Keppel Corp
could announce another S$1bn of jack-up orders from Mexico, according to
Rigzone. This will bring 2013 new orders to S$1.8bn or 29% of our
S$5.5bn target. We expect 26% profit growth for Keppel’s O&M
business in FY13,
thanks to the delivery of 21 jack-ups. From our recent meetings with
Keppel and some HK investors, we gleaned that the margins for the four
jack-ups delivered YTD are “pretty good”. We think that O&M EBIT
margin could reach 14.5% in FY13, trumping management’s
10-12% target due to backloaded profits from these deliveries. We
retain our Outperform call and RNAV-based target price. Catalysts
include margin surprises and stronger orders.
Read? CMIB on Keppel Corp
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