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Results Release Page: Date of Release and Results links of the latest quarterly earnings report of the Keppel family.
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Financial news related to the Keppel family.
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Quarterly Earnings Report.

Monday, April 25, 2011

Keppel Corp Updated Target Price following Q1 2011 result release

Keppel Corp Updated Target Price following Q1 2011 result release:
Brokerage Recommendation Target Price (S$) Date of Recommendation
CIMB OUTPERFORM 14.70 21/04/11
DMG BUY 14.05 21/04/11
OCBC BUY 13.92 21/04/11
KIM ENG BUY 15.30 21/04/11
DBS BUY 14.90 21/04/11

Latest updates at Stock Target Price.

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Keppel Land Updated Target Price following Q1 2011 result release

Keppel Land Updated Target Price following Q1 2011 result release:

Brokerage Recommendation Target Price (S$) Date of Recommendation
CIMB OUTPERFORM 5.29 20/04/11
KIM ENG BUY 5.90 20/04/11
DBS BUY 5.10 20/04/11
OCBC BUY 5.09 20/04/11
Phillips HOLD 4.92 21/04/11

Latest updates at Stock Target Price.

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Thursday, April 21, 2011

Keppel Corp Q1 2011 Quarterly Earnings Report

Keppel Corp Q1 2011 Quarterly Earnings Report:
Key Points
  • Net profit improved 7.8% to S$346 million, compared to 1Q 2010’s S$321 million (restated).
  • Earnings Per Share of 21.5 cents, up 7% from 1Q 2010’s 20.1 cents.
  • Annualised ROE of 19.3%.
  • Economic Value Added of S$225 million.
  • Cash outflow of S$20 million.
  • Net cash remains at 0.02x.
  • The Offshore & Marine Division has secured $4.5 billion worth of new orders in the first quarter, more than what was secured for the whole of 2010. Since then, in the first weeks of April, it has secured a few more contracts, bringing the total of new orders secured year to date to $5 billion.
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Wednesday, April 20, 2011

Kepland Q1 2011 Quarterly Earnings Report

Kepland Q1 2011 Quarterly Earnings Report:
Key Points
  • Net profit grew 45.5% to $92.1 million on higher profit from property trading and K-REIT Asia as well as a gain from divestment of Keppel Digihub.
  • Property trading achieved higher net profit of $51.6 million contributed by sales from Singapore residential projects and Elita Promenade in Bangalore.
  • Keppel Land acquired a residential site in Sengkang while Alpha jointly acquired Capital Square and K-REIT Asia increased its stake in Prudential Tower from 73% to 93%.
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Monday, April 18, 2011

Keppel & Seafox Group’s MPSEP SEAFOX 5 secures first job in offshore wind market

Keppel & Seafox Group’s MPSEP SEAFOX 5 secures first job in offshore wind market:
Key Points
  • Keppel FELS Limited (Keppel FELS) is pleased to announce that a contract from the joint-venture Aarsleff Bilfinger Berger (ABJV) Dan Tysk, worth in excess of EUR 35 million, has been secured for SEAFOX 5, the KFELS Multi-Purpose Self-Elevating Platform (MPSEP) wind turbine installation vessel owned and managed with the Seafox Group. The customer ABJV DanTysk has an option to extend the charter by an additional 90 days.
  • Keppel FELS is on track to complete the construction of SEAFOX 5 in the second half of 2012. When delivered, the vessel will be used for installing offshore wind foundations in the 288 megawatt (MW) DanTysk windfarm, developed by Europe’s leading energy company Vattenfall and Stadtwerke München, in the German sector of the North Sea. 
  • A 75/25 joint venture (JV) company was formed between Keppel FELS and Seafox respectively, to build and own SEAFOX 5.
About ABJV DanTysk
ABJV DanTysk is a joint venture between Bilfinger Berger Ingenieurbau GmbH, Germany, and Per Aarsleff A/S, Denmark, both companies working as international contractors in major infrastructure projects In this long lasting cooperation ABJV has been awarded with more than 630 offshore wind turbine foundations and is the market leader for offshore foundations in Europe.

About Seafox Group
Founded in 1991, the Seafox Group is a leading provider of offshore accommodation and multi-support service jack ups across the world. The Seafox Group services a global range of customers with a primary focus on the Southern North Sea in Europe. It has extensive experience operating and managing assets in this region, which is known for its stringent rules and regulations, and difficult environment. Currently, the Group owns five jack-ups and 50 temporary living quarters. With the exception of the Seafox 3, all jack-ups are time chartered out on full service contracts to respectable customers (e.g. Shell, Total, ConocoPhillips etc.) in the Southern North Sea on short and long term bases.
The Seafox Group’s operational activities are fully outsourced to Workfox B.V./Ltd situated in Hoofddorp NL and Great Yarmouth UK. Workfox BV/Ltd is the leading operator of multi-support service jack-ups in the Southern North Sea and has been the exclusive manager of the Seafox fleet since the early 90’s.
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    K-Reit Updated Target Price following Q3 2010 result release

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

    Brokerage Recommendation Target Price (S$) Date
    DBS Vickers HOLD 1.32 15/04/11
    CIMB NEUTRAL 1.52 15/04/11
     
    Latest updates at Stock Target Price.

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    Saturday, April 16, 2011

    EMAS to take delivery of one of Vietnam’s largest FPSOs from Keppel Shipyard

    EMAS to take delivery of one of Vietnam’s largest FPSOs from Keppel Shipyard:
    Key Points
    • EMAS Production is set to take delivery of one of Vietnam’s largest Floating Production Storage and Offloading (FPSO) vessels from Keppel Shipyard Limited (Keppel Shipyard), on behalf of owner PV Keez Pte. Ltd (PV Keez).
    • To be managed and operated by EMAS Production, FPSO Lewek EMAS has been chartered by Premier Oil Vietnam Offshore B.V. for the development of the Chim Sáo field off southern Vietnam for six years, with a further option to extend the charter by another six years. The FPSO charter contract is one of only seven signed worldwide in 2009, and is worth approximately US$1 billion.
    • The project to convert the 168,000 dwt Suezmax tanker into an FPSO was awarded to Keppel Shipyard in December 2009. To date, Keppel Shipyard has achieved a good safety record of over 4.1 million incident-free man-hours for its conversion.
    About EMASEMAS, a recognised leading global offshore contractor providing construction, marine, production and well intervention services, is the operating brand of Singapore listed Ezra Holdings Limited (以斯拉控股) and Oslo listed EOC Limited. EMAS specialises in delivering best-value solutions and has become a powerful alternative in the oil and gas(O&G) industry by combining a customised approach along with a widely diverse offering of assets and services to meet clients’ needs. EMAS operates globally with offices in 16 locations across five continents spanning Africa, the Americas, Asia Pacific and Europe. 

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      Friday, April 15, 2011

      K-Reit Q1 2011 Quarterly Earnings Report

      K-Reit Q1 2011 Quarterly Earnings Report:
      Key Points
      • DPU of 1.79 cents for the reporting quarter. 
      • Annualised 1Q2011 Distribution Per Unit (DPU) increased 34.7% to 7.26 cents.
      • Distributable income for 1Q2011 rose 36.1% year-on-year to $24.3 million on account of contributions from newly acquired assets – 50% interest in 275 George Street in Brisbane, the office tower at 77 King Street in Sydney, and the one-third interest in Marina Bay Financial Centre Towers 1 & 2 and Marina Bay Link Mall (MBFC Phase One).
      • Net property income (NPI) increased 7.6% year-on-year to $$14.9 million as result of contributions from the two Australian assets, offset by the divestment of Keppel Towers & GE Tower.
      • Singapore property portfolio committed occupancy rose to 99.0% as at end-March 2011 from 98.7% as at end-December 2010, and is higher than Singapore core CBD occupancy of 94.4%.
      • Gearing as at end-March 2011 increased marginally to 37.4%, from 37.0% as at end-2010.
      • NAV per unit was $1.49 as at 31 Mar 2011.
      Author's Note
      There will be no distribution for this quarter as the Reit has a semi-annual distribution policy.

      The DPU was 1.71 cents in the previous quarter.

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      K-Green Trust Q1 2011 Quarterly Earnings Report

      K-Green Trust Q1 2011 Quarterly Earnings Report:
      Key Points
      • The profit after tax achieved for the first quarter of 2011 was $3.5 million,
        5.4% higher than projection.
      • Earnings per unit (EPU) for the first quarter of 2011 was 0.56 cents.
      • Net asset value per unit as at 31 March 2011 was $1.12.
      • Free cash flow for the quarter was $9.5 million.
      Author's Note
      There will be no distribution this quarter as the business trust has a semi-annual distribution policy. The previous semi-annual distribution in Mar 2011 was 4.31 cents. The next distribution is expected in the Jul-Aug 2011 period.


      The projected distribution can be found in the Listing Prospectus.

      Based on the prospectus, following are the projected DPU for 2010/2011:
      • For the period from the Listing Date up to and including 31 December 2010, the Forecast DPU is 3.91 cents.
      • For the first half of 2011, the Forecast DPU is 3.13 cents.
      • For the second half of 2011, the Forecast DPU is 4.69 cents.
      The closing price before the announcement of results on 14 Apr 2011 was S$1.14, which is below the NAV of S$1.12. To date, the trust has not announced any acquisition plans and is currently at zero debt.

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      Wednesday, April 13, 2011

      Keppel bags offshore & marine jobs worth S$240 million from global customers

      Keppel bags offshore & marine jobs worth S$240 million from global customer:
      Key Points
      • Keppel Offshore & Marine Ltd (Keppel O&M), through its wholly-owned subsidiaries in Singapore, has clinched new contracts totaling S$240 million from international customers.
      • Keppel Singmarine will build for SBM Offshore a prototype multi-purpose dive support construction vessel (DSCV) scheduled for delivery in 2Q 2013.
      • Keppel Shipyard has also secured a fast-track project for the upgrading of a FPSO vessel from Petrofac International (UAE) LLC, a subsidiary of Petrofac.
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        Monday, April 4, 2011

        Keppel secures repeat jackup rig order from Jasper at US$180 million

        Keppel secures repeat jackup rig order from Jasper at US$180 million:
        Key Points
        • Jasper Investments Limited (Jasper) has exercised its option with Keppel FELS Limited (Keppel FELS) to build a second KFELS B Class jackup rig at US$180 million for delivery in 1H2013. 
        • The single-rig option was given to Jasper when the customer ordered its first jackup from Keppel FELS in December 2010.
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