Analysts' eyes set on Keppel's two key management changes

Potential shift in asset allocation anticipated.

Keppel’s 2Q13 net profit of SGD347m (-3% QoQ, -33% YoY) lifted 1H13 net profit to SGD704m (-45% YoY). While OSK-DMG Research expects to significat reaction to the results,it says that thekey focus will be on the leadership change, with CFO Mr Loh Chin Hua taking over as CEO from Mr Choo Chiau Beng on 1 Jan 2014.

Here's more from OSK-DMG Reseearch:

2Q13 net profit of SGD347m (-3% QoQ, -33% YoY) lifted 1H13 net profit to SGD704m (-45% YoY), making up 52% of our FY13 estimate. We see this set of results as slightly above as Offshore & Marine (O&M)’s operating margins held up well at 14.2% (1H13: 14.1%) and infrastructure earnings are likely to improve in 2H13 thanks to Merlimau plant start-up. Group’s outlook is mixed as solid O&M market is offset by property policy headwinds.

The key focus in the next six months will be the leadership change with CFO Mr Loh Chin Hua taking over as CEO from Mr Choo Chiau Beng (1 Jan 2014) and Keppel O&M COO MrChow Yew Yuen replacing Mr Tong Chong Heong as CEO of Keppel
O&M (1 Feb 2014).

While we don’t expect a sharp strategy change, we note Mr Loh has a strong background in property fund and may lead to potential shift in asset allocation to property related business.

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