Keppel Corp

Keppel Corp: Grp will be announcing its 2Q11 earnings results after markets tonight. The stock has rallied 7.6% in Jul to cross the $11.00 psychological barrier yesterday. Keppel Corp is the last member of Keppel Group of co’s to report its results. The following are the results announced this week by the other members: 2Q Earnings K-Green Trust – Net Profit $4.5mn, -1.1% YoY K-REIT Asia – Distributable Income $49.8mn, +89.5% YoY Keppel Telecom & Transport – Net Profit $16.4mn, -16.7% YoY Keppel Land – Net Profit $94.7mn, +87.5% YoY Macquarie note that Keppel Corp’s stellar last qtr “unlikely to be repeated” In April, Keppel Corp reported its best qtrly performance ever through its 1Q12 results which came in at $750m. This was largely attributed to 2 one-off gains: a $350mn income recognition from Reflections at Keppel Bay and $80mn investment income from equity investments sales. Co. then noted that its 1Q12 results were “unlikely to be repeated in the next three quarters” as Keppel has delivered a significant bulk of Reflections at Keppel Bay units sold under deferred payment scheme. Bloomberg estimates Keppel Corp’s 2Q12 net income announced to come in at $385mn. List of recent Keppel orders in the past 3 months 28 Jun – US$70m on a semi-sub upgrade and a new floating dock construction 1 Jun – US$560m on a repeat order of an ultra harsh environment jackup rig 12 Apr – US$4,120m on 5 semi-sub drilling rigs for Sete Brasil 4 Apr – S$170m on 2 FPSO upgrading projects 2 Apr – US$205m on a repeat order of a jackup rig.