Keppel Ltd
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
SGD 9.10 | Khnv | Dfyqcvnh |
Keppel: Business Update in Line With Expectations; Shares Undervalued
We keep Keppel’s fair value estimate at SGD 8.80 following its in-line third-quarter 2023 business update. While no detailed earnings numbers are given, cumulative nine months' revenue of SGD 5.3 billion was up 5% year on year, making up 74% of our full-year forecast. Net profit from continuing operations was higher year on year, underpinned by a stronger contribution from infrastructure and connectivity segments. We believe Keppel remains undervalued currently and positive development on its asset monetization plans could continue to drive share price performance.