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Analysts expect Keppel Corp to monetise SPH's non-core assets; acquisition expected to be EPS accretive

Felicia Tan
Felicia Tan8/6/2021 04:07 PM GMT+08  • 5 min read
Analysts expect Keppel Corp to monetise SPH's non-core assets; acquisition expected to be EPS accretive
In addition, ESSEC Business School's associate professor of accounting says the offer may increase the free floats of both REITs.
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Analysts from CGS-CIMB Research, OCBC Investment Research and UOB Kay Hian have kept “add” and “buy” on Keppel Corporation with unchanged target prices of $6.90, $6.33 and $6.48 respectively, following the group’s plans to acquire the non-media businesses in Singapore Press Holdings (SPH).


See: Keppel Corp makes $2.2 bil offer to acquire SPH's non-media portfolio; SPH valued at $3.4 bil and Keppel plays another lead role in ongoing remaking of Singapore Inc

The deal is also accretive to Keppel Corp’s earnings per share (EPS) in FY2023, says CGS-CIMB analyst Lim Siew Khee in an Aug 2 report.

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