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'Add' Keppel, the accretive winner in O&M, SembMarine merger: CGS-CIMB

Jovi Ho
Jovi Ho4/28/2022 11:17 AM GMT+08  • 4 min read
'Add' Keppel, the accretive winner in O&M, SembMarine merger: CGS-CIMB
One of the many rigs built by Keppel. Photo: The Edge Singapore
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CGS-CIMB Research analyst Lim Siew Khee is staying “overweight” on Singapore’s offshore and marine sector, as the Keppel Offshore and Marine (Keppel O&M) and Sembcorp Marine (SembMarine) merger is confirmed.

Lim estimates Keppel Corporation’s (Keppel Corp) share price accretion post dividend-in-specie from the proposed merger of Keppel O&M and SembMarine to range from 48 cents to $1.43.

“The above takes into account a range of dividend-in-specie in the new combined entity, Bayberry, of between $1.28 and $2.22 per share,” writes Lim in an April 27 note.

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