DMG & Partners Research in a Jan 27 research report says: "Keppel’s 4Q11 net profit of $389 million (+10% y-o-y) was 12% ahead of our estimate of $346 million, driven by the completion of several property projects overseas and increase in Singapore trading projects. FY2011 net profit rose +14% y-o-y to $1.49 billion, a new record for Keppel.
"Proposed 26 cents final dividend lifted full-year dividend payment to 43 cents (+13% y-o-y) and was ahead of our estimate of 40 cents. We raise our FY2012-2013F EPS by 1-4% as we made minor changes to our revenue recognition forecasts and raise target price from $11.40 to $11.80.
"Oil & gas industry spending is expected to remain strong and we believe share price could continue to re-rate on Petrobras news. Stock is trading at 13x FY12F P/E, well below peak valuation of 25x in the last rig boom, and offers 4% dividend yield. MAINTAIN BUY."
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