Keppel Corp (S$5.18, down 6 cents) announced that Keppel Asia Infrastructure Fund LP (KAIF) and a co-investor of KAIF, through Cloud Alpha Pte Ltd, are acquiring a 51% equity interest in Cleantech Renewable Assets Pte. Ltd. (CRA or Cleantech) for up to US$150 million. The remaining 49% of the equity interest in Cleantech is held by its exisƟ ng shareholder, Shell Eastern Petroleum (Pte) Ltd. (Shell), which will conƟ nue to support its future growth in the region.
At $5.18, market cap of Keppel Corp is S$9,430mln, trailing 12- mth P/E is 28.6x, dividend yield is 3.7% and its current P/B is 0.8x. According to Bloomberg consensus, there are eleven buy and one sell recommendations and the average of the various analysts’ target price on Keppel Corp is $6.68, representing a potential upside of 29.0%.
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Koufu Group (KOUFU SP) Positioned For Sequential Recovery
Despite revenue weakness in 3Q21 (-20% vs pre-COVID-19 levels) due to prohibitions on dining in, we expect Koufu’s performance to improve sequentially due to: a) dining in prohibitions being relaxed in late-Nov 21, and b) further reopening with more VTL arrangements. On the other hand, business in Macau remains uncertain due to China’s tight border control but is expected to improve once Macau opens up. Maintain BUY and target price of S$0.77 (17x 2022F PE).
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Sapura Energy (SAPE MK) 9MFY1/22 results came in below
TP cut to MYR0.03; reiterate SELL 9MFY1/22 results continued to disappoint, on wider QoQ losses, continuously affected by higher opex and Covid-19 challenges. SAPE remains vulnerable for its negative mix of stretched balance sheet, tight cashflows, legacy contracts, poor execution & continuous cost overruns, which are affecting its ability to recover. There is also a greater need to restructure its operations. Assets divestment is imperative. We cut FY22- 23 earnings, not expecting a return to the black over our forecast period.
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China Everbright (S$0.31, unchanged) announced that it was awarded the Award of Excellence in Corporate Governance and the Award of Excellence in ESG (Environmental, Social and Governance) under the category for newly-listed companies in the Hong Kong Corporate Governance and ESG Excellence Awards 2021 (the “Excellence Awards”), which is jointly organised by the Chamber of Hong Kong Listed Companies and the Centre for Corporate Governance and Financial Policy of Hong Kong Baptist University.
He added, “By providing long-term and quality water environment services, we strive to promote simultaneous enhancements in economic, environmental and social benefi ts across various regions, in the pursuit of our core value of ‘Creating Better Investment Value and Undertaking More Social Responsibility’ and our corporate mission of being ‘Devoted to Ecology and Environment for a Beautiful China’.”
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