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.

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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.