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Keppel
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Keppel Corp
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beetlejuice
Master |
02-Feb-2024 12:56
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If you don't mind telling, u still at 50K shares for Keppel & 1M shares for Seatrium?
I see u as a role model. 💰 🧧 ✨
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newbie19
Supreme |
02-Feb-2024 12:53
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Good good, our buddies will join hand together
Meanwhile just wait for the 19c dividends giving out in May.
Cheers everyone..🧧 🧧 🧧 🧧 🎈 🎉 🎉 🎈
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beetlejuice
Master |
02-Feb-2024 12:38
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Haha, i will join u & CSD for $8.88 wait & beyond.
Btw, Keppel recurring income is now at 88% too.
💰 🧧 ✨
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newbie19
Supreme |
02-Feb-2024 12:35
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Who knows..maybe reach $8.90 end of 2024.😁
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newbie19
Supreme |
02-Feb-2024 12:25
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Congrats to you. As long as make money, that's the key element.
Me and CaiShenDao got to wait longer till 8.88.
Nice number ma..😊 😊
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dontbetray
Master |
02-Feb-2024 12:04
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2023: Strong Results With A Rosy M& A Outlook Ahead KEP reported better-than-expected results for 2023 due to a strong operating performance from its infrastructure and connectivity segments. The former saw a particularly strong 135% yoy increase in net profit with management implying that its mid- to high-teens profit margins are sustainable. With a potentially more active M& A market in 2024, asset monetisation and capital recycling will be key share price drivers. Maintain BUY. Target price: S$8.89. RESULTS &bull A strong set of results with more to come. Keppel Ltd (KEP) reported a 19% yoy increase in profit from continuing operations to S$996m and above our expectations. Including a S$3.3b disposal gain from the divestment of the offshore & marine business, this would have resulted in a net profit of S$4.1b, the highest in its history. The company declared a final dividend of S$0.19 together with its interim dividend of S$0.15, the full-year dividend of S$0.34 implies a yield of 4.8% based yesterday' s price. &bull Key highlights of the result include: a) a strong operational performance from the infrastructure division (+135% yoy increase in net profit to S$699m), b) a meaningful 30% increase in net profit for the connectivity segment, c) a solid 54% yoy growth in recurring income to S$773m, and d) a 2ppt yoy rise in ROE to 9.3% in 2023 &bull Balance sheet looks slightly stretched but manageable in our view. With net gearing rising to 0.9x as at end-23 vs 0.78x at end-22, KEP' s gearing numbers are approaching its 1x threshold. However management appeared to be sanguine about this and believes its changing earnings profile over the next few years should lower its gearing levels STOCK IMPACT &bull Solid performance from the infrastructure segment. 2H23 was a particularly strong period for the infrastructure segment as it realised an 18% net margin which KEP attributed to the reliability of its assets as well as its strong operations and maintenance works. The company also pointed out that it has the benefit of not relying on one single source of gas (and is thus able to pivot to lower-cost gas relatively easily) and thus implied that this margin may be sustainable in the medium term. KEP' s renewables portfolio grew by an impressive 54% yoy to 4GW as it continues to work on strategic partnerships to broaden its green businesses such as carbon capture for waste-to-energy plants and hydrogen and ammonia solutions &bull Real estate potentially troughing in 2024. While the acquisition of Aermont has made KEP a global real estate player, the company pointed out that it remains committed to Asia. Management reiterated its belief that China remains a growth market, but it will move away from residential offerings and instead look at the real estate segments that are supported by Chinese policymakers, eg sustainable urban renewal and integrated senior living solutions. &bull AssetCo - an early redemption this year? During the analyst briefing, the company highlighted that its AssetCo has accumulated a cash balance of S$950m as at end-23 and continues to perform well as dayrates and utilisation rates have improved significantly on a yoy basis. Management disclosed that it is getting " good enquiries" for its rig assets and thus is hopeful that its S$4b in credit notes can be redeemed this year. &bull Asset management continues to grow impressively. As at end-23, KEP had S$79b in funds under management (FUM) which includes S$24b from the Aermont acquisition. During the results briefing, management reiterated its target of attaining S$200b in FUM and pointed to a successful 2023 where it raised S$2.3b in equity and currently has a pipeline of more than S$14b of asset and M& A deals which it should be able to cater to from its S$9b in dry powder. While 2023 was a relatively quiet year for M& As globally, KEP believes that this year should see more fundraising and dealmaking taking place, particularly in the later part of the year. EARNINGS REVISION/RISK &bull Slight upgrades to 2024 and 2025 numbers. We have raised our net profit estimates for KEP by 1.4% and 3.8% for 2024 and 2025 respectively on the back of slight earnings and revenue growth from the infrastructure and connectivity segments, offset by lower yoy earnings from real estate due to continued weakness in some of KEP' s key markets. VALUATION/RECOMMENDATION &bull We maintain our BUY rating on KEP. Our SOTP-based target price has been lowered to S$8.89 (-2% from S$9.09) because of a mildly higher share count and slightly lower valuation of its property segment. The asset-light, fee-related earnings acquisition of Aermont arguably positions KEP as a global asset manager with a real-estate focus. Aermont' s growth profile for the next five years to 2028, when the company buys the other half of the asset manager, will be interesting to watch given the macro and real estate environment in Europe. KEP currently trades at 2024F PE of 13.2x and P/B of 1.2x, which we view as far from being egregious, especially considering the company' s more stable earnings stream given the divestment of its offshore marine business. SHARE PRICE CATALYSTS a) Successful sale of rigs within AssetCo and earlier-than-expected return of credit notes b) continued growth in AUM of its asset management business and c) earnings-accretive investments and contract wins in its infrastructure segment. |
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kennygohk
Member |
02-Feb-2024 11:18
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Oh my... Forgot to adjust mine GTM sell order at 7.2 and 7.3 both done... Haha. Still heavily vested. |
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elisa28
Master |
02-Feb-2024 10:58
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Thank you. 😊
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FATABA
Supreme |
02-Feb-2024 10:32
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congrate ...as long as you are happy w the Angpow :))
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elisa28
Master |
02-Feb-2024 10:20
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Cimb bought my 7.30 sell order. Thank you cimb.
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elisa28
Master |
02-Feb-2024 10:13
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Now 7.29 wow wow wow ching chiong
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dontbetray
Master |
02-Feb-2024 10:03
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supremo, its cny rally
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FATABA
Supreme |
02-Feb-2024 10:01
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I have said that this is an excellent set of results and MORE are to come in the next few years. CEO message is clear and direct w recurring income growing and expected to have good ROE . Possible to see $8 in 2024 ? DYODD Happy investing.
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elisa28
Master |
02-Feb-2024 09:33
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Keppel chiong now 7.24
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rlong8288
Master |
01-Feb-2024 17:30
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Have to used to it as this is SGX....
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dontbetray
Master |
01-Feb-2024 17:23
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can some one tell me what does the following transaction mean Time Price Volume Order 17.07.25 7.125 115,300 x 17.06.24 7.125 101,100 x 17.06.01 7.133 153,100 x 17.04.41 7.150 642,600 BID good or bad? |
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pursuer76
Veteran |
01-Feb-2024 10:13
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US market dropped. It' s a collateral damage and should recover fast if US market turns positive tonight.
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Tob231
Elite |
01-Feb-2024 10:13
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it has not been listed on SGX. should have entered this counter early ... missed all the goodies. |
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Fiat500
Veteran |
01-Feb-2024 10:08
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Stock price dropped after good results... Seems weird! | ||||
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spec008
Veteran |
01-Feb-2024 09:36
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Really worthy of being called a blue chip...sadly I sold off some time back wish all Bros that are vested the best...👍 |
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