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【Keppel Corp BN4 交流专区】吉宝企业 KEPPEL CORPORATION LIMITED

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发表于 26-8-2013 12:54 AM | 显示全部楼层 |阅读模式
About Us

With a global footprint in over 30 countries, Keppel Corporation leverages its international network, resources and talents to grow its key businesses. It aims to be the Provider of Choice for Solutions to the Offshore & Marine Industries, Sustainable Environment and Urban Living, guided by its key business thrusts of Sustaining Growth, Empowering Lives and Nurturing Communities.

The Keppel Group of Companies includes Keppel Offshore & Marine, Keppel Infrastructure, Keppel Telecommunications & Transportation (Keppel T&T) and Keppel Land, among others.

Keppel Offshore & Marine is the leader in offshore rig design, construction and repair, ship repair and conversion and specialised shipbuilding. Its Near Market, Near Customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions.

Keppel Infrastructure will drive the Group's strategy to invest in, own and operate competitive energy and related infrastructure. Keppel Infrastructure, while tapping the expertise and technology of its engineering business, will grow its power and gas, environmental and energy efficiency businesses.  Keppel T&T is a leading service provider in the Asia-Pacific and Europe with businesses in logistics and data centres.

Keppel Land contributes to changing cityscapes across Asia as a choice developer with a sterling portfolio of award-winning residential developments, integrated townships and investment-grade commercial properties. Reputed for its quality and innovation hallmark, Keppel Land is committed to develop properties that harmonise with the urban and natural landscape for desirable live-work-play environments and with enduring value for the community.

公司官网:http://www.kepcorp.com/en/

Name of Announcer *KEPPEL CORPORATION LIMITED
Company Registration No.196800351N
Announcement submitted on behalf ofKEPPEL CORPORATION LIMITED
Announcement is submitted with respect to *KEPPEL CORPORATION LIMITED
Announcement is submitted by *Caroline Chang/Kenny Lee
Designation *Company Secretaries
Date & Time of Broadcast20-Aug-2013 17:16:47
Announcement No.00062

>> ANNOUNCEMENT DETAILS
The details of the announcement start here ...
Announcement Title *Keppel to build fifth accommodation semi for Floatel at about US$280 million
Description
Attachments
MR_20Aug2013.pdf
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 楼主| 发表于 20-9-2013 02:08 AM | 显示全部楼层
吉宝赢得总值1亿9,000万元的合约
http://www.sharesinv.com/zh/articles/41616/

2013年09月19日
吉宝企业(Keppel Corp)的非直接子公司吉宝船厂(Keppel Shipyard)赢得了总值1亿9,000万元的合约,涉及两艘浮式生产储油卸油船的改造工程。第一份合约是来自荷兰岸外业者SBM Offshore,并将为蚬壳公司(Shell)在墨西哥湾的Stones超深水开发项目服务。这艘船将在完成改造后成为全世界在最深水下操作的生产平台。包括这个项目在内,吉宝船厂自2000年至今合共承接了20个来自SBM Offshore的大型项目。第二份合约也是来自回头客,即马来西亚油气勘探与生产商M3nergy Offshore。吉宝船厂将为此客户的Bukit Tua油田改造一艘浮式生产储油卸油船。

启示:从回头客取得上述的合约印证了客户对吉宝船厂的信心,也对其船只改造和提升服务的素质给予肯定。这将提高它从回头客赢得合约的机会。
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 楼主| 发表于 7-10-2013 03:11 AM | 显示全部楼层
Keppel Corp plans to build first yard in Mexico with PEMEX
http://www.theedgesingapore.com/the-daily-edge/business/45712-keppel-corp-plans-to-build-first-yard-in-mexico-with-pemex.html

Publish date: Fri, 4 Oct 19:47
Singapore’s Keppel Corporation, the world’s biggest offshore jackup drilling rig builder, said it plans to build its first yard in Mexico jointly with its national oil company, to expand in Mexico’s fast-growing offshore oil and gas sector.

The first phase of the Mexican yard, Keppel’s twenty-first yard in the world, will cost about US$150 million ($187 million), which will support the construction of six rigs for PEMEX Exploracion y Produccion (PEP), a subsidiary of Petroleos Mexicanos (PEMEX), Keppel said in a statement.

Keppel has not signed construction contracts for the six rigs, and declined to give details on the timeline of development of the yard.

The joint venture between Keppel Offshore & Marine and P.M.I. Norteamérica, S.A. de C.V. (PMI), a second PEMEX unit, will be set up in the next few months to take charge of the establishment of the yard, the company said.

The total cost of the yard is estimated at US$400 million. Subsequent phases would enable it to repair semisubmersibles and drillships, take on conversion of FPSO (floating production, storage and offloading) and FLNG (floating liquefied natural gas) projects, as well as to build other offshore structures.

Mexico is the world’s seventh-largest oil producer and a top exporter to the United States, though its ageing oil fields threaten to turn the country into a net importer.

The Mexican government has proposed new tax regime on PEMEX, which has contributed a large chunk of tax revenue in the past, with hopes to attract private investment to help ramp up its oil production, especially in the deep waters in the Gulf of Mexico.

Keppel has delivered seven jackup rigs and two accommodation platforms that are working for PEMEX, and is working on another 10 jackup rigs to be deployed in Mexico.
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 楼主| 发表于 9-10-2013 03:37 AM | 显示全部楼层
吉宝有望增加13亿美元的订单
http://www.sharesinv.com/zh/articles/41897/

2013年10月08日
分析师表示,吉宝企业(Keppel Corp)进军墨西哥市场可能将带来13亿2,000万美元的新订单。其子公司吉宝岸外与海事(Keppel Offshore & Marine)在上个星期五同墨西哥国家石油公司Pemex的两家子公司签署了谅解备忘录,以在墨西哥建设新船厂。在价值1亿5,000万美元的第一期协议下,吉宝岸外与海事将参与为Pemex的子公司建造六座KFELS B级别升降式钻台。这六座钻台的相关股份分配、订单额和交付期均不详,但侨丰德意志摩根建富(OSK-DMG)指出,按每座钻台为2亿2,000万美元的估价计算,吉宝将可能从中赚取高达13亿2,000万美元的收益。巴克莱(Barclays)对此项目的股价也是在12亿至13亿美元的范围之内。这些钻台的建造工程将在未来几年按进度带来贡献。

启示:吉宝进军墨西哥料将带来长期利益,因为它现在可通过该新船厂来乘上墨西哥对钻台的殷切需求的快车,尤其是该区域对维修和提升服务的长期需求。
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 楼主| 发表于 12-10-2013 04:46 AM | 显示全部楼层
Keppel unit secures jackup order from Mexico worth $300 mil
http://www.theedgesingapore.com/the-daily-edge/business/45800-keppel-unit-secures-jackup-order-for-mexico-worth-300-mil.html

Publish date: Thu, 10 Oct 19:50

Keppel AmFELS LLC, the US-based wholly-owned subsidiary of Keppel Offshore & Marine (Keppel O&M), has won a contract from Central Panuco S.A. De C.V., a subsidiary of Mexico’s Perforadora Central S.V. De C.V. to build a KFELS B Class jackup rig worth US$240 million ($300 million), including owner furnished equipment.

Scheduled for delivery in 4Q 2015, the jackup rig is intended for operations in offshore Mexico. Built to Keppel’s market-established KFELS B Class design, the rig will be able to operate in water depths of up to 400 feet, drill to depths of 30,000 feet with accommodation for 126 persons and a BOP system of 18-3/4 x 15,000 PSI.

With this latest contract, a total of 13 KFELS B Class jackup rigs have been ordered for the Mexican market since 2010.

Keppel O&M, a unit of Keppel Corp., is the leading rig provider to the Mexican market, with a total of 20 projects delivered or on order for Mexico including this new order. Of the 20 projects, 15 are of Keppel's proprietary KFELS B Class design.

Developed by Keppel’s technology arm, Offshore Technology Development, the KFELS B Class jackup design provides maximum uptime with reduced emissions and discharges.

The above contract is not expected to have a material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year.

本帖最后由 icy97 于 12-10-2013 04:47 AM 编辑

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 楼主| 发表于 20-10-2013 01:59 AM | 显示全部楼层
Keppel's 3Q net profit rises 32% to $346 mil on property earnings
http://www.theedgesingapore.com/the-daily-edge/business/45876-keppel-corp-q3-net-profit-rises-32-to-3464-mil-on-property-earnings.html

Publish date: Thu, 17 Oct 17:47
Keppel Corp, the world's largest builder of offshore oil rigs, on Thursday posted a 32% rise in third-quarter net profit as higher contributions from property offset a drop in earnings from rigs.

The company, whose biggest shareholder is Singapore state investor Temasek, earned $457.6 million in the three months ended Sept. 30 compared with S$346.4 million in the same period a year earlier.Excluding gains from revaluation, impairment and divestments, Keppel's net profit rose 20% to $403 million.

Keppel's offshore and marine arm order book stood at $13.6 billion as at end-September, up from $13.1 billion at the end of June.

Keppel Land, the group's property unit, on Wednesday reported a 70% rise in third-quarter net profit to $126.4 million, helped by the completion of more projects in China.

The developer sold about 3,070 housing units in China during the first nine months of 2013, more than three times the 970 units sold over the same period last year.
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 楼主| 发表于 26-10-2013 02:22 AM | 显示全部楼层
吉宝企业在风浪中昂首前行
2013年10月22日
http://www.sharesinv.com/zh/articles/42146/

吉宝企业(Keppel Corp)在充满困难的营运环境中昂首应对挑战,其在上个星期出炉的季度业绩强劲,并显示它有望达到15亿元的FY13预估净利。漂亮的业绩是意料中事,因大部份分析师均维持对公司的‘买入’建议。但这些信心得来不易,由于公司所处的市场竞争极高。韩国及中国船厂来势汹汹,它们因商船合约难求而积极地争取岸外钻台合约来填补船厂的空档。吉宝企业的3Q13营运毛利率为16.5%,比之前的三个季度(2Q13、1Q13和4Q12)都来得高,这意味着公司能在监控成本之际,给予客户具竞争力的钻台价格。

启示:本年迄今,公司取得了总值50亿元的岸外钻台建造合约,使其总订单额增至137亿元,交付期排至2019年。公司必须每年争取至少40亿到50亿元的新合约才足以维持盈利水平,而它目前已达到了本年的要求,所以要完成FY13的业绩目标应该不成问题。
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 楼主| 发表于 9-11-2013 02:01 AM | 显示全部楼层
吉宝企业赢得11亿美元的钻台建造合约
2013年11月07日
http://www.sharesinv.com/zh/articles/42519/

吉宝企业(Keppel Corp)通过子公司吉宝远东(Keppel FELS)从Transocean的子公司取得价值11亿美元的回头订单,建造五座KFELS超级B类别升降式钻台,并附带再建造另外五座钻台的选择权。钻台定于1Q16至3Q17之间按进度交付。这些钻台能在水深400英尺的海上操作,并能钻凿3万5,000英尺的深度。钻台向横伸展的距离长达75英尺,让它能涵盖更大的油井区。吉宝远东与Transocean曾多次合作,因而建立起了稳固的长期合作关系。

启示:尽管市场竞争更为激烈,吉宝企业的岸外及海事子公司在今年已取得了20个建造项目,若上述最新的订单包括在内,其今年的订单额约为64亿元。
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 楼主| 发表于 9-11-2013 02:19 AM | 显示全部楼层
Keppel secures US$1.1 bil order from Transocean
Source: The Edge   |   Publish date: Thu, 7 Nov 10:23
http://www.theedgesingapore.com/the-daily-edge/business/46190-keppel-secures-us11-bil-order-from-transocean.html

Keppel FELS, the wholly-owned subsidiary of Keppel Offshore & Marine, has secured a repeat order from a subsidiary of Transocean to build 5 KFELS Super B Class jackup rigs for US$1.1 billion ($1.4 billion).

The rigs are scheduled to be delivered progressively from 1Q 2016 to 3Q 2017. In addition, Transocean has options to build up to another five similar jackup rigs with Keppel FELS.

Wong Kok Seng, Managing Director (Offshore) of Keppel O&M and Managing Director of Keppel FELS, said, “This year, Keppel FELS has already delivered 17 rigs to the satisfaction of our customers and is on track to complete an unprecedented 20 or even 21 rigs by year-end. This year, Keppel O&M has already secured 20 newbuild projects worth about $6.4 billion, including this latest order. All of them are based on our proprietary designs.”

The KFELS Super B Class rigs are designed to operate in 400 feet water depth and drill to 35,000 feet. With a two million pound drilling system and a maximum combined cantilever load of 3,700 kips, the KFELS Super B Class is equipped with tremendous horsepower during drilling operations. In addition, the rig will be installed with offline stand building features in its drilling system package which allows drilling and the preparation of drill pipes to take place at the same time. The rig is capable of drilling at a 75 feet outreach, allowing for coverage of a larger well pattern.

Other projects include upgrades and conversions of the Sedco 700-series semisubmersibles to enable dynamic positioning, and the repair of various Transocean rigs. Since 1987, Transocean, through Global Santa Fe, and Keppel O&M have cooperated and completed seven new generation jackups that are now part of Transocean’s fleet of highly sophisticated rigs.

The above contract is not expected to have material impact on the net tangible assets or earnings per share of Keppel Corporation for the current financial year.
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 楼主| 发表于 2-12-2013 04:00 AM | 显示全部楼层
吉宝企业赢得价值2亿6,500万美元升降式钻台订单
2013年11月21日
http://www.sharesinv.com/zh/articles/42804/

吉宝企业(Keppel Corp)通过非直接子公司吉宝远东(Keppel FELS)从美国上市公司恩斯克国际(Ensco)的子公司赢得价值约2亿6,500万美元的订单,涉及建造一座KFELS Super A级别的升降式钻台,并附带再订购多一座同类钻台的选择权。该钻台能在严峻的环境中操作,并且是按改良设计及采用专利系统而建造。此外,该钻台的安全措施符合北海多个油区的健康、安全与环境标准。钻台定于2Q16交付。吉宝企业截至2013年9月30日的订单额为136亿元。

启示:这张订单是Ensco自2011年至今向吉宝远东订购的第四艘同一系列升降式钻台,据称其在世界各地严峻环境中的操作表现十分优异。
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 楼主| 发表于 19-12-2013 03:32 AM | 显示全部楼层
吉宝企业赢得1亿5,000万元合约
2013年12月17日
http://www.sharesinv.com/zh/articles/43329/

吉宝企业(Keppel Corp)的吉宝岸外与海事(Keppel Offshore and Marine)通过子公司吉宝船厂(Keppel Shipyard)和吉宝南通船厂(Keppel Nantong Shipyard)赢得总值1亿5,000万元的五份合约。

其中两份合约是来自Armada C7及Apache Energy,并分别定于3Q14和1Q14完工。合约主要涉及提升浮式生产储油卸油船(FPSO)。

第三份合约是为EMAS AMC建造一个用于FPSO的外置转塔,并定于2Q14交付。另外两份合约则是来自Smit Shipping Singapore,涉及建造两艘潜水式驳船Giant 5和Giant 6,并将分别在2014年底和2015年初交付。

启示:包括上述五份新合约在内,吉宝企业本年迄今所取得的新订单总值接近70亿元。


Keppel secures $150 mil in contracts
Source: The Edge   |   Publish date: Mon, 16 Dec 19:23
http://www.theedgesingapore.com/the-daily-edge/business/46693-keppel-secures-150-mil-in-contracts.html

Keppel Offshore & Marine’s subsidiaries Keppel Shipyard and Keppel Nantong Shipyard Co. have together secured five contracts worth about $150 million in total.

Keppel Shipyard’s contracts were awarded by from three sources: Armada C7, a joint venture company of Bumi Armada Berhad and Shapoorji Pallonji Group (SP); Apache Energy; and EMAS AMC.

Keppel Shipyard has started work on the Armada C7 project, which is scheduled to complete in 3Q 2014. The work scope includes refurbishment and life extension works, upgrading of living quarters to accommodate 70 personnel, fabrication and installation of an internal turret mooring system as well as the installation and integration of topside process modules.

For the contract with Apache Energy, Keppel Shipyard will carry out steel and piping systems renewal, coating works, equipment overhauling, and installation of new equipment on FPSO Ningaloo Vision. Pre-fabrication work for this FPSO project has already started. The vessel is expected to arrive at the yard in 1Q 2014.

As for the contract with EMAS AMC, a subsidiary of Ezra Holdings, Keppel Shipyard will undertake the fabrication of an external turret for an FSO unit.

Work has started and the turret is scheduled for completion in 2Q 2014.

Over in China, Keppel Nantong has secured two contracts from Smit Shipping Singapore, a wholly-owned subsidiary of Royal Boskalis Westminster Group, to undertake the construction of two submersible barges.

Work for both barges, Giant 5 and Giant 6, is scheduled to commence in1Q 2014. Giant 5 is slated to be completed by end 2014, while Giant 6 is expected to be completed in early 2015. When completed, the barges will be deployed in Europe.

With the latest contracts, Keppel O&M has secured almost $7 billion in new orders year-to-date.
本帖最后由 icy97 于 19-12-2013 03:45 AM 编辑

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 楼主| 发表于 19-12-2013 03:38 AM | 显示全部楼层
Keppel says to build first drillship, but no buyer lined up
Source: Reuters   |   Publish date: Thu, 12 Dec 11:48
http://www.theedgesingapore.com/the-daily-edge/business/46648-keppel-says-to-build-first-drillship-but-no-buyer-lined-up.html

Singapore’s Keppel Corporation, the world’s top offshore drilling rig maker, said it plans to build its first drillship despite not having a buyer lined up, confident the design will be welcomed by the market.

It is the first time Keppel has built a rig without a contract in at least 14 years, an examination of company announcements showed.

A leading builder of jackup rigs, which work in water depths up to 500 feet (152 metres), Keppel has yet to build a drillship from scratch and has been trying to secure a contract for its own drillship design this year.

South Korea’s shipbuilding giants, Samsung Heavy Industries Co, Daewoo Shipbuilding & Marine Engineering Co and Hyundai Heavy Industries Co, dominate the market for drillships, which are used to explore oil and gas in water up to 12,000-feet deep and cost at least US$500 million ($627 million) a piece to build.

Keppel said in a statement that its new design would overcome the constraints of limited deck space found in most drillships. Construction is expected to be completed in 2016.

Keppel had expected to get the order for the drillship by the end of next year, Tong Chong Heong, chief executive officer of Keppel Offshore & Marine, said at a results briefing in October.

Keppel had bagged new orders of $6.8 billion by late November, and is on track to deliver a record number of rigs this year. But growing competition from Chinese shipyards have put a lot of pressure on the company’s profit margins in recent years.

The firm’s share price closed at $10.8 on Wednesday, up 2.4% so far this year, outrunning the benchmark Straits Times Index’s 3.4% decline.
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 楼主| 发表于 26-12-2013 06:10 PM | 显示全部楼层
吉宝企业继续领航
文: 李伊琳 (译:麦美莹) 2013年12月26日 Tradeable
http://www.sharesinv.com/zh/articles/43524/

石油钻台建造商吉宝企业(Keppel Corp)宣布,公司将会全速建造其新的“无所不能(CAN DO)”专利钻探船,并预计在2016年完工。

这可能意味着公司收到很多来自环球大型石油公司的正面反馈及询问。这艘大型船只的特别之处是它的甲板空间很大,可以同时进行“生产钻井”及“勘探钻井”。

因此,这艘新型钻台船也可以用作“开发钻井及完井方案”,让其更具吸引力。

麦格理研究预期来自大型石油公司/承包商的订单将会在2014年初流入,这将削弱韩国在这个领域的领导地位。这艘船只的成本可能较为便宜,因为所用的钢铁量将会减少,而新加坡的人力成本较低。

经纪商预期这只股的股价平均拥有12%的上涨空间。

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 楼主| 发表于 9-2-2014 01:40 AM | 显示全部楼层
文: 2014年02月07日 每日头条
http://www.sharesinv.com/zh/articles/44642/

吉宝企业(Keppel Corp)从回头客合顺油气(UMW Oil & Gas Corporation)赢得合约,售出一座价值2亿1,800万美元(约2亿7,640万元)的KFELS B级升降式钻台。交付期定于3Q15,这是该客户向公司订购的第三座此类钻台。
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 楼主| 发表于 17-2-2014 09:42 PM | 显示全部楼层
Keppel unit wins contracts to build 3 jackups for
Source: The Edge   |   Publish date: Thu, 13 Feb 20:04  
http://www.theedgesingapore.com/the-daily-edge/business/47242-keppel-unit-wins-contracts-to-build-3-jackups-for-.html

Keppel FELS, the wholly owned subsidiary of Keppel Offshore and Marine, has won contracts to build three high specification KFELS B Class jackup rigs valued at US$650 million ($824 million) in total.

The contracts were awarded by a new customer Fecon International Corp. Fecon is a new player in the offshore oil and gas industry and is targeting the growing offshore drilling markets of Africa, Middle East and Southeast Asia.

The KFELS B Class rigs are able to operate in water depths of up to 400 ft and drill to 30,000 ft. Based on Fecon’s requirements, the three jackup rigs will each have a full 15,000 psi BOP system, 75-feet cantilever outreach and accommodation for 150 persons.

The rigs are scheduled to be delivered progressively within 2H2016.
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 楼主| 发表于 5-3-2014 07:27 PM | 显示全部楼层
文: 2014年03月04日 每日头条
http://www.sharesinv.com/zh/articles/45192/

吉宝企业(Keppel Corporation)从TS Offshore取得合约,建造一座价值约5亿美元的超高规格升降式钻台。钻台将按公司的专利设计建造,并且是这类钻台中,能达到最深深度的一款。公司的新订单总额继而增至16亿美元。
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 楼主| 发表于 23-3-2014 03:47 AM | 显示全部楼层
每日头条 | 2014年03月18日
http://www.sharesinv.com/zh/articles/45442/

吉宝企业(Keppel Corporation)的船务臂膀吉宝岸外与海事(Keppel Offshore & Marine)赢得总值约1亿4,000万元的合约,交付期介于3Q14至1Q15之间。


Keppel wins contracts worth $140 mil
Source: The Edge   |   Publish date: Mon, 17 Mar 22:45
http://www.theedgesingapore.com/the-daily-edge/business/47649-keppel-wins-contracts-worth-140-mil-.html

Keppel Offshore & Marine’s subsidiaries Keppel Shipyard, Keppel Singmarine and Keppel Nantong Shipyard have secured contracts worth a total of about $140 million.

Keppel Shipyard will undertake for SOFEC, Inc. (SOFEC) the fabrication of an external turret mooring system for an FPSO vessel that will operate in the Tweneboa-Enyenra-Ntomme fields in Ghana, in water depth averaging 1,500 metres.

Meanwhile, Keppel Singmarine has secured three contracts from Bumi Armada Offshore Holdings Limited – a subsidiary of Bumi Armada Berhad (Bumi Armada) – to build two ice-class supply vessels and an ice-class multi-purpose duty-rescue vessel.

In China, Keppel Nantong has secured an order from KSP Towage Sdn Bhd for the construction of two tugs. These tugs, which are scheduled for delivery in 3Q 2014, will be chartered for deployment in Malaysia.
本帖最后由 icy97 于 23-3-2014 04:26 AM 编辑

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 楼主| 发表于 6-4-2014 06:59 PM | 显示全部楼层
牛熊之争系列:吉宝企业 — 牛的观点
企业摘要 | 2014年04月03日
文 : Motley Fool Singapore (译:杨佳文)
http://www.sharesinv.com/zh/articles/45829/

本文作者为Motley Fool Singapore的林沛成

吉宝企业(Keppel Corp)为海峡时报指数的其中一只成份股,其声誉和业务表现一直都相当不错,可说是一家具代表性的新加坡企业。

本文首先将探讨吉宝企业是如何为其岸外与海事(O&M)打造有利的“经济护城河”,然后分析其他的业务,最后再讨论其估值和增长潜能。

有利的经济护城河

吉宝企业旗下有四大业务部门,但O&M业务一直是其主要收入来源。吉宝企业是全球最大的岸外钻油台建造商。

尽管韩国和中国的业者使市场出现激烈竞争,但公司凭着进行大量的研发工作及采取“靠近市场,靠近客户(Near Market, Near Customer)”的策略,一直保持着其市场领先地位。

此部门多年来为公司带来逾一半以上的营运盈利。随着全球的勘探及开采活动增加,吉宝企业将能因此而受惠。



多元而专注

今时今日,业务多元化的控股企业看来已不受青睐。一些投资者认为,他们可自行分散投资于不同领域的企业,而不需要投资业务多元化的控股企业。吉宝企业虽然从事多种业务,但其实各项业务都能够对彼此带来助益,而它已脱售了其非核心资产。

比方说,其O&M业务能为其基础建设业务引介客户,基础建设业务能为房地产部门提供建筑技术。如此一来,公司能够充分地利用其资源,比起自行分散投资的投资者,其股东能享有更多好处。

估值

一家企业盈利的多寡,对投资者而言相当重要。在2000至2013年之间,吉宝企业的每股盈利(EPS)从0.08元大幅增加至1.02元,年复合增长率为21.6%,这显示公司有着明显的竞争优势。




另外,公司的股票目前以10.5倍的本益比和2倍的股价与账面值比交易。自2002年以来,其股本回报率(ROE)就一直在10%以上,并且逐年提高,在2011年达到27%的高位。



其他业务

为什么吉宝企业会以那么低的估值交易呢?这主要是因为公司的基础建设和房地产业务在过去两年承受了一些压力。

其一些基础建设项目因延误而面对成本超支问题,尤其是在卡塔尔和英国。新加坡和中国政府采取的楼市降温措施,令整体房地产市场放缓,以这两个国家作为核心市场的吉宝置业(Keppel Land)因此受到影响。

但是,基于大部分遭拖延的基础建设项目已经减值,市场人士也清楚新加坡和中国房地产市场面对的挑战,对公司而言,最坏的时期看来已过去。

在2014年上任、以新总裁卢振华为首的新管理层有望令公司重拾增长。

Motley Fool的看法

在“牛”的观点的部分,我们探讨了吉宝企业岸外与海事业务所具有的竞争优势,分析了其估值,并说明其基础建设和房地产部门的表现可能进步的原因。基于投资者应已将各项负面因素考虑在内,加上公司更替了管理层,其表现看来将会进步。
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 楼主| 发表于 6-4-2014 07:01 PM | 显示全部楼层
牛熊之争系列:吉宝企业 — 熊的观点
企业摘要 | 2014年04月04日
文 : 吴灵安 (译:杨佳文)
http://www.sharesinv.com/zh/articles/45834/

吉宝企业(Keppel Corp)是一家业务多元化的新加坡企业,其三大核心部门为岸外与海事(O&M)、基础建设和房地产。其O&M部门的业务是建造自升式钻台、半潜式钻台和钻井船。

公司的基础建设部门是于2013年由吉宝能源(Keppel Energy)和吉宝组合工程(Keppel Integrated Engineering)组合而成,其业务包括经营发电厂、参与垃圾焚烧发电厂(WTE)项目、提供数据中心和物流配送服务 。

其房地产子公司吉宝置业(Keppel Land)负责发展、销售和管理住宅及商用物业,如滨海湾金融中心第三大厦(Marina Bay Financial Centre Tower 3)。其主要市场为新加坡、中国、印尼和越南。

基建业务赚头不高

过去五年,基础建设部门为公司带来了约20-28%的营业额,但其净利润率最多只达到0.6%,意即在公司收取的每一元收入中,盈利只占0.6分。



这个部门在多哈、卡塔尔和英国曼彻斯特的WTE工程、采购及建筑(EPC)合约面对了挑战,导致其FY13的拨备增加。

虽然公司的净利润率在2009至2011年间从负数变为正数,但其赚头仍相当低。

这表示吉宝企业的盈利主要来自另外两个核心业务。

油价前景不乐观

尽管O&M部门的营业额在2009年至2013年间下跌,但它仍是公司的主要收入来源。O&M部门在FY13为公司带来了57.6%的营业额。截至2013年12月底,O&M部门的净订单额约为142亿元,其中一些工程将进行至2019年。

O&M部门生产的是钻油企业所使用的产品。钻油企业是否会进行更多钻油活动,取决于石油的价格。油价越高,钻油活动就会随之增加。

世界银行在2014年1月预测,在2014年至2025年之间,平均原油现价将逐步从每桶103.50美元下跌至96.70美元。



油价可能下跌,预示着钻油活动会减少。在这样的情况下,钻油企业在制定资本开支预算时将更加谨慎,并设法延长设备的使用时间,而非购买新钻台或钻井船。

如果来自石油企业的订单减少,吉宝企业的收入将受到影响。

利率将会提高

美国联邦储备局主席耶伦(Janet Yellen)目前正按计划逐步减少量化宽松政策(QE)的规模。路透社(Reuters)在2014年初进行的一项调查显示,70名受访的经济师都预计联储局将在年底前停止购债。

耶伦在最近一次的联储局政策会议上表示,联储局可能会在停止购债的六个月后才会开始加息。这将令企业的借贷成本提高,并影响潜在买家的采购能力。

自联储局于2013年5月开始谈论退市以来,新加坡房地产股的表现就不尽理想。富时海峡时报房地产指数(FTSE ST Real Estate Index)下跌了22.1%至最低位。

除了全球各国即将加息之外,新加坡政府在过去几年实行了一连串的楼市降温措施,以冷却过热的房地产市场。

市区重建局(URA)的数据显示,新加坡的私宅价格在4Q13下跌了0.9%,这是整体楼市价格自1Q12以来首次下跌。

吉宝企业房地产部门约一半的收入来自新加坡。面对利率提高及楼市降温措施这两大问题,其房地产业务的前景黯淡。

综上所述,虽然吉宝企业的净利在过去五年保持稳定(2009年:16亿元,2013年:18亿元),但眼前的多个障碍将影响其表现。
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 楼主| 发表于 12-4-2014 01:33 PM | 显示全部楼层
每日头条 | 2014年04月10日
http://www.sharesinv.com/zh/articles/46073/

吉宝企业(Keppel Corporation)的岸外与海事服务臂膀同泰山石化集团(Titan Petrochemicals Group)及泰山泉州船舶工业(Titan Quanzhou Shipyard)签订了管理服务合同,以管理泰山泉州船舶工业的船厂。合同为期30年,并可在满期后更新。在合同下,相关船厂将承接采用吉宝专利设计的项目。
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