Monday, January 30, 2017

Keppel (BN4) needs a prosperous year

Draft: 1/29/2017 (Market Value: 11.4billionS$)
Updated: 1/31/2017

Based on webcast.

Activities: Restructuring and creation of Keppel Capital, previously contribution of asset mgmt under infrastructure and property division will be parked under Keppel Capital(Investment division).

Webcast is led by CEO, Mr. Loh Chin Hua (CFA/55), pkg:
Salary $1,190,600
Bonus $3,254,900
Total Annual Compensation $4,445,500
Stock Options*
Restricted Stock Awards $2,281,900

Total dividend: $.20 for 2016, over a weighted avg. share of 1,814,792,000 units.

Net Asset value per share: $6.34~6.42.

Gearing ratio 0.56.

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Business Prospects
Offshore & Marine (O&M) division: net order book(exclude Sete) $3.7b.
Property division: sold 3800 homes in China, 1520 in Vietnam, 380 in SG.
Investments consist mainly of the Group's investments in fund management, M1, KrisEnergy, k1 Ventures, Sino-Singapore Tianjin EcoCity Investment and Development Co.

Data from here.
2015's provision for losses for the Sete Brasil rig building contracts of ~$230 million no more repeat(?).



The strategy of Keppel is on "Multiple Income Streams".

Dividend history


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Puzzled
1. Who prepared this unaudited report, why roman number (i), ... (xix) are used, so mind boggling; can they be presented in alphanumeric numbers?
2. What is ~200m provision for Doha North Sewage Treatment Works?
3. While it is understandable O&M division gets hit, what is the reason all other 3 divisions recorded lower sales/profit?

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