Lim projects urban development to post core net profits of around $171 million in 1HFY2023, an increase of 2% y-o-y and 50% h-o-h on stronger recognition of Keppel Land’s trading projects in China.
CGS-CIMB Research analyst Lim Siew Khee has retained “buy” on Keppel Corporation (KEP) (SGX:BN4
) with an unchanged target price of $8.70, as data has shown core net profit excluding KOM to rise 9% y-o-y and 17% h-o-h to about $474 million in 1HFY2023 ended June, led by stronger recovery in urban development and infrastructure.
The analyst notes that her July 21 report is based on the previous reporting format of four segments, which will be changed by KEP to a format of three business segments, namely infrastructure, real estate and connectivity in its 1HFY2023 report.
