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Brokers' take

Published Fri, May 25, 2018 · 09:50 PM

Keppel Corp > Buy UOB Kay Hian, May 25 May 25 close: S$8.15 Target price: S$9.00

THE revised launch schedules of Keppel Corp have resulted in lower earnings for China of 8-14 per cent for 2018-19. Launches have been pushed into 2020, thereby lifting earnings from China by 30 per cent. Earnings in 2018 are no longer driven as much by projects in Wuxi as launch schedules are shifted to Tianjin and Chengdu.

The launch of Serangoon North in the second half of FY18 will partially offset the earnings weakness in China.

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