Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DNB, DBS up Keppel earnings estimates

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STOCKS NEWS SINGAPORE-DNB, DBS up Keppel earnings estimates Apr 20th 2012, 02:48 Thu Apr 19, 2012 10:48pm EDT DNB Nor Markets increased its 2012 earnings per share estimates for Keppel Corp Ltd by 31 percent and raised its target price to S$12.80 from S$12 after the rig builder reported record first-quarter earnings. The brokerage retained its buy rating on Keppel and said the return of ultra-deepwater orders, fueled by stubbornly high oil prices, will be positive for the company and its rival SembCorp Marine Ltd. "There are several ultra-deepwater newbuilds in the pipeline from Europe and US. The Korean yards are expected to be aggressive in bidding for them and we see this as a threat to the Singapore rig-builders," it said in a report. "We believe Keppel and SembCorp Marine are well positioned for upcoming orders, as they are perceived to be high-quality yards," it said. DNB said Keppel's higher target price was driven by improved valuation of its property assets. Keppel more than doubled its quarterly profit, helped by recognition of earnings from one of Keppel Land's projects. DBS raised Keppel's 2012 EPS forecast by 6.5 percent and kept its target price of S$13.20 and a buy rating. Keppel eased 0.8 percent to S$11.46 in a subdued market . The FT ST Oil & Gas index has surged 27 percent this year, more than double the rise in the market. For a related story, click 1040 (0240 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) ***************************************************** 08:49 STOCKS NEWS SINGAPORE-Index futures down Singapore's index futures dropped 0.41 percent early on Friday, indicating the benchmark Straits Times Index would open lower. Key Asian markets are opening lower as after U.S. labor market data showed more signs of weakness. 0841 (0041 GMT) (Reporting by Harry Suhartono in Singapore; harry.suhartono@thomsonreuters.com) Link this Share this Digg this Email Reprints

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