in continuous decline" . He said Saudi Arabia's heavy dependence on oil was " a truth that has really become a source of worry for many" , and that the world's biggest crude oil exporter should implement " swift measures" to diversify its economy. Prince Alwaleed, owner of international investment firm Kingdom Holding, is unusually outspoken for a top Saudi businessman. But his warning reflects growing concern in private among many Saudis about the long-term impact of shale technology, which is allowing the United States and Canada to tap unconventional oil deposits which they could not reach just a few years ago. Some analysts think this may push demand for Saudi oil, as well as global oil prices, down sharply over the next decade. Over the past couple of years the Saudi government has taken some initial steps to develop the economy beyond oil - for example, liberalising the aviation sector and providing finance to small, entrepreneurial firms in the services and technology sectors. Naimi said publicly in Vienna in May that he was not concerned about rising U.S. shale oil supplies. Prince Alwaleed told Naimi in his open letter, which was dated May 13 this year, that he disagreed with him. " Our country is facing a threat with the continuation of its near-complete reliance on oil, especially as 92 percent of the budget for this year depends on oil," Prince Alwaleed said. " It is necessary to diversify sources of revenue, establish a clear vision for that and start implementing it immediately," he said, adding that the country should move ahead with plans for nuclear and solar energy production to cut local consumption of oil. The shale oil threat means Saudi Arabia will not be able to raise its production capacity to 15 million barrels of oil per day, Prince Alwaleed argued. Current capacity is about 12.5 million bpd a few years ago the country planned to increase capacity to 15 million bpd, but then put the plan on hold after the global financial crisis. While most Saudi officials have in public insisted they are not worried by the shale threat, the Organization of the Petroleum Exporting Countries (OPEC) has recognised that it needs to address the issue. In a report this month, OPEC forecast demand for its oil in 2014 would average 29.61 million bpd, down 250,000 bpd from 2013. It cited rising non-OPEC supply, especially from the United States. At its last meeting in Vienna in May, OPEC oil ministers spent time discussing shale technology and set up a committee to study it. |
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krisluke
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29-Jul-2013 13:52
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Kep Corp - No indication of a reversal of its current downtrend, with ADX, RSI and Stochastics all trending lower. Moreover, the counter has broken past allits key MA's. The year low of $10.23 will provide near-term support. |
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krisluke
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22-Jul-2013 10:35
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Keppel seeks new non-rig orders for Brazil yardsKeppel Corp., the world’s largest oil-rig maker, wants to set aside capacity to build offshore production and support vessels in Brazil as competition from China pushes down rig prices. Keppel wants to expand its business of building offshore production and support vessels in the country, Chief Executive Officer Choo Chiau Beng said in an interview on July 19. The Singapore company, which is building a second yard in Brazil, also plans to offer more repair and conversion work. “We’re not interested to take a lot more work than the six semis from Petrobras because we do not want to overload our shipyard,” Choo said, referring to an order to build semi- submersible rigs for state-owned Petroleo Brasileiro SA. “We want to leave some capacity for our other customers” who need floating production, storage and offloading platforms, or FPSOs, and for oil-rig repairs, he said. Demand for offshore drilling and production units is expected to increase as Brazil competes for investments at a time when producers are using new technologies to extract crude from shale beds across the US and explorers are expanding activity off the coast of Africa. South America’s largest economy targets to double its crude production by 2020. “The next big story there will be FPSOs because ultimately after you drill and discover oil, you’ll need FPSOs to produce it,” Vincent Fernando, the head of Asean research at Religare in Singapore, said in a phone interview on July 19. “They are looking at all the different ways they can tap the energy value chain, they don’t only need to build rigs.” Ramping up Keppel signed a $4.1 billion order in August to build five semi-submersible rigs for Sete Brasil Participacoes SA, an affiliate of Petrobras. The state oil producer, which is developing the largest oil discovery in the Americas in three decades off the country’s coast, is spending $236.5 billion as part of its five-year investment plan. Choo said the company is in the process of ramping up production at its Brazilian yard specializing in offshore support vessels. Keppel had orders amounting to S$13.1 billion ($10 billion) as of June, with deliveries stretching into 2019. Shares of Keppel fell 1.4% to $10.75 in Singapore trading on July 19. The stock was the worst performer on the 30-member Straits Times Index after it reported second-quarter net income fell 33% to $346.8 million. ‘Crazy Terms’ While Keppel is facing competition from yards in China for offshore projects, Choo expects customers to lay more emphasis on having products delivered on time. Clients had been asking Keppel to complete rigs that the Chinese yards were unable to finish, he said. “Chinese yards were desperate because they ran out of conventional ships to build,” Choo said. “They were offering crazy terms to attract customers.” China, the world’s biggest shipbuilding nation, may see a third of its yards shut down in about five years amid a global vessel glut, according to the China Association of National Shipbuilding Industry. That has prompted yards to expand into building offshore projects. Choo, 65, will retire at the end of this year and Chief Financial Officer Loh Chin Hua will take over from January. |
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krisluke
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19-Jul-2013 14:36
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CD S$0.208/share (vs S$0.18 for 1H12) comprises of: 1) cash dividend of S$0.10/share 2) dividend in specie of Keppel REIT units equivalent to S$0.108/share (8 unit for every 100 Keppel Corp shares). |
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krisluke
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19-Jul-2013 14:16
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What is the news?
Keppel reported 2Q13 revenue of S$3.1bn was 11.7% lower YoY (+11.5% QoQ) and core net profit of S$346mn was 33.6% lower YoY (+4.5% QoQ), due mainly to (i) a drop in revenue recognition from sales of Reflections at Keppel Bay units, and (ii) prior period’s profit on sale of investment shares. The company announced an interim dividend of S$0.208/share (vs S$0.18 for 1H12), which comprises a cash dividend of S$0.10/share and a dividend in specie of Keppel REIT units equivalent to S$0.108/share (8 unit for every 100 Keppel Corp shares). O& M net order as of end- 2Q13 was S$13.1bn. How do we view this?O& M revenue recognition was slightly lower than expectations, but 2Q13 O& M margin hold up at 14.2% (vs. 14.1% in 1Q13 13.2% in 2Q12) despite conservative profit recognition for the Sete Brasil semi-submersible. We expect O& M margins to remain resilient at 14-15% for 2H13. Investment Actions?Despite recent volatility in oil price, management remains positive on outlook prospects and sees rising energy demand from emerging countries as well as depletion in existing oil fields. Given that 48% of the global jack-up fleet is over 30 years old, we believe that replacement demand should continue to drive order momentum for newbuild jackups going forward. Conservatively, we trimmed our FY13-14E earnings estimate by 1-2% on lower O& M assumptions as mounting competition from Korean and Chinese yards continues to suppress prices and margins for newbuild rigs. We maintain our Accumulate rating with new target price of S$12.25, based on an SOTP valuation. Stock is trading at forward P/E of 11.8x, close to the long-term +0.5 SD of 11.9x. 2Q12 results generally in-lineKeppel reported 2Q13 revenue of S$3.1bn was 11.7% lower YoY (+11.5% QoQ) and core net profit of S$346mn was 33.6% lower YoY (+4.5% QoQ), due mainly to (i) lumpy recognition in 1H12 arising from units of Reflections at Keppel Bay sold under the deferred payment scheme, and (ii) prior period’s profit on sale of investment shares. On the other hand, Infrastructure reported 21.2% higher YoY (+34.9%) operating profit of S$36mn, due to higher contribution from the power and gas business. O& M margin holding up at 14.2%O& M revenue recognition was slightly lower than expectations, but 2Q13 O& M margin hold up at 14.2% (vs. 14.1% in 1Q13 13.2% in 2Q12) despite conservative profit recognition for the Sete Brasil semi-submersible. Keppel delivered 11 out of 20 jack-up rigs (6 units in 2Q13) due for delivery in 2013 with another 9 jack-up deliveries coming up this year, we expect O& M margins to remain resilient at 14- 15% for 2H13. Keppel has secured S$3.5bn of new orders YTD, representing 59% of our forecast of S$5.9bn for FY13E. Despite near term volatility in oil price, management remains positive on outlook prospects and sees rising energy demand from emerging countries as well as depletion in existing oil fields. Given that 48% of the global jack-up fleet Change in CEO from 2014Separately, Keppel Corp has announced the stepping down of CEO Choo Chiau Beng from Jan 2014, who will be replaced by current CFO, Loh Chin Hua. CEO of Keppel O& M will also be succeeded by its COO, Chow Yew Yuen, from Feb 2014. We do not anticipate any major changes in the group’s strategy or operation. Maintain Accumulate ratingConservatively, we trimmed our FY13-14E earnings estimate by 1-2% on lower O& M assumptions as mounting competition from Korean and Chinese yards continues to suppress prices and margins for newbuild rigs. We maintain our Accumulate rating with new target price of S$12.25, based on an SOTP valuation. Stock is trading at forward P/E of 11.8x, close to the long-term +0.5 SD of 11.9x. Source: PhillipCapital Research - 19 Jul 2013 |
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krisluke
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19-Jul-2013 13:58
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Target S$12.10 (Long Term: Out Perform) 2Q13 O& M EBIT margin of 14.2% was in line with our target of 14.5%, although revenue was short of our expectations. However, we believe that margins could surprise on the upside in 2H13 with more upgrades/FPSO conversion jobs. Maintain Outperform. 2Q13 net profit was 10% below our expectation and 7% below consensus. 1H13 accounted for 45% of our FY13 forecast, mainly due to lower-than-expected revenue recognised in O& M. We lower our revenue recognition and as a result cut EPS by 1-4% for FY13-15. Our target price is unchanged, still based on RNAV valuations (O& M P/E of 14x). Catalysts could come from stronger-than-expected margins.
2Q13 net profit was 10% below our expectation and 7% below consensus. 1H13 accounted for 45% of our FY13 forecast, mainly due to lower-than-expected revenue recognised in O& M. We lower our revenue recognition and as a result cut EPS by 1-4% for FY13-15. Our target price is unchanged, still based on RNAV valuations (O& M P/E of 14x). Catalysts could come from stronger-than-expected margins. Stable margins, better 2H 2Q13 O& M EBIT margin was at 14.2% (1Q13: 14%), with the delivery of six jack-up rigs, one semi-sub drilling tender and four upgrade/modification/conversion projects. We believe that margins could inch up above 15% in 2H13 with nine upgrade/repair jobs for rigs/FPSO due for delivery. The upgrades/repair jobs should yield margins of 15-18%. Expect a mixed order trend YTD, Keppel has secured about S$3.6bn of orders and its order book is estimated to be S$13.6bn. More than 90% of its YTD orders are jack-up rigs. We expect a diversified order mix in 2H13/2014, including semi-sub accommodation rigs, FPSO conversions and rig upgrades as 2015 yard space for jack-up rigs is getting tight even as the industry faces a longer lead time (2 to 2.5 years) for drilling package and BOPs. We expect Keppel to clinch its maiden drillship contract by end-2014/beg-2015 as it has actively been in talks with customers. The feasibility study for FLNG with Golar will be completed by 3Q13 while the ice-class jack-up design with ConocoPhillips will be ready by end-13. No more stake in K-REIT Keppel declared an interim dividend of 20.8 Scts (10 Scts cash and 10.8 Scts dividend in specie of eight K-REIT units for every 100 Keppel shares). This eliminates Keppel's entire 5.6% stake in KREIT. KepLand's 45.9% stake in KREIT remains. Source: CIMB Daybreak - 19 July 2013, Full PDF Report |
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krisluke
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19-Jul-2013 13:47
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Singapore shares edged lower on Friday, weighed down by Keppel Corp Ltd after the oil rig builder reported a 33 percent fall in second-quarter net profit. The Straits Times Index was down 0.2 percent at 3,212.92 points, while MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.4 percent. Keppel Corp fell as much as 2.4 percent to S$10.64 and was the third-highest traded stock by value on the Singapore market. The company reported a net profit of S$346.8 million ($273.7 million) for the three months ended June, down from S$520.9 million a year earlier. Small and mid-cap stocks, such as CNA Group Ltd, KrisEnergy Ltd and HanKore Environment Technology Group Ltd, were the top traded by volume on Friday. Shares of CNA Group, which has businesses in IT solutions, water treatment and infrastructure, surged as much as 82 percent with a volume of more than 204 million shares after a placement of 60 million new shares at S$0.1208 each. Shares of oil and gas explorer KrisEnergy Ltd, backed by Keppel Corp and private equity firm First Reserve, rose above the initial public offering price in their trading debut on the Singapore Exchange. HanKore shares shot up 8 percent on Thursday after the water treatment company said the managing director of Asdew Acquisitions, Wang Yu Huei, agreed to subscribe to 293.6 million new shares at S$0.05 each. HanKore said it would use the net proceeds to fund water investments and on current projects. The stock was trading at S$0.053, with more than 92 million shares changing hands, 2.2 times the average full-day volume over the past 30 days. |
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krisluke
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19-Jul-2013 10:17
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New Keppel Corp drillship solution answers strong market demandMove made to remain competitive. Maybank Kim eng said that Keppel Corp's new drillship solution which is being developed for commercial availment was made to answer the strong market demand in the drillship market. Here's more from Maybank: Results within expectations, maintain Buy. 2Q13 results were within our expectations with revenue of SGD3,076m (-12% YoY, +11% QoQ) and PATMI of SGD347m (-33% YoY, -3% QoQ). The weaker YoY performance was due to lumpy property recognition mainly from sale of Reflections units last year. 1H13 PATMI makes up 48% of our FY13F forecasts. An interim cash dividend of 10 cts/sh was declared with additional dividend-in-specie of Keppel Reit units on the basis of 8 units for every 100 Keppel shares (~10.8cts/sh). After this round of distribution, Keppel would have disposed most of its direct stake (~5.6%) in Keppel Reit. Maintain Buy, SOTP-based TP of SGD12.12. Sustained O& M margins. O& M margin for 2Q13 was sustained QoQ at 14.1%, off the lows of the 13% levels seen last year. Our FY13F O& M operating margin forecast is at 14.4%, but we believe that there are opportunities for upside surprise from better execution. Keppel remains cautious and flags competition from Korean and Chinese yards. While we have been wary of the risks, our view is that average rig prices could trend incrementally higher leading to marginal margin expansion, and not a decline. Demand for rigs remains strong, stepping up to the competition. Overall demand for newbuild rigs from various markets remains encouraging. YTD order wins have reached SGD3.5b with net orderbook now at SGD13.1b. It also announced that it has developed a new drillship solution and is working to commercialise this new design. The venture into the drillship market reflects the strong market demand for such units and Keppel is stepping up in order to remain competitive. We believe that confidence in its design would be helped by its established rigbuilding track records and strong customer relationships. Change in leadership. What came as a bit of an early surprise was the announcement of a change in leadership. The new successors have nevertheless been with Keppel for many years and we believe they have the capability to bring the company to the next lap. Maintain Buy, TP SGD12.12. We adjust our SOTP TP to SGD12.12 (from SGD12.10) for updated market values. Maintain Buy.
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krisluke
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19-Jul-2013 09:44
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Keppel Corp: Turned in 2Q13 results which were slightly below estimates. Net profit at $346m (-33% y/y, -3% q/q) formed 22% of FY13 consensus estimates and brings 1H13 earnings to $703.7m, -45%. Revenue for the quarter at $3.1b (-12% y/y, +11% q/q) while operating margins was relatively stable at 14.1% versus the lows of 13% experienced in FY12. The lower y/y top-line was due mainly to reduced revenue booking from Keppel’s Offshore & Marine (-11%) and Property Divisions (-37%), which was partially offset by higher revenue from the Infrastructure Division (+13%). Despite the lackluster performance, management remains buoyant on prospects going into 2H13, citing strong demand for jack-up rigs particularly from Mexico. Add that the group is also moving up the value chain and has developed a new drillship design, which is expected to be commercialized in the near term. Year-to-date, Keppel’s O& M division has secured $3b of new orders in 1H13, double of that achieved y/y, bringing its net order book to $13.1b with deliveries extending into 2019. Perhaps what came as an early surprise was the change in leadership, where Keppel announced that CEO Mr Choo Chiau Beng will be succeeded by CFO Mr Loh Chin Hua in Jan14 and Keppel O& M CEO, Mr Tong Chong Heong will be succeeded by Keppel O& M COO, Mr Chow Yew Yuen on Feb14. Both Mr Choo and Mr Tong will remain as senior advisors on the board to ensure a smooth transition An interim cash dividend of 10 ¢ per share has been declared with additional dividend-in-specie of Keppel Reit units on the basis of 8 units for every 100 Keppel shares. After this round of distribution, Keppel would have disposed most of its direct stake (~5.6%) in Keppel Reit. Latest broker ratings as follow: Maybank-KE maintains Buy with $12.12 TP CIMB maintains O/p with $12.10 TP Credit Suisse maintains O/p with $12.50 TP Deutsche maintains Buy with $13.00 TP Nomura maintains Buy with $13.20 TP |
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krisluke
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19-Jul-2013 09:37
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there is a $0.02 gap up formed on 09/07/2013 and 10/07/2013. $10.60 and $10.62 |
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Octavia
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19-Jul-2013 09:16
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Perhaps what came as an early surprise was the change in leadership, where Keppel announced that CEO Mr Choo Chiau Beng will be succeeded by CFO Mr Loh Chin Hua in Jan14 and Keppel O& M CEO, Mr Tong Chong Heong will be succeeded by Keppel O& M COO, Mr Chow Yew Yuen on Feb14. Both Mr Choo and Mr Tong will remain as senior advisors on the board to ensure a smooth transition An interim cash dividend of 10 ¢ per share has been declared with additional dividend-in-specie of Keppel Reit units on the basis of 8 units for every 100 Keppel shares. After this round of distribution, Keppel would have disposed most of its direct stake (~5.6%) in Keppel Reit. Latest broker ratings as follow: Maybank-KE maintains Buy with $12.12 TP CIMB maintains O/p with $12.10 TP Credit Suisse maintains O/p with $12.50 TP Deutsche maintains Buy with $13.00 TP Nomura maintains Buy with $13.20 TP |
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krisluke
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19-Jul-2013 09:07
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Keppel Corp Q2 net profit falls 33%, below forecast Singapore’s Keppel Corporation said its net profit fell by a third in the second quarter to $346.8 million from a year ago, mainly due to lower contributions from offshore marine and property and investments. The profit was behind an average forecast of about $400 million based on estimates by three analysts. The company expects to see strong prospects for the offshore and marine industry. Keppel is the world’s top offshore rig builder and also has businesses in real estate and infrastructure. |
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krisluke
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19-Jul-2013 09:05
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Mr Loh Chin Hua to succeed Mr Choo Chiau Beng as Keppel Corp CEO on Jan 1, 2014 
Keppel Corporation chief financial officer Mr Loh Chin Hua (left) has been named as the next chief executive officer (CEO) of the conglomerate. He will succeed Mr Choo Chiau Beng (right), 65, as CEO on Jan 1. -- FILE PHOTOS: KEPPEL CORP
SINGAPORE: Keppel Corporation has announced that its CEO Choo Chiau Beng will be stepping down with effect from January 1, 2014. Keppel's chief financial officer (CFO) Loh Chin Hua will take over the reins from 65-year-old Choo, who has run the company since 2009. The company also said the chief executive of its offshore marine unit, Tong Chong Heong, 66, will be succeeded by its chief operating officer Chow Yew Yuen with effect from February 1. Mr Choo and Mr Tong will be appointed as senior advisors to the respective boards of Keppel Corp, and Keppel O& M and Keppel Infrastructure, thereafter. The company said it will make the announcement on the appointment on its new CFO at the appropriate time. - CNA/fa |
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Octavia
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19-Jul-2013 08:45
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KEPPEL Corporation's second-quarter net profit attributable to shareholders fell 33.4 per cent to $346.8 million from the year-ago period's $520.9 million, which was boosted by sales of Reflections by Keppel Bay units. Revenue for the April-June quarter retreated 12 per cent to $3.08 billion from $3.48 billion due to a fall in contribution from Keppel's property and offshore and marine divisions. Excluding the one-time gains from the delivery of the Reflections units and some investments, performance for the first half of the year " is comparable to that of the same period last year" , said Keppel Corp CEO Choo Chiau Beng, who also announced yesterday that he would be succeeded by CFO Loh Chin Hua. Keppel Corp's first-half net profit attributable to shareholders fell 44.7 per cent to $703.8 million from $1.27 billion on the back of a 25 per cent fall in turnover to $5.83 billion from $7.74 billion. |
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krisluke
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18-Jul-2013 14:56
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Keppel Corp: According to a CS report on group's 1H13 results, house expect 2Q13 net profit of $420m which would represent 27% of consensus FY13 net profit of $1.56b. CS expect a q/q improvement in the O& M margin to above 15.0% in 2Q13 from 14.1% in 1Q13, driven by an acceleration in rig deliveries. In 2Q13, Keppel delivered seven out of 20 jackup rigs due in 2013, an increase from the five units delivered in 1Q13. The rigs were delivered ahead of schedule by an average of 19 days, earning Keppel a combined bonus of US$2.2m. Keppel Merlimau Cogen could contribute more to infrastructure profit in 2Q13 with the completion of its 400MW expansion in late March. The average electricity pool price was firm in 2Q13, increasing to $185/MWh from $175/MWh in 1Q13, driven by a rise in electricity demand during the haze. CS maintain its OUTPERFORM rating on Keppel, which is its top pick within the Singapore offshore and marine sector. Keppel is a Credit Suisse NJA Focus List stock. | ||||
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cheng987
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18-Jul-2013 11:18
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Keppel Corporation Limited result will not be very good ,that 's why nobody want to buy up . | ||||
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krisluke
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18-Jul-2013 11:09
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krisluke
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16-Jul-2013 09:42
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Keppel Corp: Secured a contract to build a jackup rig worth US$206m from repeat customer Grupo R, a Mexican drilling company. Delivery is scheduled for 4Q15. The new rig order is priced in line with the US$205m average price of the previous four similar rigs that Keppel is building for Grupo R. With this new contract, Keppel currently has on order nine KFELS B Class jackup rigs from Mexican customers. The growing activity in the region is underpinned by a positive backdrop of increasing E& P spending, driven by govt initiatives and an aging drilling fleet. PEMEX, the Mexican national oil company has stated its aim to increase pdtn with plans to add between 8 -12 offshore platforms to its drilling fleet, and recently unveiled invmt plans of US$25.3b for 2013, of which US$20b will be targeted at upstream activities. Keppel’s has achieved ytd order wins of ~$3.7b, on track to meet the street’s estimate of $5.5 – 6.5b for the full year. Revenue visibility is backed by the strong current orderbook of ~$15.1b, with deliveries extending to 2019. Nomura keeps at Buy with TP $13.20, notes the stock is supported by an attractive FY13e yield of 4.2%. | ||||
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