Keppel Limited

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Ignore what brokers say, most are incorrect. Self decisiveness is the key to investing stocks dude
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When all your clients are suffering, as a supplier outlook can't be any good right... after all its feast and famine...

http://www.bloomberg.com/news/2014-11-28...tions.html

Transocean Bears Bet Oil, Rig Oversupply to Hurt More: Options
By Inyoung Hwang Nov 28, 2014 10:59 PM GMT+0800 0 Comments Email Print
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* Price chart for TRANSOCEAN LTD. Click flags for important stories.
RIG:US21.01-2.26 -9.71%
Even after Transocean Ltd. (RIG) shares slumped 53 percent this year, options traders and short sellers are preparing for more losses.

While the owner of rigs used to find and develop oil and gas resources is already this year’s biggest loser in the Standard & Poor’s 500 Index, that hasn’t stopped bearish traders from pushing short sales to the ninth-highest level in the benchmark gauge. Options wagering on further declines reached a record price versus bullish contracts this month, according to data compiled by Bloomberg.

Tumbling oil prices and a glut in rig supply have been a double blow for the owner of the world’s largest deep-water drilling fleet. A four-year low in crude has pushed energy companies to consider spending cuts, which could further damp demand for leasing rigs. Transocean has the biggest exposure to rigs that could go idle in 2015, said Robert Pinkard of RBC Capital Markets.

“They’re the one everyone’s watching,” said Pinkard, an analyst at RBC in Austin, Texas. “If more of their rigs end up getting retired than are currently factored into estimates, there’s more potential downside in 2015 and 2016. It’s a stock that’s gotten beat up, but people are still negative.”


Photographer: Simon Dawson/Bloomberg
The J. W. McLean offshore drill rig, operated by Transocean Ltd., stands anchored in... Read More
19-Year Low

On Nov. 7, Transocean delayed the release of third-quarter earnings, saying it would be hit by $2.76 billion in charges from a decline in the value of its contracts-drilling business and a drop in rig-use fees. Three days later, when it reported higher-than-expected profit excluding writedowns on cost-cutting efforts, the stock fell. It closed at a 19-year low on Nov. 26.

“You can point to the valuation metrics and maybe get a little excited,” RBC’s Pinkard said. Transocean’s valuation dropped to 0.6 times book value from 1.1 at the start of the year and compares with 1.8 for energy stocks in the S&P 500. “But you just saw them write down a massive amount of book value. The question is: How real is that book value?”

Shares in the Vernier, Switzerland-based company sank 7.6 percent to $21.50 at 9:58 a.m. in New York today, after the Organization of Petroleum Exporting Countries kept its production ceiling unchanged, refusing to ease a supply glut.

Short interest peaked at 18 percent of shares outstanding on Nov. 10, Markit data show. While it has fallen to 14 percent since then, that’s still above the 3.9 percent from last December, according to the London-based financial-data provider.

Nine out of the 10 most-owned options are bearish, and the cost of contracts with an exercise price 10 percent below the shares reached an all-time high versus calls on Nov. 10, according to two-month implied-volatility data compiled by Bloomberg going back to 2005.

Pam Easton, a spokeswoman for Transocean, declined to comment on the short interest and options.

Earnings Collapse

Transocean is shifting from a period of valuation de-rating to a phase of “earnings collapse,” as the current oversupply of rigs leads to a sharper decline in day rates, Marc Chatin, manager of the long-short fund at Parus Finance, said at the Sohn Conference in London on Nov. 19. In his presentation, he said he was short Transocean. Offshore driller Seadrill Ltd. (SDRL) fell the most in six years on Nov. 26 after suspending dividends because of weaker rig demand.

Transocean’s shares are near a bottom and could bounce back in 2015, according to Darren Gacicia, an analyst at Guggenheim Securities LLC. He has a buy rating on Transocean and estimates the stock will almost double to $45 in one year.

“The earnings prospects aren’t as dire as people think,” Gacicia said by phone from New York. “The rig retirements will help balance the market, and that will make the day-rate environment not as bad when you look at the second half of 2015 and 2016.”

Profit Slump

Analysts surveyed by Bloomberg forecast Transocean profit will tumble 43 percent next year and 47 percent in 2016, before climbing in 2017.

While investors had a dividend to look forward to, now it’s come under question. Transocean has boosted its annual payout by 34 percent to $3 a share in response to pressure from billionaire investor Carl Icahn, who owns a stake. The board will make a final decision on the dividend in the spring.

“Investors believe shares will continue to be volatile given deteriorating fundamentals, an evolving corporate action landscape and dividend uncertainty,” Alex Kosoglyadov, vice president of equity derivatives at BMO Capital Markets in New York, said on Nov. 23.

To contact the reporter on this story: Inyoung Hwang in London at ihwang7@bloomberg.net

To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Alan Soughley
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(01-12-2014, 08:54 PM)I_love_girls Wrote: Ignore what brokers say, most are incorrect. Self decisiveness is the key to investing stocks dude
If most are incorrect, then we should do the opposite of what they say. Big Grin
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Congrats on the milestone... Stay tuned for Kep Corp's survival story in the upcoming lull...

http://www.straitstimes.com/news/busines...facturer-2

Keppel unit in Guinness World Records as largest offshore rig manufacturer
Published on Dec 1, 2014 3:41 PM


Keppel Fels, a unit of Keppel Offshore & Marine, has been awarded the title of largest offshore rig manufacturer by the Guinness World Records. -- PHOTO: KEPPEL CORPORATION

By Rachael Boon

SINGAPORE - Keppel Fels, a unit of Keppel Offshore & Marine, has been awarded the title of largest offshore rig manufacturer by the Guinness World Records.

Keppel Fels managing director Wong Kok Seng said in a recent note to The Straits Times: "For this achievement to have been possible, all aspects of our business had to be in good order. All our departments - marketing, engineering, procurement, logistics, planning, project management, production, operations, among others - had to be fighting fit and punching above their weight."

Keppel Fels is a major player in designing, constructing and repairing these rigs.

In 2013, it had set a new industry record when it completed and delivered 21 offshore rigs to customers.

The firm noted that this is the most number of rig deliveries by a company in a single year.

Early this year, Keppel Fels applied to Guinness for official endorsement, and it took more than six months for the process, as detailed documentation was required.

These included a report detailing the 21 rigs which must be audited by a certified audit firm pre-approved by Guinness.

Keppel Fels did so, engaging external audit firm Deloitte & Touche.

On Oct 30, Guinness told the company that it has finally completed the assessment of all the documents submitted, and awarded Keppel Fels the record title, known as, "Largest manufacturer of offshore rigs - current".
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(01-12-2014, 10:41 PM)Bibi Wrote:
(01-12-2014, 08:54 PM)I_love_girls Wrote: Ignore what brokers say, most are incorrect. Self decisiveness is the key to investing stocks dude
If most are incorrect, then we should do the opposite of what they say. Big Grin

Exactly... brokers are tools that have to be used properly... don't blame others when you are using a screwdriver hammer a nail

It's easy to bash established institutions but not so easy to provide alternatives. Just like established credible newspapers, brokers do provide certain functions and information that free internet forums cannot provide

That said I always think the quality of these 3 agents need to be increased since "waking up" on 1998: stock brokers, insurance agents and property agents. I think the purge on brokers are over... insurance agents are work in progress, and more needs to be done for property agents.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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http://finance.sina.cn/?sa=t74d14237638v...=3200_0006

中国钻机便宜却很少有人采购

2014-12-01 13:25 《财经》杂志

  中国海工爬坡关头
  当务之急不是在基础孱弱的情况下强行自主研发和装备国产化,而应创造条件吸引优势企业来华建厂和设立技术服务中心,为中国企业带来学习机会
  □本刊记者 李毅 施智梁实习生 张晓磊/文
  随着船东挪威国家石油公司的代表按下启动按钮,一瓶香槟酒击向船头散成碎片,红色的命名盖布落下,“中海油服兴旺号”(COSLPROSPECTOR)被正式命名。蓝天碧海间,钻井平台明黄色的主身显得格外亮眼。
  11月19日,中集来福士海洋工程有限公司(下称中集来福士)为中海油服(601808.SH)建造的“中海油服兴旺号”在山东烟台成功交付。
  该平台获得世界标准最严格的挪威船级社(DNV)认证,并已开始为挪威石油公司服务。
  这是中集来福士为中海油服建造的第四座深水半潜式钻井平台,也是中集来福士交付的第七座深水半潜式钻井平台。
  该平台预计将于明年投入中国南海的深水作业。
  中集集团副总裁兼中集来福士总裁于亚告诉《财经》(微信公众号 mycaijing)记者,“中海油服兴旺号”从设计到交付仅用35个月,是2009年以来业内同类平台兴建周期最短的,比韩国造船厂同类平台建造周期缩短了10个月。
  目前,中集来福士还有五座半潜式平台在建,三台是COSL系列的升级版,采用GM4-D设计,可进入北极圈内作业,并拥有80%的自主产权;另外两台,则是全球首批第七代超深水半潜式钻井平台D90系列,作业水深3658米,钻井深度15250米。
  随着陆上和浅海油气资源的日益枯竭,中国正在大力加强深海油气开发。对于这一水深600米-3000米的海域,中国海洋工程装备制造业亦在衔枚疾进。
  这个在世人眼中低调的行业,却是中国以举国之力扶植的重点。工信部2012年印发的《高端装备制造业“十二五”发展规划》(下称《规划》),明确将海洋油气开发装备列为未来5年-10年发展围绕的核心。
  《规划》中的海洋工程重大项目,主要涉及深水装备关键技术,以突破600米-3000米深水资源开发装备技术为目标,推进海洋油气资源勘探、开发设备的国产化与配套能力。
  据统计,2015年全球海工装备市场规模将达2765亿美元。中国目前占到全球市场份额的 15%,市场规模在“十二五”期间将达800亿美元,相关投资将超过2500亿美元。
  然而,和许多高科技行业一样,中国海工制造亦难摆脱“后发劣势”,始终陷于全球价值链尾端的低水平竞争之中。
  举国体制的弊端与相关工业基础的薄弱,导致中企在研发、设计水平上与欧美同行不可同日而语。即便在最擅长的制造环节,中企也与韩国、新加坡等亚洲竞争者相距甚远。
  中国处于价值链末端
  中集来福士市场部经理潘细录对《财经》(微信公众号 mycaijing)记者称:“在海工领域,中集来福士已经真正形成了世界高端主流产品批量化生产。”
  到处是乐观情绪,似乎在表明中国的海工制造业已跨入国际先进行列,一个完备的海工制造业体系呼之欲出。
  但在潘细录看来,这个问题要一分为二来看。
  “300米及以下的浅水作业,这一块我们已经形成体系了,从钻探、开采到工程已经非常成熟。深水能力我们要客观看待,目前我们已经完全具备深水装备的供应能力,但前端设计部分,我们还有很大提升空间。”
  中集来福士烟台建造基地副总经理、COSL系列项目经理邵永强称,钻井平台是全球资源整合的系统工程,此前中集集团建造的平台,大多出现了延迟交付的问题。“制约总装企业按时交付、快速完工的主要因素,一是总装企业没有基础设计能力,二是国外核心设备的交期。”
  平台建造的前端,分概念设计、基础设计、详细设计、生产设计。一般概念设计由油公司(客户)自己完成,基础设计通常由美国麦克德莫特集团(McDermott)与法国德西尼布集团(Technip)等几家全球顶尖设计公司垄断,国际一流客户一般也只认可这几家公司的设计。
  总装企业一般具备详细设计、生产设计的能力。而概念设计、基础设计则是基于国际产业链做出的,不会考虑中国总装企业实际运作情况。
  尤其是基础设计,对整个项目的按期交付影响非常之大。海工项目,还往往存在一边设计、一边生产的情况。“如果我们掌握了基础设计,在总装、建造环节就有了更大自主权,这会大幅提升国产化率,合理分配供应商,降低成本,进一步提高中国企业的国际竞争力。”潘细录表示。
  上海交通大学船舶海洋与建筑工程学院副院长连琏则直接将全球海工装备(含海洋石油装备)制造业的竞争格局总结为八个字:欧美设计,亚洲制造。
  该学院2010年的一组统计数字显示,每一艘中国制造的自升式钻井平台只有24%的国产化率,中国企业只能得到全部利润的30%。
  这说明了中国海洋石油装备产业的发展现状——处于全球价值链尾端的低水平竞争中。
  按中海油集团规划计划部总经理金晓剑的说法,全球海洋石油装备建造商分为三个梯队:
  欧美公司属第一梯队,垄断着关键装备开发、设计、工程总包及关键配套设备供货和高端制造领域;
  韩国和新加坡公司紧随其后,在功能模块设计建造、总装设计建造领域占据领先地位;
  中国公司,总体处在制造低端产品的第三梯队。
  作为第一梯队的美国跨国公司,几乎占据了全球海洋石油装备市场的半壁江山。以航空工业著称的美国休斯顿,亦是全球海洋工程及海洋石油开采技术的研发中心。
  在欧洲,老牌海洋石油开发大国挪威,几乎是最早发展海洋石油装备的国家。挪威国家石油商会中国区资深顾问郭建告诉《财经》(微信公众号 mycaijing)记者,挪威在历史上船舶工业就很发达,自从1969年在北海发现石油后,就开始把船舶工业转向近海石油工业用船。
  效仿挪威的巴西,则凭借出售深水油气资源开发权,换得合作与技术,也在不长的时间里构建起了发达的海洋石油装备制造产业。
  目前全球的深水钻井平台,有近半数在巴西海域作业。
  新加坡和韩国,则拥有全球一流的海工装备总装企业。新加坡企业有着“低端制造中的高端制造者”之称,承揽了众多欧美国家石油钻采平台制造以及FPSO(Floating Production Storage and Offloading,海上浮式生产储卸油装置)的改装订单。
  新加坡吉宝的核心盈利产品——B Class自升式钻井平台,已在全球建造了80多座。
  韩国总装企业,则因价格低廉、交货迅速、质量上乘等优势,在手持订单数量上居全球领先地位。
  尤其在2007-2008年,韩国企业承接了全球近一半的海洋工程平台项目,创立了以大规模廉价制造为特点的“韩国模式”。譬如,三星[微博]重工的钻井船,已经建造了50多艘。
  潘细录表示,“这些(韩国的)主打产品,都是总装企业完全掌握基础设计之后才拥有不断持续优化的自主权。”
  处于第三梯队的中国,则正在制造领域全力追赶韩国、新加坡。例如,中集集团希望向前端扩展,如果具备了设计能力,自然能为客户提供一揽子解决方案,也有利于订单销售。
  中集、中船等中国骨干企业宣称,已经或正在初步形成功能模块设计建造、总装设计建造等能力。
  中集甚至认为,自己已进入全球海工装备第二梯队。但接受《财经》记者采访的大多数专家认为,中国企业总体水平与韩国、新加坡企业相比,仍存在很大的差距。
  邵永强称,海工制造业的核心竞争力,一定是可以复制、实现批量生产的技术。从核心设备来看,国内并不具备完善的高端海工装备供应链,配套企业往往满足不了海工的要求。
  近几年来,中集培育了700多家国内零部件供应商,但依然无法满足高端海工的需求。
  目前,中国深水钻井平台国产化率一般只有30%左右,核心零部件则几乎都依赖进口。
  譬如钻井包,只有欧美几家供应商提供,中国总装企业没有任何议价能力和话语权。
  举国体制不是万能的
  数据显示,自2010年10月以来,中集集团已成功交付9座深水半潜式平台,占国内四分之三市场份额,手持半潜订单总额超过70亿美元,占全球深水半潜钻井平台市场份额的20%。
  中国海工装备制造业的创建和发展,在很大程度上是由中国政府主导和推动。这种模式,同样存在于其他战略性行业。
  其优点是,能够在短期内集中国内外资源而迅速催熟产业,但“副作用”也不小,因并非市场自发产生,可能会使该行业失去发展的原动力。
  这种所谓的“举国体制”,能够在短时间内催发形成庞大的产业规模,但却无法依靠内生动力真正提高技术水平。
  中国海洋石油装备产业始终处于生产加工这一产业链的较低环节,无法占据前端设计、核心部件、关键材料的制造等利润丰厚的上游环节,与此有莫大干系。
  以名噪一时的“海洋石油981”为例。这是中国制造的首台第六代半潜式深水钻井平台,其所有核心部件,包括液压系统、柴油机、关键部位钢材、推进系统等等,均由外方公司设计制造。
  这些部件的统一标准,只掌握在几家大型国际船级社手中,中方自己设计研发的产品无法达到这一标准,得不到国际认可。
  除去体制原因,缺乏相关工业基础,也是中国海工装备制造业陷入“后发劣势”的原因。
  郭建指出,世界工业任何一个领域相关体系的建立、发展,都需要长期的历史积累。一国如果缺乏某一领域的工业基础,是无法在短期内具备研发制造能力的,海洋石油装备这种尖端技术产业更是如此。
  “好比柴油机越来越先进,但是原理仍然不变,并没有革命性的技术替代,只是不断升级。”郭建说,“钻井平台也是一样。”
  海工装备市场的全球化程度本已非常高,且国际石油公司(下称IOC)对油服公司的要求基本类似——只要全球最好的设备。
  以深水钻井平台上安装的海上钻机为例,中国的钻机厂商数量众多,且不乏宏华集团(00196.HK)、宝石机械等享誉全球的钻机制造商,但至今尚无一家的钻机可安装到“海洋石油981”和“中海油服兴旺号”上去。
  迄今为止,像“海洋石油981”这样的第六代深水半潜式钻井平台,全球只有美国国民油井公司等三家的钻机有可能装备上去。
  “他们已依靠技术,将全球市场垄断。中国生产的设备如果进不了全球前几名,就根本不可能进到人家的设备采购名录中去,不会有机会的。”一位不愿具名的中国海工装备专家称。
  这倒不是对方刁难。海洋石油装备的确容不得半点马虎,其技术、资金门槛相比陆上石油装备均要高出数倍,具有高风险、高投入、高门槛的特征。稍有水分或疏忽,就可能发生灭顶之灾。BP在墨西哥湾的漏油事件,至今让业界记忆犹新。
  上述专家算了一笔账:“海洋石油981”为代表的先进半潜式钻井平台,日租金约为50万美元。如果钻机发生故障,平台停工一天的代价就是50万美元。“中国企业的产品再便宜,也很少有人愿意冒着每天损失几十万美元的风险,去采购中国钻机。”
  中国发展海工制造业,再也无法依赖昔日无往不利的“劳动密集”优势。这个行业,以资源富集、尤其是工程师富集为优势。另外,中国传统机械制造业的工业基础,需要国际标准的牵引。
  “韩国模式”与中国模式一样,虽都是从制造环节切入海工装备产业链,但韩国自身没有海洋油气资源,其发展海洋石油装备制造业的逻辑很单纯,只是为了振兴这一产业,以发展经济、获得利润。
  而中国建立这一行业的初衷,却是为了开发自身的海洋石油资源。中国政府希望依靠央企自身实力来投资,将海工装备制造业提振起来。
  然而,技术领域的创新,是无法依靠举国体制实现的。“中国的能源开发,还未摆脱‘先有装备、再来开发’的思维方式,而非在现有的条件下进行开发,”上述专家说。
  强行国产化误区
  多位接受《财经》(微信公众号 mycaijing)记者采访的海工专家认为,全球海洋石油装备各种部件的生产商早已齐备,且发展成熟。尤其在海工市场,只有在全球具有领导者地位的公司,才会拥有这些关键部件的市场份额。
  因此,中国片面强调海洋石油装备的全部国产化,其实是走入了误区。
  相反,当前中国最急需的,是吸引挪威等技术强国来华设厂,从而把中国变成整个亚太区的海工装备制造中心,把这些全球知名品牌都整合起来,为中国和亚太区船厂服务,乃至为全球服务。
  如此,通过十几年的技术转移和学习,中国企业才可能慢慢有能力发展自己的高精尖海工装备。当前,在基础孱弱的情况下,自主研发必然行不通。
  中国在“十二五”规划中提出,海工装备制造业要达到千亿元产值,占世界市场20%份额的目标。中国石化石油勘探开发研究院专家张抗指出,要实现这一目标,中国不一定要在海工装备的所有核心部件制造上全部实现“自主研发、自主设计和自主制造”,只需要与全球市场相融合,通过合作来与大型国际公司互通有无。
  张抗认为,只要在部分“拳头产品”上拥有“自主研发、自主设计和自主制造”的能力,就可以具备自己的核心竞争力,从而在国际市场上与其他公司进行合作、交换及讨价还价。
  潘细录对此观点表示认同。他认为,现在首要的不是装备国产化,而是吸引全球大的石油装备制造企业来华建立技术和服务中心,建立基于市场化运作的利益共同体,形成全球供应链的东移。
  有专家认为,在一个产业的初级阶段,会出现“大而全”的追求,但产业的发展必然会走向分工和专业化。“总装是全球合作的概念,全球分工有利于产业的发展。门门第一,不是中国应追求的目标,也是不现实的目标。”
  关键技术和设备,需要综合国力的提升。潘细录称,设计是龙头。设计上的自主权决定了国产化率,有利于合理分配供应商,大幅降低成本。如果中国掌握了基础设计,此后的总装、建造将越来越多被中国掌控。
  并购具备丰富经验的海工设计公司,是一条介入设计的捷径。2013年12月,中集收购了瑞典BASSOE TECHNOLOGY AB公司。
  于亚表示,“并购该公司,实现了中集集团内部海工全球优质资源配置,其熟悉欧美标准,贴近目标市场需求,国际高端客户认可度较高。进而中集来福士有望参与基础设计,从项目源头考量中国元素,提高国际话语权和议价能力。”
  郭建认为,挪威也是由国家强力推动海洋石油装备业,其发展模式值得中国借鉴。“挪威强制所有在北海开发石油的油公司,要把全部开发收入的1%留在挪威,投入到石油工业基础研发当中去,其中就包括海工装备。现在巴西也在学习挪威的做法。这1%的不断投入,就让星星之火燎原,诞生了更多的拥有新技术的公司。”
  “最重要的区别,不是像我国计划经济那样,哪个部门管什么;而是要建立一套机制,让它自己成长发展。”
  中国在吸收引进国际海工技术品牌方面成果有限,其主因之一是知识产权保护不力。
  上述不愿具名的海工专家,讲述了一件他亲历的事情。他陪同某海工技术强国的企业专家参观中国一船厂,看到一项“自主研发”的产品后,专家指出该船厂的这项产品涉嫌抄袭,理由是“你们把我们过去产品的错误,都原封不动抄了过来,说明你没有图纸,根本不理解设计理念”。
  上述专家称,中国企业如果只有资产,而没有knowhow,是不会长久的。而knowhow是在技术人才的脑子里,而不在买来的设备里。
  但是,目前中国一些海工制造企业,正在走类似的“捷径”。
  “中国现在的海工装备制造行业,就是一个学习不得法的小学生,却非要去写研究生论文。”上述专家称,“中国需要从顶层设计、战略规划、法律法规、制度体系全套进行学习,而不是空喊口号。”
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5 years ago Singapore accounted for >2/3 of drills (Remember PM Lee's national day speech?). Latest figure I've seen is Chinese accounted for 2/3. (could be order book based)

I think China is still hungry and foolish... though can sense they getting "arrogant" in some aspects. I'm not sure about Singapore's competitive advantage in manufacturing.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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Keppel Corp buys back more shares amid stock price drop
source: http://www.businesstimes.com.sg/companie...price-drop

Quote:Keppel Corp bought back for the first time since June 2000 last week, with a Dec 11 announcement of 500,000 shares bought for S$4.18 million. Two more share buybacks occurred later in the week - one for 660,000 shares at S$5.44 million, and another for 400,000 shares at S$3.29 million.

All told (since the Dec 11 announcement), Keppel Corp has purchased 2.56 million shares for S$20.87 million. This comes up to an average of S$8.15 each.

The group previously acquired 23.54 million shares from February to June 2000 at S$4.16 to S$3.22 each, or an average of S$3.63 each.

Looking at today's price action in which STI off more than 2%, while Keppel just marginally drop 2c, I think Keppel is buying its shares again and not surprise to see million of shares being bought back judging on the numbers changed hand today. Well they are catching a falling knife, and it is interesting to see when they will drain their cash reserve. By then, Keppel may hit another new low in years.

[ watchlist but not vested ]
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I have watched what various companies management do during the last recession. It will start with using company cash to buy back shares. After that when it drops further, the directors will start to buy. After that when it plunge further, no more action from them. Then u can start to buy. Smile.[/align]
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(16-12-2014, 05:22 PM)Bibi Wrote: I have watched what various companies management do during the last recession. It will start with using company cash to buy back shares. After that when it drops further, the directors will start to buy. After that when it plunge further, no more action from them. Then u can start to buy. Smile.[/align]
Good observation, usually when stock drop until lows and not much volume or action is a good guide for accumulation. Trick is to be prepared with cash to load up when that happens.

Not vested in keppel but employing similar strategy for other stocks

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