SPC, Keppel Corp shares soar on PetroChina deal 25 May 2009 09:29

    SINGAPORE, May 25 (Reuters) - Shares of Keppel Corp <KPLM.SI> 
and Singapore Petroleum Company (SPC) <SPCS.SI> soared as much as 
10.6 percent and 24 percent respectively on Monday, after Asia's 
largest oil and gas producer PetroChina <0857.HK> said it will 
buy Keppel's stake in SPC. 
    PetroChina is buying Keppel Corp's 45.51 percent stake in SPC 
for S$1.47 billion ($1.02 billion) and plans to make a general 
offer to buy the rest of the firm. [ID:nSIN335305] 
    The deal valued the Singapore oil refiner at S$3.2 billion 
and was an equivalent of S$6.25 for each SPC share, compared to 
Friday's closing price of S$5.04. 
    By 0120 GMT, SPC was up 21.4 percent at S$6.12 with 2.4 
million shares traded, while Keppel was 7 percent higher at 
S$7.44. 
    SPC shares a 285,000 barrels per day refinery in Singapore 
with U.S. energy major Chevron Corp <CVX.N>, and it also owns 
upstream oil and gas exploration and production concessions in 
Australia, Southeast Asia and China. 
    It is the first overseas acquisition of a public company by 
PetroChina, and the move for downstream fuel production adds to 
efforts by Chinese oil majors to buy upstream oil exploration 
assets around the world to secure energy supplies. 
    Keppel, the world's largest offshore oil rig builder, said in 
the statement that together with PetroChina it plans to explore 
opportunities in the offshore oil industry and in other areas. 

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City Development Q2 Result, Yanlord Q1 Result, Keppel Corp reiterated "Buy", Sembcorp Marine secured S$230 mio project

May 12, 2009

   Stocks and factors to watch: 
    -- CITY DEVELOPMENTS <CTDM.SI> 
    -  City Developments, Southeast Asia's second largest 
developer, posted a 50 percent drop in first-quarter net profit 
to S$83.1 million ($57 million), but said economic conditions 
have improved and it expects to make profit this year. 
[ID:nSIN461056]  
    JPMorgan on Tuesday downgraded CityDev to "neutral" from 
"overweight", saying the share price has risen too much.  
    
    -- KEPPEL CORP <KPLM.SI> 
    -  Deutsche Bank on Tuesday reiterated its "buy" call on 
Keppel Corp, the world's biggest maker of offshore oil rigs, and 
raised its price target to S$9.40 from S$7.10. [ID:nSGC001131] 
    
    -- SEMBCORP MARINE <SCMN.SI> 
    -  Singapore's Sembcorp Marine, the world's number two 
builder of offshore oil rigs, said on Monday its Indonesian unit 
secured a S$230 million ($158 million) contract for the 
construction of two offshore platforms. [

    -- YANLORD LAND GROUP LTD <YNLG.SI> 
    -  Yanlord reported on Tuesday a 161 percent increase in 
first quarter net profit to S$24.3 million ($16.66 million) from 
a year ago, mainly on the delivery of higher-profit-margin 
projects. [ID:nSN5C20011] 

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Rigbuilder Keppel Q1 net up 9 pct, outlook uncertain

   * Profit up despite weaker results from property, oil units 
    * Outlook remains uncertain with trend of no major rig orders 
     
    SINGAPORE, April 23 (Reuters) - Singapore's Keppel Corp 
<KPLM.SI>, the world's largest offshore oil rig builder, posted a 
9 percent rise in first quarter net profit on Thursday, and 
reiterated its outlook remains uncertain. 
    The company said its S$9.5 billion orderbook for offshore and 
marine business extends to 2012, but a trend of no major rig 
orders since the third quarter of 2008 had continued through the 
past quarter, due mainly to the tight credit situation. 
    "The outlook for the rest of 2009 remains uncertain... While 
we hope to see more signs of bottoming out in the economy, it 
would be hasty to believe that a firm recovery will come 
quickly," the firm said in a statement. 
    The conglomerate earned S$285 million ($189.6 million) in the 
first three months of 2009, up from S$262 million in the year ago 
period. 
    Earlier this year Keppel said that 2009 would be a 
challenging year for the firm, which has a market value of $6.3 
billion. 
    Keppel Corp and rival Sembcorp Marine <SCMN.SI> benefited 
from the jump in oil exploration in recent years as crude prices 
<CLc1> soared to record highs, but oil prices slid from a peak of 
near-$150 a barrel in 2008 to less than $50 by the end of the 
first quarter, leading to order cancellations for rigs. 
    The rise in its net profit came despite its 53-percent owned 
property firm Keppel Land <KLAN.SI> booking a 38.8 percent drop 
in first quarter net profit on Wednesday, and its 45-percent 
owned oil firm Singapore Petroleum <SPCS.SI> posting a 43.5 
percent slide in first quarter net earlier this week. 
    The firm said the property sector remains weak across the 
region, but it sees opportunities for its infrastructure arm 
thrown up by huge government stimulus packages. 
    Shares in Keppel Corp jumped 15.7 percent in the first 
quarter, versus a 3.5 percent drop in the broader Straits Times 
Index <.FTSTI>. 

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Untitled

SINGAPORE, April 23 (Reuters) - Singapore's Keppel Corp <KPLM.SI>, the world's largest offshore oil rig builder, posted a 9 percent rise in first quarter net profit on Thursday, and reiterated that the company outlook remains uncertain.

The conglomerate earned S$285 million ($189.6 million) in the first three months of 2009, up from S$262 million in the year ago period.

Earlier this year Keppel said that 2009 would be a challenging year for the firm, which has a market value of $6.3 billion.

Keppel Corp and rival Sembcorp Marine <SCMN.SI> benefited from the jump in oil exploration in recent years as crude prices <CLc1> soared to record highs, but oil prices slid from near-$150 a barrel in 2008 to less than $50 by the end of the first quarter.

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