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Keppel Corp still a 'buy' as O&M division plans to add headcount for first time in years

Stanislaus Jude Chan
Stanislaus Jude Chan4/23/2019 01:23 PM GMT+08  • 2 min read
Keppel Corp still a 'buy' as O&M division plans to add headcount for first time in years
SINGAPORE (Apr 23): OCBC Investment Research is keeping its “buy” call on Keppel Corporation and raising its fair value estimate to $7.83, after the offshore and marine (O&M), property, infrastructure and asset management conglomerate turned in a set
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SINGAPORE (Apr 23): OCBC Investment Research is keeping its “buy” call on Keppel Corporation and raising its fair value estimate to $7.83, after the offshore and marine (O&M), property, infrastructure and asset management conglomerate turned in a set of 1Q19 results deemed to be in line with expectations.

Keppel Corp saw its earnings fall 39.9% to $202.9 million for the quarter ended March, on the back of the absence of a $289 million gain in 1Q18 arising from the en bloc sale of Keppel Cove in Zhongshan, China.

However, 1Q19 revenue grew 4.1% to $1.53 billion, underpinned by higher revenues from power and gas sales, infrastructure projects in Singapore and Hong Kong, asset management and the consolidation of M1.

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