Keppel Land China expands portfolio with maiden site in Nantong

Keppel Land China expands portfolio with maiden site in Nantong:

• Press Release

Key Points

• Keppel Land China, through its wholly-owned Singapore subsidiary, Merryfield Investment Pte Ltd, has secured a 17.2 hectare site within the main city of Nantong, Jiangsu province, for RMB 1.04 billion (S$ 202 million) for a lakefront residential development.
• Keppel Land China’s maiden property development in Nantong is located in the established town centre of the state-level Nantong Economic & Technological Development Area (NETDA), now home to 50 of the Fortune 500 enterprises.
• The exclusive low-density residential development will comprise about 1,000 homes, ranging from villas, terraces, duplexes to high-rise apartments supported by complementary lifestyle commercial facilities. Targeted at the high income segment, the first phase is expected to be launched in the first half of 2012.

Related Posts

• Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd
• Keppel Land buys two prime residential sites in Chengdu - 18 OCT 2010 

Keppel secures S$240 million worth of conversion and specialised shipbuilding contracts

Keppel secures S$240 million worth of conversion and specialised shipbuilding contracts:

• Press Release

Key Points

• Keppel Offshore & Marine Ltd (Keppel O&M), through wholly-owned subsidiaries Keppel Shipyard Limited and Keppel Singmarine Pte Ltd, has clinched new contracts totalling S$240 million.
• These comprise the upgrading of a Floating Production Storage and Offloading (FPSO) vessel, the conversion of a livestock carrier, as well as the building of a diving support vessel.
• With these latest projects, the total value Keppel O&M in 2010 has edged up to S$3.2 billion.
• Additionally, Keppel Shipyard has secured its third livestock carrier conversion project from the Hijazi & Ghosheh Group, a world-leading owner and operator of such vessels. 
• This contract involves converting the Reestborg container ship into a livestock carrier for Hijazi & Ghosheh’s affiliate company, Reestborg Compania Naviera S.A. 
• Keppel Shipyard’s work scope includes providing design engineering services, equipment procurement, as well as modifying the ship’s structural, piping and electrical systems. 
• When completed in the second quarter of 2011, the livestock carrier will ply the route between Australia and the Middle East.
• Fortifying its track record for customised ship solutions, Keppel Singmarine has also won a contract from a Malaysian customer to build a diving support vessel.
• The 80-metre ship will be based on a new design specially developed by Keppel’s Marine Technology Development unit for the customer. 
• When completed in the second quarter of 2012, this diving support vessel will be able to perform multiple functions including rescue and subsea operations.

Related Posts

• Keppel to build US$180 million KFELS B Class Jackup for Jasper
• Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups - 2 DEC 2010
• Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling

Keppel to build US$180 million KFELS B Class Jackup for Jasper

Keppel to build US$180 million KFELS B Class Jackup for Jasper:

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured an order for a KFELS B Class jackup rig worth about US$180 million from Jasper Investments Limited (Jasper), with an option for another similar unit. 
• The rig is slated for delivery in 2H 2012.
• If exercised, the option for the additional rig will bring the total contract value to about US$365 million.
• Total value of new contracts secured in 2010 reaches S$3 billion.

About Jasper Investments Limited
Jasper Investments Limited is a holding company listed on the SGX since 1993 which principally invests in the offshore oil and gas drilling and services sector. Jasper’s principal subsidiary, Jasper Offshore, owns and operates oil rigs for deep sea drilling which are contracted out to oil and gas exploration and production companies. For more information on Jasper Investments, please visit http://www.jasperinvests.com/index.php.

Related Posts

• Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups - 2 DEC 2010
• Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling

K-Reit completes acquisition of 77 King Street

(I) COMPLETION OF ACQUISITION OF 77 KING STREET
(II) USE OF PROCEEDS FROM THE NOV 2009 RIGHTS ISSUE 

• Press Release

Key Points

• Further to the announcement dated 19 July 2010 in relation to the acquisition of 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia (the “Acquisition”), the Acquisition has been completed.
• The Acquisition was financed with S$19.4 million from K-REIT Asia’s rights issue in November 2009 (the “Rights Issue”) and additional borrowings. 
• Such use of proceeds of the Rights Issue is in accordance with the stated use and the percentage of the proceeds allocated to such use.
• As at the date of this announcement, the Manager has disbursed all the proceeds from the Rights Issue.

Related Posts

• Financial News - 19 JUL 2010: K-REIT - ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA

Kepland completes divestment of one-third interest in MBFC Towers 1 & 2 and Marina Bay Link Mall - 15 DEC 2010

Completion of
(i) divestment of one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall; and
(ii) acquisition of Keppel Towers and GE Tower

• Press Release

Key Points

• Keppel Land has completed divestment of the one-third interest in the MBFC 1 Property to K-REIT Asia, and the acquisition of the KTGE Property from K-REIT Asia on 15 DEC 2010. 
• The net proceeds received by Keppel Land from the Transactions was about S$826 million.

Related Posts

• Keppel Land Divestment of MBFC phase 1 confirmed as capital gain and not taxable - 6 DEC 2010
• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Singapore's rig builders gain as oil drilling industry recovers

Singapore's rig builders gain as oil drilling industry recover:

Source


The oil drilling industry has bounced back after a hiatus brought about by the Gulf of Mexico oil spill and the global economic slump.

Analysts estimate that oil rig orders worth US$74 billion will be placed in the next three years and Singapore's offshore-and-marine (O&M) sector is poised to win big.

On Monday, oil prices breached two-year highs, hitting US$91 a barrel.

Analysts say high energy prices will boost capital expenditure on oil-rigging assets, especially in deepwater oil fields.

Low Pei Han, Investment Analyst, OCBC Investment Research, said: "After being badly hit by the financial crisis, the jack-up rig market has recovered, especially the premium rig segment.

This refers to jack-ups of independent leg units of water depth greater than 300 feet and rigs with higher hook load capacity.

Recent orders secured by Sembcorp Marine and Keppel Corp have been for rigs of this type. And it reaffirms the confidence in the jack-up rig market."

Keppel and Sembcorp have bid for US$8.7 billion worth of contracts from Brazilian oil giant Petrobas.

Meanwhile, analysts are expecting more replacement demand to kick in from next year onwards.

About 60 per cent of the world's oil rigs are more than 25 years old.

Ng Kian Teck, Investment Analyst, SIAS Research, said: "The trend we are seeing right now is that orders are coming in partly because of the deepwater oil spill in the US itself.

Some of the oil operators want to be more cautious and they want to replace the older rigs that they have."

Analysts are optimistic about the long-term prospects for Singapore's O&M companies.

Ms Low said: "Going forward, we think that the demand for such rigs is going to stay strong, as oil companies are increasingly forced to search for oil in deeper waters and harsher conditions.

Indeed the global demand for such rigs have increased over the years, where the number of other kinds of jack-up rigs have fallen since 2000."

Many analysts expect oil prices to breach US$100-a-barrel mark next year, thanks to robust energy demand in China and a weak US dollar.

Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd

Kepland acquires an additional stake in Jiangyin Evergro Properties Co., Ltd:

• Press Release

Key Points

• Keppel Land's indirect subsidiary, Shanghai Merryfield Land Co Ltd, has bought an additional 16.5 per cent stake in Jiangyin Evergro Properties Co Ltd (JEP).
• JEP owns the right to develop a residential and commercial mixed use site located in Cheng Jiang District in Jiangyin, China.
• With this acquisition, Keppel Land's aggregate effective interest has increased from 82.9% to 99.4%.
• The stake was bought from Jiangyin Evergro's shareholder, Jiangyin City Development Ltd, for RMB 36.9 million.

Keppel Corp Updated Target Price following Announcement of New Contract

Keppel Corp Updated Target Price following Announcement of New Contract:

DMG	BUY	S$12.00	03/12/10
OCBC	BUY	S$12.50	03/12/10
KIM ENG	BUY	S$12.30	03/12/10
DBS	BUY	S$12.20	03/12/10
Phillips	BUY	S$12.52	06/12/10

Latest updates at Stock Target Price.

Related Posts

• Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups - 2 DEC 2010

K-Reit Updated Target Price

K-Reit Updated Target Price:

CIMB

UNDERPERFORM

1.43

19/10/10

Latest updates at Stock Target Price.

Related Posts

• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Keppel Land Divestment of MBFC phase 1 confirmed as capital gain and not taxable - 6 DEC 2010

Update on proposed divestment of a one-third stake in MBFC phase 1 and proposed acquisition of KTGE.

• Press Release

Key Points

• Inland Revenue Authority of Singapore has confirmed that the gains from the proposed divestment of MBFC 1 is capital in nature and hence not subjected to tax. 
• The group would expect to realise a net gain of S$394 million from the MBFC 1 Transaction as compared to S$321 that the company had announced last month.

Related Posts

• K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Seadrill takes delivery of sixth KFELS B Class jackup rig - 3 DEC 2010

Seadrill takes delivery of sixth KFELS B Class jackup rig.

• Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has delivered the KFELS B Class jackup rig, West Juno, to Seadrill Jack-ups Limited (Seadrill) on time, within budget and with a perfect safety record.
• Including West Juno, Keppel-built rigs in Seadrill’s current fleet include 10 jackup rigs and six KFELS semisubmersible drilling tenders (SSDT). 
• One other SSDT is currently under construction. 
• West Juno joins the ranks of 32 other KFELS B Class jackups operating in different parts of the world, fortifying the track record of this winning rig design.
  

About Seadrill Limited
Listed on the New York Stock Exchange and the Oslo Stock Exchange, Seadrill is an international offshore drilling contractor providing services within drilling and well services. The company operates a versatile fleet of 54 units that comprises drillships, jack-up rigs, semi-submersible rigs and tender rigs for operations in shallow to ultra-deepwater areas in harsh environment and benign environments.

Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups - 2 DEC 2010

Keppel seals US$360 mil contract with mermaid’s asia offshore drilling for two newbuild jackups.

• Press Release

Key Points

• Keppel FELS Limited (“Keppel FELS”) has signed a contract to build two proprietary KFELS B Class jackup rigs worth US$360 million with Asia Offshore Drilling Limited ("AOD"), a 49% owned affiliate of Mermaid Maritime Public Company Limited (“Mermaid”). This follows a Letter of Intent entered into by Keppel FELS and Mermaid on 22 October 2010.
• The two jackup rigs are scheduled for delivery in 2012 and 2013 respectively.
• As part of the contract, AOD has been given options to build another two similar jackup units. If exercised, the options for the additional two rigs will bring the total contract value to above US$720 million.  

Related Posts

• Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling
• Keppel FELS enters into Letter of Intent with Mermaid for two newbuild jackup rigsworth US$360 million - 22 OCT 2010

Brazil's EAS leads in Petrobras' rigs tender

Source

EAS bids $4.65 billion for seven drilling rigs

• Petrobras plans to hire up to 28 rigs  
• Firms have five days to file appeals

SAO PAULO, Nov 26 (Reuters) - Brazilian shipyard Estaleiro Atlantico Sul (EAS) submitted the lowest bid in a tender for the building of seven drilling rigs for Petrobras (PETR4.SA), the Brazilian state-run oil company said on Friday.

EAS, a consortium formed by South Korea's Samsung Heavy Industries (010140.KS) and local construction giants Queiroz Galvao and Camargo Correa, presented a $4.65 billion bid on Thursday beating out six other groups.

Companies that also presented bids included Brazilian consortium Alusa Galvao, who offered $4.679 billion, and overseas giants such as Singapore's Sembcorp Marine (SCMN.SI) and Keppel Corp (KPLM.SI).

Petrobras plans to hire a total of up to 28 new drilling rigs to be built in Brazil to explore oil reserves in deep waters, including the subsalt. According to initial plans, the rigs were expected to be delivered between 2013 and 2018.
Petrobras will allow five days for companies to file appeals before making a final announcement on the winner for the massive order.

Keppel Corp Updated Target Price following Announcement of New Contract

Keppel Corp Updated Target Price following Announcement of New Contract:

DMG	BUY	S$11.00	26/11/10
OCBC	BUY	S$12.50	26/11/10
KIM ENG	BUY	S$11.70	26/11/10
CIMB	OUTPERFORM	S$13.00	26/11/10
DBS	BUY	S$12.20	29/11/10

Latest updates at Stock Target Price.

Related Posts

• Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling

Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling

Keppel wins US$180 mil KFELS B Class jackup rig contract from Standard Drilling.

Press Release

Key Points

• Keppel FELS Limited (Keppel FELS) has secured an order for a KFELS B Class jackup rig worth US$180 million from Standard Drilling Ltd (Standard Drilling), a subsidiary of Norwegian investment company, Ferncliff TIH AS Group (Ferncliff).
• As part of the agreement, Standard Drilling has been given options to build another two similar jackup units. If exercised, the options for the additional two rigs will bring the total contract value to about US$550 million.
• The first rig is slated for delivery in 2H 2012.

Keppel & Nakilat launches premier marine & offshore facility in Qatar - 24 NOV 2010

Keppel & Nakilat launches premier marine & offshore facility in Qatar. See press release.

Key Points

• Nakilat-Keppel Offshore & Marine (N-KOM), Qatar’s premier offshore and marine facility jointly developed by Keppel Offshore & Marine Limited (Keppel O&M) and Qatar Gas Transport Company Ltd (Nakilat), was launched yesterday.
• N-KOM is a 43-hectare world-class shipyard facility in which Nakilat owns 80 percent and Keppel the other 20 percent.
• Located at the north-eastern tip of Qatar within the Ras Laffan Industrial City and close to the LNG terminals and the Ras Laffan Port, N-KOM boasts some of the most technologically advanced equipment for increased efficiency, quality and safety.

Kepland Updated Target Price

Kepland Updated Target Price:

Phillips

HOLD

S$5.04

19/11/10

Latest updates at Stock Target Price.

Proposed issue of S$500 million 1.875% convertible bonds due 2015 - 19 NOV 2010

Proposed issue of S$500 million 1.875% convertible bonds due 2015. See press release.

Key Points

• Proposed issue of an aggregate principal amount of S$500 million 1.875 per cent Convertible bonds due 2015, which are convertible into fully paid-up new ordinary shares in the capital of the Company.

Keppel Land initiates special preview to meet demand for Lakeside homes - 12 NOV 2010

Keppel Land initiates special preview to meet demand for Lakeside homes. See Press Release.

Key Points

• Keppel Land initiated a special preview for its latest residential development, The Lakefront Residences (湖畔雅居) which met with positive response.
• Positive take-up of about 250 units at an average price of approximately $1,020 psf. 
• When completed in end-2013, The Lakefront Residences will comprise a total of 629 homes, ranging from 1-to 4-bedroom and penthouse units.

Keppel Land to issue S$500 million convertible bond - 9 NOV 2010

Keppel Land to issue S$500 million convertible bond.

• Press Release
• Announcement

Key Points

• The Singapore-dollar denominated bonds will bear interest at the rate of 1.875% per annum, payable semi-annually in arrears.
• The initial conversion price has been set at a 33% premium over the closing price of S$5.05 per Keppel Land share on 8 November 2010.
• The convertible bonds, which have a term of 5 years, will be convertible into new Keppel Land ordinary shares at an initial conversion price of S$6.72 per new share.
• Upon full conversion of the bonds, a total of 74,404,761 new Keppel Land ordinary shares will be issued, representing 5.13% of Keppel Land’s existing issued and paid-up share capital as at 8 November 2010.
• Keppel Land intends to use the net proceeds of approximately S$493 million in the following manner:
• approximately 80% to 100% to finance potential acquisition opportunities which the Company may pursue in the future as part of its strategic objectives and/or to refinance existing debts; and
• approximately 0% to 20% for general corporate and working capital purposes. 

Keppel Land acquires an additional 11.85% stake in Ocean Properties Pte. Limited - 8 NOV 2010

Keppel Land acquires an additional 11.85% stake in Ocean Properties Pte. Limited.

• Press Release

Key Points

• Keppel Land's wholly-owned subsidiary, Straits Property Investments Pte Ltd, has acquired an additional 11.85% stake in Ocean Properties Pte. Limited (“OPPL”), from an existing shareholder of OPPL, namely The Hongkong and Shanghai Banking Corporation Limited. 
• Prior to the Acquisition, the Company held a 75.66% stake in OPPL.
• OPPL, a company incorporated in Singapore, is the developer and owner of Ocean Financial Centre.

New Dividend Page

Have created the new Dividend Page that compiles the dividend information of the Keppel family:
http://keppelinvestor.blogspot.com/p/dividend.html

Keppel's eco homes in Tianjin Eco-City draw strong buyer interest - 1 NOV 2010

Keppel's eco homes in Tianjin Eco-City draw strong buyer interest. Press release.

Key Points

• Sold more than 90% of the 220 units released for during the soft launch of its Seasons Park residential development in the Sino-Singapore Tianjin Eco-City (Tianjin Eco-City).
• Seasons Park, comprising a total of 1,672 residences, is the first collection of eco-homes to be launched in the Keppel development where Keppel Corporation and Keppel Land have interests of 45% and 55% respectively. 
• Keppel Land is also the project manager for the Keppel development.

Safe and early delivery of Floatel’s second unit earns Keppel US$1.1 million bonus - 29 OCT 2010

Safe and early delivery of Floatel’s second unit earns Keppel US$1.1 million bonus. See press release.

Key Points

• Keppel FELS Limited (Keppel FELS) has surpassed its earlier track record for Floatel International (Floatel), with the delivery of the latter’s second semisubmersible accommodation rig, Floatel Reliance, 63 days early, within budget and without any lost-time incidents, meriting a bonus of US$1.1 million.
• Floatel Reliance is contracted to Petrobras for five years, with operations expected to commence early 2011. The rig will be wet-towed from Singapore to Rio de Janeiro on a voyage expected to last up to 65 days.
  
  

Kepland Updated Target Price following announcement of new projects in Vietnam

Kepland Updated Target Price following announcement of new projects in Vietnam:

DBS	BUY	S$4.91	28/10/10
DMG	BUY	S$5.00	29/10/10

Latest updates at Stock Target Price.

Related Posts
Keppel Land secures two prime sites for villa development in Ho Chi Minh City - 28 OCT 2010

Keppel Land secures two prime sites for villa development in Ho Chi Minh City - 28 OCT 2010

Keppel Land secures two prime sites for villa development in Ho Chi Minh City. See press release.

Key Points

• Keppel Land Limited (Keppel Land) has entered into joint ventures (JV) with well-known local property developers, Tien Phuoc Company Limited (Tien Phuoc) and Hung Phu Real Estate Corporation (Hung Phu), to develop two prime sites in Ho Chi Minh City (HCMC), Vietnam.
• The first agreement seals the collaboration between Keppel Land, through wholly-owned subsidiary, Antiaris Pte. Ltd. (Antiaris), and Tien Phuoc for the development of a 13.5-ha waterfront site in HCMC. 
• Comprising 225 villas, the gated development with 24-hour security will feature recreational facilities such as a club house, a gymnasium, a swimming pool, a tennis court and a children’s playground. 
• This will be Keppel Land’s fourth partnership with Tien Phuoc. Both Antiaris and Tien Phuoc will take equal stakes of the total development cost (TDC) of about US$115 million. 
• The second agreement between Keppel Land, through Belwynn Pte. Ltd. (Belwynn), and Hung Phu is for the development of a 9.8-ha site into a gated villa development along Rach Chiec River.
• The proposed development, located just 500 metres from Riviera Cove, Keppel Land’s second deluxe villa residential development in HCMC, is envisioned to provide about 150 premier homes.
• Under the arrangement, Belwynn will take up 60% stake of the US$65 million TDC while Hung Phu will subscribe for the remaining interest. 
• This is Keppel Land’s second collaboration with Hung Phu. 
• Upon the issuance of the investment certificates and relevant government approvals, both villa developments are expected to launch their first phases in fourth quarter of 2011.
  

Keppel Corp - Updated Target Price following Q3 2010 result release

Keppel Corp Updated Target Price following Q3 2010 result release:

OCBC	BUY	S$11.22	22/10/10
DBS	BUY	S$11.30	22/10/10
KIM ENG	BUY	S$11.70	22/10/10

Latest updates at Stock Target Price.

Related Posts
Keppel Corp Q3 2010 Quarterly Earnings Report

Keppel delivers North Sea-compliant dual-capability high-specification jack-up to Rowan - 24 OCT 2010

Keppel delivers North Sea-compliant dual-capability high-specification jack-up to Rowan. See press release. 

Key Points

• Keppel FELS Limited (Keppel FELS) has delivered the first of three KFELS N-Class jack-up rigs being built for Rowan Companies, Inc. (Rowan) (NYSE: RDC) safely, on time and within budget.
• Built to the proprietary KFELS N-Class design, this new-generation rig is the largest jack-up to be constructed in Singapore. This rig design is the brainchild of Keppel’s R&D arm, Offshore Technology Development (OTD), following Keppel’s extensive experience in constructing rigs for the North Sea region since 1985. The North Sea region is one of the world's toughest operating environments for offshore exploration and production.
• The rig was named the Rowan Viking at Keppel FELS today by Lady Sponsor, Mrs. Karen Russell, spouse of Mr. David Russell, Rowan’s Executive Vice President, Drilling Operations.
• Construction of the remaining two KFELS N-Class rigs, the Rowan Stavanger and the Rowan Norway, are on schedule with expected deliveries in 1Q and 2Q of 2011, respectively. In the US, Keppel AmFELS is currently constructing the remaining two of four Rowan EXL-Class jack-up rigs (Enhanced Super 116E), with expected deliveries in 1Q 2011 and 3Q 2012.
  

Keppel FELS enters into Letter of Intent with Mermaid for two newbuild jackup rigsworth US$360 million - 22 OCT 2010

Keppel FELS enters into Letter of Intent with Mermaid for two newbuild jackup rigs worth US$360 million. See press release. 

Key Points

• Keppel Corporation Limited wishes to announce that its wholly-owned subsidiary, Keppel FELS Limited (“Keppel FELS”), has entered into a Letter of Intent with Mermaid Maritime Public Company Limited (“Mermaid”) to build two KFELS B Class jackup rigs worth US$360 million. In addition to these, Mermaid will have options to build another two similar jackup units.
• In the event that the proposed deal proceeds, the first two jackup rigs will be scheduled for delivery on 1 December 2012 and 1 March 2013 respectively. 
• If exercised, the options for the additional two rigs are expected to bring the total contract value to above US$700 million.
• Further announcement will be made in due course if and when the rig construction and option contracts are executed.

Keppel Merlimau Cogen commences 800 MW expansion - 21 OCT 2010

Keppel Merlimau Cogen commences 800 MW expansion. See press release.

Key Points

• Keppel Energy Pte Ltd (Keppel Energy), a wholly-owned subsidiary of Keppel Corporation Limited, will commence the 800 MW expansion of its natural gas-fired Keppel Merlimau Cogen plant (KMC), on Jurong Island.
• Expected to be completed by 2013, the expansion will boost KMC’s generation capacity to 1,300 MW from its current capacity of 500 MW.
• When completed, KMC will be fuelled by both piped natural gas and Liquefied Natural Gas (LNG) to be supplied from the new Jurong Island LNG terminal. 
• The total investment is expected to be around S$900 million. Keppel Energy will be using internally generated cash and external borrowings to fund the expansion.

Keppel Corp Q3 2010 Quarterly Earnings Report

Third quarter 2010 results for Keppel Corp:

• Press Release and Financial Statements

Key Points

• Net profit improved 10% to S$1,016 million compared to 9M 2009’s S$922 million.
• Earnings per share of 63.5 cents, up 10% from 9M 2009’s 57.9 cents.
• Annualised ROE remained above 20%. 
• Economic Value Added before exceptional items increased from S$715 million to S$747 million. 
• Cash outflow of S$987 million. 
• Net gearing of 0.06x.

Kepland - Updated Target Price following Q3 2010 result release

Kepland Updated Target Price following Q3 2010 result release:

DMG	BUY	S$5.00	20/10/10
DBS	BUY	S$4.89	21/10/10
CIMB	OUTPERFORM	S$5.13	21/10/10
KIM ENG	BUY	S$5.60	21/10/10

Latest updates at Stock Target Price.

Related Posts
Kepland Q3 2010 Quarterly Earnings Report

Kepland Q3 2010 Quarterly Earnings Report

Kepland Q3 2010 Quarterly Earnings Report:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Net profit for the nine months ending Sept 30 increased by 18% yoy to $204.8 million.
• Sold 170 homes in Singapore and 3,200 homes overseas, mostly China.

K-Reit - Updated Target Price following Q3 2010 result release

K-Reit Updated Target Price following Q3 2010 result release:

DBS Vickers	HOLD	S$1.20	19/10/10
CIMB	UNDERPERFORM	S$1.26	19/10/10

Latest updates at Stock Target Price.

Keppel Land buys two prime residential sites in Chengdu - 18 OCT 2010

Keppel Land buys two prime residential sites in Chengdu.
See Press Release.

Key Points

• Keppel Land has acquired two prime residential sites in China for a total of S$376 million. 
• The two sites are in Chengdu, Sichuan province, and were acquired through its wholly-owned subsidiary Keppel Land China. 
• The first acquisition is a 5.1 hectare area located near Dongdajie, which is Chengdu's financial district.  
• The other is for two separate sites with a combined land area of 25 hectares.

K-Reit Q3 2010 Quarterly Earnings Report

Second quarter 2010 results for K-Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the reporting quarter is 1.69 cents.
• Distributable income rose 22.2% year-on-year to $62.5 million due mainly to higher net property income (NPI) and lower interest expense.
• NPI increased 40.5% year-on-year to $49.8 million due mainly to income contribution from the 50% interest in 275 George Street and additional 29% interest in Prudential Tower.
• Distribution Per Unit (DPU) for January to September 2010 amounted to 4.65 cents.
• Singapore property portfolio committed occupancy of 99.1% as at 30 September 2010 is higher than Singapore core CBD occupancy of 95.2%.

Author's Note
The DPU for the reporting quarter is 1.69 cents. There will not be any distribution this quarter as the reit has a semi-annual distribution policy. DPU was 1.64 cents for the previous quarter.

K-Green Trust Q3 2010 Quarterly Earnings Report

Q3 2010 results for K-Green Trust:

• Press Release and Financial Statement

Key Points

• The profit after tax achieved for the period from date of listing on 29 June to 30 September 2010 was $4.6 million, 26.5% higher than forecast.
• Profit after tax for the third quarter was $4.4 million.
• EPS for the period from date of listing to 30 September 2010 was 0.73 cents.
• Free cash flow for the third quarter was $19.2 million.
• Net asset value per unit as at 30 September 2010 was $1.15.
• As at 30 September 2010, the Group does not have any borrowing.

Author's Note
This is the first quarterly earnings report by the trust since its listing on 29 Jun 2010. There is no dividend recommended for the current financial period reported on. As indicated in the IPO Prospectus, the first distribution after listing date will be for the period from the listing date up to and including 31 December 2010. Subsequent distributions will take place on a semi-annual basis. So we shall expect the first distribution to be around Jan-Feb 2011 period.

Kepcorp - Updated Target Price for following announcement of asset swap with K-Reit

Updated Target Price for Keppel Corp following announcement of asset swap with K-Reit:

Updated Target Price for Keppel Corp

DMG

BUY

S$10.32

13/10/10

Latest updates at Stock Target Price.

Kepland, Kepcorp - Updated Target Price for following announcement of asset swap with K-Reit

Updated Target Price for Keppel Land following announcement of asset swap with K-Reit:

DBS	BUY	S$4.75	12/10/10
CIMB	OUTPERFORM	S$5.09	12/10/10
DMG	BUY	S$4.80	12/10/10

Updated Target Price for Keppel Corp

DBS

BUY

S$10.85

12/10/10

Latest updates at Stock Target Price.

K-Reit's proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE - 11 OCT 2010

Proposed acquisition of a one-third stake in MBFC phase 1 and proposed divestment of KTGE. See:

• Press release and Presentation Slides
• Report

Key Points

•  
• K-REIT Asia has entered into a conditional share purchase agreement with Bayfront Development Pte. Ltd., a wholly-owned subsidiary of Keppel Land Limited (Keppel Land), for the acquisition of a one-third interest in Phase One of Marina Bay Financial Centre (MBFC Phase One) at an agreed value of approximately S$1,426.8 million (inclusive of rental support).
• At the same time, as part of the asset swap, K-REIT Asia has signed a conditional sale and purchase agreement with Mansfield Developments Pte Ltd, a wholly-owned subsidiary of Keppel Land, for the divestment of Keppel Towers and GE Tower (KTGE) at an agreed value of S$573.0 million, which is above the valuation of S$540.7 million as at 31 December 2009, according to a Keppel Land report.
• MBFC Phase One comprises two office towers, Marina Bay Financial Centre Towers 1 & 2, with a total net lettable area (NLA) of about 1.65 million sf, Marina Bay Link Mall with a retail NLA of about 94,500 sf and 684 carpark spaces. Fully committed, major tenants at MBFC Towers 1 & 2 include Standard Chartered Bank, Barclays Capital, BHP Billiton, Nomura, Macquarie, American Express and Prudential.
• After the asset swap, K-REIT Asia's portfolio asset size will increase from S$2.5 billion to approximately S$3.4 billion. The asset swap is expected to be completed no later than 31 December 2010.
• The acquisition of the one-third interest in MBFC Phase One will be funded by a combination of the sale proceeds from the divestment of KTGE, new borrowings and part of the proceeds from K-REIT Asia's November 2009 rights issue.

Keppel secures S$341 million contract for second phase of the Greater Manchester energy-from-waste project - 11 OCT 2010

Keppel secures S$341 million contract for second phase of the Greater Manchester energy-from-waste project. See press release.

Key Points

• Keppel Seghers Belgium N.V. and Keppel Seghers UK Limited (collectively, Keppel Seghers), have secured an Engineering, Procurement and Construction (EPC) contract worth approximately EUR 187.3 million (or approximately SGD 341 million), for the second phase of an Energy-From-Waste (EFW) project in the United Kingdom.
• The EPC contract, Runcorn II, was awarded by Viridor EFW (Runcorn) Limited, a special purpose vehicle (SPV) owned by Viridor Waste Management Limited (Viridor). Runcorn II will be integrated as part of an earlier project that was announced on 9 April 2009, the Greater Manchester EFW Project (Runcorn I), which is also executed by Keppel Seghers.

Updated Target Price for Keppel Corp

Updated Target Price for Keppel Corp:

OCBC

BUY

S$11.22

04/10/10

Latest updates at Stock Target Price.

Alpha’s Macro Trends Fund of Kepland invests in prime Grade A office in Korea - 8 OCT 2010

Alpha’s Macro Trends Fund invests in prime Grade A office in Korea. See report.

Key Points

• Seoul Square, Korea, has become the latest prime property invested by Alpha Investment Partners Ltd (AIP) under its USD 1.2 billion Macro Trends Fund (AAMTF).
• AIP, the wholly-owned real estate fund management arm of Keppel Land Limited, participated in a structured investment in Seoul Square, Korea, with an investment consideration of USD 210 million.
• Located in the heart of the City Hall area, the 23-storey Seoul Square has a total rentable area of 1,429,509 sf of prime Grade A office space. The building has been substantially rebuilt. It features generous column-free spaces with luxury finishings and offers one of the largest office floor plates in Seoul.

Capital management by Singapore companies may increase

Source:

Capital management by Singapore companies may increase: UBS
Friday, 08 October 2010

© 2010 - The Edge Singapore

Singapore-listed companies may face increased pressure next year to return excess cash to shareholders, says UBS, according to Dow Jones.

“Given that the cost of debt is now near a record low, we think pressure for companies, especially cash-generative ones, to undertake some form of capital management exercise via dividend hikes or share buybacks will rise,” says UBS.

Research house forecasts Singapore market’s net gearing to fall to 8.7% by 2011 from 21.0% in 2007.
Says companies with track record of capital management during previous episodes of low growth, low interest rates, and have net cash or high projected free cashflow yields in 2011 include Singapore Exchange (S68.SG), Singapore Press Holdings (T39.SG), Singapore Post (S08.SG), M1 (B2F.SG), Starhub (CC3.SG), SingTel (Z74.SG), SATS (S58.SG), SembMarine (S51.SG), Keppel Corp. (BN4.SG), Venture (V03.SG), Cosco (F83.SG).

Keppel delivers FPSO P-57 to SBM for Petrobras - 8 OCT 2010

Keppel delivers FPSO P-57 to SBM for Petrobras. See press release.

Key Points

• Keppel Offshore & Marine Ltd (Keppel O&M) has delivered the P-57 Floating Production Storage and Offloading (FPSO) vessel to SBM Offshore N.V. (SBM) early, within budget and safely.
• Spanning 311 metres long by 56 metres wide, or almost three football fields, P-57 is one of the largest Brazilian FPSOs to be converted, under a turnkey supply contract between SBM and Petrobras Netherlands B.V (Petrobras) for the Jubarte field, offshore Espirito Santo.
• The upgrading and pre-conversion of the 255,272-dwt tanker, MT Accord, into the P-57 was completed at Keppel Shipyard in Singapore earlier this year, with the shipyard receiving SGD 1 million (USD761,000) in bonus from SBM for the safe and timely completion.
• After the vessel sailed to Brazil, further work performed at Keppel FELS Brasil SA’s BrasFELS yard in Angra dos Reis included the fabrication and integration of topside modules, piping and electrical equipment, as well as commissioning. The project has fulfilled the local content requirement of 68%, and was achieved with an outstanding safety record of about nine million incident-free man-hours to date.
  

Date of Result Release for Q3 2010 for K-Reit, K-Green, Kepland, Keppel Corp

Updated date of Result Release for Q3 2010:

Company	Date of Result Release
K-Reit	18/10/10
K-Green	18/10/10
Keppel Land	20/10/10
Keppel Corp	21/10/10

Latest Update at Results Release.

Keppel FELS secures new contracts worth US$101 million - 30 SEP 2010

Keppel FELS secures new contracts worth US$101 million. See press release.

Key Points

• Keppel FELS Limited has secured new contracts worth about US$101 million (S$134 million) to complete and refurbish two semisubmersible drilling rigs respectively for Saipem S.p.A and Ensco plc.
• The first contract was awarded by Saipem S.p.A for the commissioning of the technologically advanced Frigstad D90 semisubmersible rig, Scarabeo 9. A significant part of the workscope involves the commissioning of all marine and drilling sub-systems onboard. Equipped with a Dynamic Positioning 3 system, this state-of-the-art rig will be able to operate at a water depth of 3600 metres. Scarabeo 9 is slated to depart from a Chinese yard and arrive in Keppel FELS towards the end of October 2010.
• The second contract was awarded by a subsidiary of Ensco plc for the upgrade, repair and refurbishment of its proprietary ENSCO 7500 semisubmersible rig. The major work scopes include significant life extension work, renewing steel and pipes, operational enhancements, overhauling machinery and expanding and updating the living quarters. ENSCO 7500 has arrived at Keppel FELS, after fulfilling its drilling contract with Chevron in Perth, Western Australia.
   

Keppel Land strengthens focus on China - 29 SEP 2010

Keppel Land strengthens focus on China. See press release.

Key Points

• Keppel Land Limited (Keppel Land) today announced it will strengthen its focus in China through a wholly-owned subsidiary, Keppel Land China Limited (Keppel Land China) which is being established to own and operate all of Keppel Land's properties in the country.
• Building on the Keppel Group’s strong network and track record in 20 cities across China, Keppel Land currently has a total GFA of 5.3 million sm which translates to more than 40,000 homes in township, residential and waterfront developments. Keppel Land is also an investor, as well as developer cum project manager for the Keppel development, in the landmark Singapore-China government project, the Sino-Singapore Tianjin Eco-City.
  

Financial News - 5 SEP 2010: Keppel Land unlocking value from Barclays House

Keppel Land unlocking value from Barclays House. See press release.

Key Points

• Keppel Land will unlock value from its Barclays House complex in Jakarta's CBD through the redevelopment of one of its two buildings.
• The existing 10-storey building, which was first completed in 1985, can be redeveloped into a 40-storey tower with a maximum potential gross floor area of about 56,000 square metres (sm) (approximately 600,000 square feet).
• The redevelopment, which will take about three years, is estimated to cost about Rp 636 billion (S$95 million). 
• Upon its targeted completion in early 2014, the new tower will be state-of-the-art with larger floor plates and green features such as high-efficiency mechanical and electrical equipment, energy saving lighting and fixtures with sensors to monitor water consumption.

Financial News - 18 AUG 2010: KEPPEL SHIPYARD SECURES CONTRACT TO MODIFY FPSO OSX-1

KEPPEL SHIPYARD SECURES CONTRACT TO MODIFY FPSO OSX-1. See press release.

Key Points

• Keppel Shipyard Limited (Keppel Shipyard) has secured a contract for the modification of the Floating Production Storage and Offloading (FPSO) vessel OSX-1, worth approximately S$50 million.
• The FPSO OSX-1 is owned by OSX 1 Leasing B.V., a subsidiary of OSX Brasil S/A. Commencing in the third quarter of 2010, Keppel Shipyard’s scope of work includes procurement, detailed engineering and the modification of the topside process modules. Keppel Shipyard will work with BW Offshore, which will provide project management, engineering services and technical guidance services to OSX 1 Leasing B.V..
• Scheduled to leave Keppel Shipyard in the second quarter of 2011, the vessel will be deployed in the Campos Basin, offshore Brazil on a 20-year lease to OGX Petróleo e Gás.

Financial News - 2 AUG 2010: Keppel to raise stakes in an associate shipyard in the Philippines

Keppel to raise stakes in an associate shipyard in the Philippines. See press release.


Key Points

• Keppel Corporation Limited (Keppel Corp), through a subsidiary Keppel Philippines Marine Inc, (KPMI), is raising its shareholdings in two associated companies, Subic Shipyard and Engineering Inc. (SSEI) and Consort Land, Inc. (CLI) to boost its Near Market, Near Customer strategy in the Philippines.
• SSEI is a leading shipyard located in Subic Bay, the Philippines, which provides repair, conversion and building services to shipowners and offshore operators in the region. It also carries out routine and specialised machinery reconditioning works, as well as steel fabrication for marine and offshore structures. 
• CLI owns 72 ha of land including the 20 ha on which SSEI is situated.
• A total cash consideration of approximately S$86.5 million will be made by Keppel to raise its effective stakes from 44% to 83.9% in SSEI and from 33.7% to 38.7% in CLI. 
• The sale and purchase of shares in both companies is expected to be completed by the end of September 2010, following which, SSEI will become a Keppel subsidiary.
  
  
  

Financial News - 29 JUL 2010: Keppel breaches new depths in the offshore wind energy sector

Keppel breaches new depths in the offshore wind energy sector. See press release.

Key Points

• Offshore arm Keppel FELS commercialises its new wind turbine installation vessel design for deeper waters in partnership with leading fleet owner and operator Seafox Group.
• Keppel FELS Limited’s (Keppel FELS) multi-purpose self-elevating platform (MPSEP) design has been chosen by the Seafox Group (Seafox) as the basis for a new-generation, wind turbine installation vessel that can withstand harsh offshore environmental conditions all year round in water depths of 65 metres in the North Sea.
• A 75/25 joint venture (JV) company has been formed between Keppel FELS and Seafox respectively, to build and own this US$220 million vessel. Seafox has the option of acquiring Keppel’s stake in the JV company.
  

 

 

Financial News - 28 JUL 2010: Keppel secures bonus for safe delivery of Greatship’s third multi-purposevessel

KEPPEL SECURES BONUS FOR SAFE DELIVERY OF GREATSHIP’S THIRD MULTI-PURPOSE VESSEL. See report.

Key Points

• Keppel Singmarine Pte Ltd (Keppel Singmarine), the specialised shipbuilding arm of Keppel Offshore & Marine Limited (Keppel O&M), has delivered its third multi-purpose platform supply & support vessel (MPSSV) to Greatship Global Offshore Services Pte. Ltd (Greatship) with a perfect safety record, meriting a bonus of US$10,000.
• Keppel Singmarine is currently constructing the fourth MPSSV for Greatship which is expected to be delivered in the third quarter of 2010.
   

Stock Target Price - Updated Target Price for Keppel Corp following 2Q 2010 results

Updated Target Price for Keppel Corp following 2Q 2010 results:

DBS	BUY	S$11.05	23/07/10
DMG	BUY	S$10.22	23/07/10

 
Latest updates at Stock Target Price.

Financial News - Q2 2010 Quarterly Earnings Report for Keppel Corp

Second quarter 2010 results for Keppel Corporation:

• Financial Statements

Key Points

• Net profit improved 11% to S$669 million compared to 1H 2009’s S$603 million.
• Earnings per share of 41.9 cents, up 11% from 1H 2009’s 37.8 cents.
• Annualised ROE remained above 20%.
• Economic Value Added before exceptional items increased from S$452 million to S$493 million. 
• Cash outflow of S$859 million.
• Net gearing of 0.01x.
• Interim dividend increased 7% to 16.0 cents per share.  

Author's Note
Book closure date for the interim dividend of 16.0 cents is on 6 Aug 2010, and will be paid on 27 Aug 2010.

Interim dividend for the last financial year was 15.0 cents per share.

Financial News - Q2 2010 Quarterly Earnings Report for Keppel Land

Second quarter 2010 results for Keppel Land:

• Financial Statements
• Presentation Slides

Key Points

• In the first half, Keppel Land's net profit rose 41.6 per cent to S$134.7 million.
• Profits from fund management saw a 78 per cent increase to $15.7 million as a result of higher acquisition and management fees earned by K-REIT Asia Management and Alpha Investment Partners.

Stock Target Price - Updated Target Price for Keppel Land following 2Q 2010 results

Updated Target Price for Keppel Land following 2Q 2010 results:

DBS	BUY	S$4.53	21/07/10
CIMB	OUTPERFORM	S$4.94	21/07/10
KIM ENG	BUY	S$4.85	21/07/10
AmFraser	HOLD	S$3.88	21/07/10

Latest updates at Stock Target Price.

Financial News - 19 JUL 2010: K-REIT - ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA

ACQUISITION OF THE OFFICE TOWER AT 77 KING STREET, SYDNEY, AUSTRALIA. See:

• Announcement

Key Points

• the Reit has entered into a contract with Kingvest Pty Limited for the acquisition of a 100% interest in Lots 1, 3, 4 and 5, 77 King Street, Sydney, Australia.
• 77 King Street is a prime commercial building located in the heart of Sydney’s Central Business District (“CBD”), in close proximity to major CityRail Stations – Wynyard, Martin Place and Town Hall Stations. It has a net lettable area of 170,662 sq ft across 18 levels of Grade A office space and five levels of quality retail space.
• The purchase consideration of the Property is A$120.0 million or approximately S$145.0 million.
• An independent property valuer commissioned by K-REIT Australia to value the Property has valued it at A$120.0 million in the valuation report dated 16 July 2010.
• The FY 2009 pro forma net profit attributable to the Acquisition is approximately A$3.1 million (approximately S$3.7 million ).
• Pro Forma Net Asset Value (“NAV”) will remain the same at S$1.47 before and after the acquisition.
• Pro Forma Distribution per Unit will increase from 5.28 to 5.63 cents after the acquisition based on K-REIT Asia’s DPU for FY 2009, and as if K-REIT Asia had completed the Acquisition on 1 January 2009.
• The Acquisition will be funded by a combination of debt and equity with the proceeds from the rights issue completed by K-REIT Asia in November 2009. 
• K-REIT Asia’s aggregate leverage is expected to increase from 15.2% to 20.4% after the completion of the Acquisition.

Author's Note
Once acquired, this will be the second property of K-Reit in Australia. The last acquisition was a commercial property in Brisbane, Australia.

Financial News - Q2 2010 Quarterly Earnings Report for K-Reit

Second quarter 2010 results for K-Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• The DPU for the quarter (2Q 2010) was 1.64 cents. 
• Total DPU for 1H 2010 was 2.97 cents.
• Distributable income rose by 20.0% year‐on‐year to $39.8 million due mainly to higher net property income (“NPI”) and lower interest expense.
• NPI increased 39.5% year‐on‐year to $32.3 million due mainly to contribution from the 50% interest in 275 George Street and the additional 29% interest in Prudential Tower. 
• Distribution Per Unit (“DPU”) for January to June 2010 amounted to 2.97 cents.
• 97.9% portfolio committed occupancy as at 30 June 2010 was higher than Singapore Core CBD occupancy of 93.3%.
• Aggregate leverage level as at 30 June 2010 post debt repayment of $230 million was 15.2%.
• The  Transfer  Books  and  Register  of  Unitholders will be closed at 5.00 pm on 28 July 2010 for the purpose of determining unitholders’ entitlements to distribution. 
• The distribution that will be paid on 26 Aug 2010.

Author's Note
The semi-annual DPU of 2.97 cents, which includes the DPU of 1.33 cents for Q1 2010 and 1.64 cents for Q2 2010, will be paid on 26 Aug 2010.

Stock Target Price - Updated Target Price for Keppel Land

Updated Target Price for Keppel Land:

KIM ENG BUY S$4.71
OCBC BUY S$4.50

Latest updates at Stock Target Price.

Financial News - Date of Result Release for Q2 2010 for K-Reit, Kepland, Keppel Corp

Updated date of Result Release for Q2 2010:
K-Reit   Jul 19
Kepland Jul 20
Keppel Corp Jul 22

Latest Update at Results Release.

Stock Target Price - Updated Target Price for Keppel Corp by DMG

Updated Target Price for Keppel Corp by DMG:

DMG BUY S$9.90


Latest updates at Stock Target Price.

Financial News - 29 JUN 2010: Keppel lists green infrastructure business trust

Keppel lists green infrastructure business trust. See press release.

Key Points

• Keppel Corporation Limited has listed K-Green Trust (KGT) (佳绿信托), its "green" infrastructure focused business trust on the Main Board of SGX earlier today.
• The investment objective of KGT is to invest in "green" infrastructure assets in Singapore and globally with a focus on Asia, Europe and the Middle East. 
• KGT aims to provide long-term, regular and predictable distributions to its Unitholders.
• KGT’s initial portfolio comprises Senoko Waste-to-Energy (WTE) Plant, Keppel Seghers Tuas WTE Plant and Keppel Seghers Ulu Pandan NEWater Plant.
• The Sponsor of the Trust is Keppel Integrated Engineering Limited (KIE), the environmental engineering division of Keppel Corporation.
• KGT commenced trading on the Main Board of the SGX-ST at $1.17, with intra-high of $1.33. Trading volume for KGT stood at 33,633,000 and closed at $1.11 at end of trading day.

Author's Note

The share price rose to as high as S$1.33 in morning trading. In the afternoon, there was a broad market sell down of the Asian markets, probably led by the -4.27% (-108.23 points at 2427.05) drop of the Shanghai Composite Index (SSE). The STI closed by -1.38% (-39.65 points at 2830.34). KGT was not spared and closed at the day's low of $1.11, lower than its implied price of $1.16.

Stock Target Price - Updated Target Price for Keppel Corp by DBS

Updated Target Price for Keppel Corp by DBS:

DBS BUY S$11.50


Latest updates at Stock Target Price.

Financial News - 28 JUN 2010: K-GREEN TRUST - Admission of 627,644,675 units to the Official List of SGX-ST

K-GREEN TRUST - Admission of 627,644,675 units to the Official List of SGX-ST. See press release.

Key Points

• The above units will be granted listing and quotation in the Official List of SGX-ST. 
• Trading in the units will commence on "Ready" basis with effect from 9.00 a.m., Tuesday, 29 June 2010.
• The short name and abbreviated name are "K-Green" and "K-GREEN" respectively.
• The units will be quoted in board lots of 1000 units.  

Author's Note
There will be a temporary counter for the trading of odd lots of KGT in board lots of 100 Units for a period of one calendar month from the Listing Date, i.e. from 29 Jun 2010 to 28 July 2010. 

Stock Target Price - Updated Target Price for KGT by DBS

Updated Target Price for KGT by DBS:

DBS HOLD S$1.20


Latest updates at Stock Target Price.

Financial News - 24 JUN 2010: KEPPEL SECURES S$50 MILLION MARINE CONTRACTS

KEPPEL SECURES S$50 MILLION MARINE CONTRACTS. See press release.

Key Points

• Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries in the Philippines and Singapore have clinched contracts worth about S$50 million for the construction and upgrading of vessels.  
• Its yards in Subic and Batangas are each constructing a transshipment barge for PT Mitra Bahtera Segarasejati and PT Pelayaran Kartika Samudra Adijaya respectively. Both vessels are targeted for completion by end 2010.
• Meanwhile in Singapore, Keppel Singmarine Ltd has also clinched a contract from PT Indo Straits to build a similar transshipment barge that is scheduled for delivery in the first quarter of 2011.  
• In addition to the above contracts, Subic Shipyard has also been awarded a drillship upgrading job by Frontier Drilling.

Stock Target Price - Updated Target Price for Keppel Land, Kreit by CIMB

Updated Target Price by CIMB:

Keppel Land OUTPERFORM S$4.71
Kreit OUTPERFORM S$1.01

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for KGT by KIM ENG

Updated Target Price for KGT (K-Green Trust):

KIM ENG Accumulate more upon listing $1.53

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Keppel Land by OCBC

Updated Target Price for Keppel Land:

OCBC BUY $4.18
DBS BUY $4.13

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Keppel Corp by KIM ENG

Updated Target Price for Keppel Corp:

KIM ENG BUY $11.07

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Keppel Corp by OCBC

Updated Target Price for Keppel Corp:

OCBC BUY $11.22

Latest updates at Stock Target Price.

Financial News - 31 MAY 2010: Announcement of K-Green Trust by Keppel Corp

PROPOSED DIVIDEND IN SPECIE OF UP TO 325,900,000 UNITS IN K-GREEN TRUST – DESPATCH OF CIRCULAR AND INTRODUCTORY DOCUMENT AND NOTICE OF EXTRAORDINARY GENERAL MEETING AND CLOSURE OF BOOKS. See report and notice of book closure.


Key Points

• The following documents will be dispatched to the shareholders:
• a circular to Shareholders dated 31 May 2010 (Circular) containing, inter alia, a notice (Notice of EGM and Closure of Books).
• an introductory document dated 31 May 2010 (Introductory Document) in relation to the listing of the KGT Units on the Main Board of the SGX-ST.
• Books Closure Date will be on 22 June 2010 at 5.00 p.m. for the purpose of determining the entitlements of Shareholders to KGT Units pursuant to the Distribution.
• The proposed Distribution if approved at the EGM on 16 June 2010 will be distributed on 29 June 2010.

Author's Note
The Keppel Corp shares started trading CE (Cum Entitlement) today. The share price went up above $9 in the morning, touching an intraday high of $9.08. In afternoon trading, price starts to come down, closing at $8.82.

Financial News - 31 MAY 2010: Singapore office property market picking up, says expert

Source

Singapore's office property market is picking up, according to brokerage firm Nomura.

It noted that office rentals in Singapore are bottoming out amid stronger-than-expected demand, prompting tenants to commit sooner than expected.

Nomura said a reduction in occupancy costs and the desire to secure contiguous expansion or better quality space has prompted pre-commitments.

Given such stronger demand - with 79.9 per cent of this year's supply pre-committed - Nomura said vacancy is likely to be lower than previously forecast.

It has also raised its rental expectations by between 7.9 per cent and 15.4 per cent for International Grade A (IGA) space, and between 5.4 per cent and 10.4 per cent for Grade A space.

On the back of the revisions, Nomura is bullish about the sector and has raised its price targets for office landlords listed here.

Its top picks are Keppel Land, Singapore Land, CapitaCommercial Trust and K-REIT Asia.

It said it's keeping its "buy" rating on Keppel Land and K-REIT Asia as they are most exposed to the IGA office market.

As for Singapore Land and CapitaCommercial Trust, Nomura said valuations for the two firms remain compelling.

Stock Target Price - Updated Target Price for Keppel Corp by CIMB

Updated Target Price for Keppel Corp by CIMB:

CIMB OUTPERFORM $12.00

Latest updates at Stock Target Price.

Financial News - 27 MAY 2010: Keppel Corp - Receipt of Approvals and Eligibility to list for K-Green Trust

Keppel Corp - Receipt of Approvals and Eligibility to list for K-Green Trust (KGT). See report.

Key Points

• the National Environment Agency has approved the holding of Senoko Plant and Tuas DBOO Plant by the Trustee-Manager of KGT.
• the Public Utilities Board has approved the holding of Ulu Pandan Plant by the Trustee-Manager of KGT.
• the Monetary Authority of Singapore has approved the registration of KGT under the Business Trust Act.
• the SGX-ST has today granted a conditional eligibility-to-list for the listing of KGT on the Main Board of the SGX-ST by way of an introduction.
• The Circular in relation to the Proposed Distribution, together with a  notice of the EGM and Closure of Books, as well as the Introductory Document will be despatched to Shareholders in due course. The Company will make further announcements in respect of the Proposed Distribution and the Proposed Listing as and when appropriate.

Author's Note
Just to recap, shareholders of Keppel Corp will receive 1 KGT share as dividend in specie for every 5 Keppel Corp shares, i.e. 200 KGT shares per lot of Keppel Corp shares. The listing will be by way of introduction, so there will not be any IPO for the KGT shares.

Stock Target Price - Updated Target Price for Keppel Land by KIM ENG

Updated Target Price and Recommendation for Keppel Land:

KIM ENG    OUTPERFORM    S$4.71

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Keppel Land by CIMB

Updated Target Price and Recommendation for Keppel Land:

CIMB    OUTPERFORM    S$4.71

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for K-Reit by CIMB

Updated Target Price and Recommendation for K-Reit:

CIMB UNDERPERFORM S$1.01


Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Keppel Land following its bid of Boon Lay site for S$303m

Updated Target Price and Recommendation for Keppel Land following the news of its highest bid of S$303m for the tender of Boon Lay residential site:

CIMB    OUTPERFORM    S$4.51
DMG    NEUTRAL    S$3.86



Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Keppel Corp

Updated Target Price and Recommendation for Keppel Corp:

OCBC    BUY    S$11.22
DMG    NEUTRAL    S$9.90

Latest updates at Stock Target Price.

Financial News: 4 MAY 2010: Tender for Boon Lay residential site attracted highest bid of S$303mTender for Boon Lay residential site attracted highest bid of S$303m by Keppel Land

Tender for Boon Lay residential site attracted highest bid of S$303m. See news release.

Key Points

• The tender for a residential site at Boon Lay Way and Lakeside Drive has attracted the highest bid of about S$303 million from Keppel Land. 
• A total of 14 bids were received for the site. The next highest bid came from MCC Land at S$263 million.
• URA said it would decide on the winning bidder at a later date.

Financial News - 30 APR 2010: Keppel Land Dividend Reinvestment Scheme - Issue price of new shares

Keppel Land Dividend Reinvestment Scheme - Issue price of new shares. See report.

Key Points

• Issue price is $3.63 for each new share.
• Issue price represents discount of 4% to the average of the daily volume weighted average price from 27 April 2010 to 29 April 2010.
• Shareholders not participating in the scheme will receive the final dividend in cash.

Author's Note
The final dividend is 8 cents per share, or S$80 per lot. For S$80, you can get about 22 shares based on the issue price of S$3.63.

The broader market was down quite significantly around 27 April 2010 to 29 April 2010 following the sell down due to uncertainty over Greece. 'Unfortunately', Keppel Land has been quite resilient for those few days, and was trading above S$3.8 at times, and was above its cousin stock Capitaland most of the time. These has probably raised the average, and thus an issue price that is not very low.

Stock Target Price - Updated Target Price for Keppel Corp following Q1 2010 results

Updated Target Price and Recommendation for Keppel Corp following release of Q1 2010 results:

OCBC    BUY    S$11.22
DMG    NEUTRAL    S$9.90
KIM ENG    BUY    S$11.07
DBS    BUY    S$11.50

Latest updates at Stock Target Price.

Financial News - 22 APR 2010: Quarterly Earnings Report for Keppel Corp

First quarter 2010 results for Keppel Corp:

• Full Report

Key Points

• Net profit improved 13% to S$322 million compared to 1Q09.
• Earnings per share of 20.2 cents, up 13% from 1Q09’s 17.9 cents.
• Annualised ROE remained above 20%.
• Economic Value Added increased from S$211 million to S$240 million.
• Cash outflow of S$501 million.

Author's Note
Prior to the announcement of results after the trading hours today, the stock has surged to a new 52 week closing high of $9.97, with an intraday high breaking the $10 mark at $10.04.

Stock Target Price - Updated Target Price for Keppel Land following Q1 2010 results

Updated Target Price and Recommendation for Keppel Land following release of Q1 2010 results:
OCBC    BUY    S$4.18
DMG    BUY    S$3.84
KIM ENG    BUY    S$4.68
CIMB    OUTPERFORM    S$4.53
DBS    BUY    S$4.13

Latest updates at Stock Target Price.