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Analysts maintain 'buy' on Keppel Corp as they look forward to O&M clarity

Felicia Tan
Felicia Tan11/3/2020 04:05 PM GMT+08  • 3 min read
Analysts maintain 'buy' on Keppel Corp as they look forward to O&M clarity
Analysts from CGS-CIMB and DBS have maintained their target prices, while OCBC has lowered its TP due to weaker sentiments in oil.
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Analysts from CGS-CIMB, DBS Group Research and OCBC Investment Research (OIR) have maintained their “buy” recommendations on Keppel Corporation as the company reports its return to profitability in 3QFY2020.

CGS-CIMB’s Lim Siew Khee has also maintained her target price of $6.46 and earnings estimates as Keppel’s group revenue for 9MFY2020 of $4.82 billion came in at 74% of her full-year forecast, which is “in line” with expectations.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for infrastructure was up 3% y-o-y to $119 million for 9MFY2020 while M1’s EBITDA was stable y-o-y at $202 million. Keppel Capital’s management fees grew 17% y-o-y to $123 million.

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