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STOCKS NEWS SINGAPORE-Keppel shares at 3-mth high after results

Source : REUTERS
Last Updated: Fri, Jan 25, 2013 04:10 hrs

Shares in Keppel Corp Ltd rose 1 percent to a three-month high of S$11.44 after the world's largest oil rig builder proposed a higher-than-expected dividend and reported quarterly results in line with estimates.

The stock has gained nearly 15 percent from a low in mid-November, outperforming the Straits Times Index.

Maybank Kim Eng kept its 'buy' rating and target price of S$12.8, citing strong offshore and marine outlook for 2013.

Keppel's fourth-quarter net profit fell 22 percent, but full-year profit jumped 28 percent on a 39 percent jump in revenue.

Keppel proposed a record total dividend of 72.4 Singapore cents per share, up from 43 Singapore cents a year earlier.

Maybank said despite conservative management guidance, it expects productivity and efficiency gains to contribute to a higher operating margin of 14.2 percent for Keppel's offshore and marine (O&M) business this year. The O&M unit is set to deliver a record 22 new units this year.

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