Keppel thrives despite tough environment
KEPPEL Corp's recent strong set of quarterly results should position the group to achieve projected FY2013 net profit of $1.5 billion, which falls within the mean full-year estimates of the top 10 equities research firms covering the stock. Not surprisingly, most analysts have maintained their "buy" rating on the stock.
After the results were announced last Thursday, the stock gained six cents on Friday to close at $10.87. Analysts are projecting Keppel's FY2014 and FY2015 earnings to push upwards to $1.63 billion and $1.66 billion, and have a median stock price target of $12.50, a 15-per cent upside from Friday's close.
This vote of confidence is hard-earned, as investors and key shareholders are well aware of the competitive environment within which the group operates. In the offshore and marine division, for instance, both South Korean and Chinese shipyards are bidding aggressively for offshore rig-building contracts to fil…
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