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    BN4   SG1U68934629

KEPPEL CORPORATION LIMITED

(BN4)
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Singapore's Keppel identifies $13 billion assets for monetisation, shares rise

09/29/2020 | 10:09pm EST
FILE PHOTO: A view of a Keppel Corporation shipyard in Singapore

Singaporean conglomerate Keppel Corp said it had identified assets worth S$17.5 billion ($12.8 billion) for monetisation, including through sales, and started a review of its lossmaking offshore and marine (O&M) business.

Its shares, which have been languishing near a decade low, rose as much as 6.5% in early trade.

The plans unveiled on Tuesday are part of Keppel's 10-year strategy flagged earlier this year to refocus its portfolio on energy and environment, urban development, connectivity and asset management.

Keppel said it was exploring options including strategic mergers and disposals for its offshore and marine business, which builds oil rigs and has been battered by falling energy prices.

Keppel said the assets, such as some of its landbank and investment properties, it has identified to potentially monetise over time have a total value of about S$17.5 billion.

"Over the next three years, we plan to monetise about S$3-S$5 billion of the assets from this substantial S$17.5 billion base to seize new opportunities that can help us achieve our desired returns," CEO Loh Chin Hua said.

The conglomerate, whose businesses range from telecommunications to property development, was also moving "to eliminate the gap between our share price and the sum of the parts valuation", he said.

Its shares have fallen more than 17% since August when state investor Temasek Holdings [TEM.UL] abandoned its $3 billion offer to raise its stake in Keppel to a majority holding after the company reported weak results.

Analysts have long hoped for a consolidation in the rig-building sector through a deal between Keppel's O&M business and smaller rival Sembcorp Marine, also backed by Temasek.

Keppel's plans failed to impress some analysts.

"Details remain scarce at this point with a strategic review outcome some distance away (estimated to be within a year), while volatile market conditions provide an uncertain backdrop for asset monetisation moves," said Citi analyst Kwok Wei Chang, maintaining a 'sell' rating on Keppel.

"In the meantime, near-term fundamentals remain challenging, particularly for O&M," he said.

(Reporting by Aradhana Aravindan; Additional reporting by Anshuman Daga; Editing by Jason Neely, Louise Heavens and Muralikumar Anantharaman)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
IMPRESS HOLDINGS, INC. 2.38% 215 End-of-day quote.27.98%
KEPPEL CORPORATION LIMITED 0.20% 5.11 End-of-day quote.-5.02%
LONDON BRENT OIL -0.66% 69.76 Delayed Quote.46.31%
SEMBCORP MARINE LTD -1.18% 0.084 End-of-day quote.-41.26%
WTI -0.56% 66.539 Delayed Quote.48.10%
All news about KEPPEL CORPORATION LIMITED
09:01aGENERAL ANNOUNCEMENT : :Receipt of tax ruling in respect of S$400,000,000 2.90 per cent. s..
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09:01aASSET ACQUISITIONS AND DISPOSALS : :Proposed acquisition of shares in Glocomp Systems (M) ..
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03:41aASSET ACQUISITIONS AND DISPOSALS : :Remarks by Keppel Corporation CEO at briefing for reta..
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02:41aEMPLOYEE STOCK OPTION/ SHARE SCHEME : :Notice of Transfer and Use of Treasury Shares
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11/30Keppel Offshore & Marine Unit Signs Offshore Substation Deal with Danish Company
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11/30ASSET ACQUISITIONS AND DISPOSALS : :Response by Keppel Corporation to questions from SIAS ..
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11/30GENERAL ANNOUNCEMENT : :Keppel signs global framework agreement with Orsted on potential f..
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11/29Floatel International Ltd - Third Quarter Interim Report and Presentation
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11/29GENERAL ANNOUNCEMENT : :Completion of Member's Voluntary Liquidation of Dormant Subsidiary
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11/26Cuscaden Peak Responds to Investor Group SIAS' Queries on SPH Offer
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More news
Analyst Recommendations on KEPPEL CORPORATION LIMITED
More recommendations
Financials
Sales 2021 7 221 M 5 298 M 5 298 M
Net income 2021 651 M 478 M 478 M
Net Debt 2021 9 266 M 6 799 M 6 799 M
P/E ratio 2021 14,0x
Yield 2021 3,97%
Capitalization 9 298 M 6 823 M 6 823 M
EV / Sales 2021 2,57x
EV / Sales 2022 2,42x
Nbr of Employees 18 452
Free-Float 99,0%
Chart KEPPEL CORPORATION LIMITED
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Keppel Corporation Limited Technical Analysis Chart | BN4 | SG1U68934629 | MarketScreener
Technical analysis trends KEPPEL CORPORATION LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 11
Last Close Price 5,11 SGD
Average target price 6,45 SGD
Spread / Average Target 26,2%
EPS Revisions
Managers and Directors
Chin Hua Loh Chief Executive Officer & Executive Director
Hon Chew Chan Chief Financial Officer
Leong Kay Teoh Non-Executive Chairman
Jason Chin General Manager-Group Information Technology
Kenny Mok General Manager-Group Risk & Compliance
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