The US$2.3bn (c.S$3bn) order win from Petrobras is the biggest contract secured since 2012, bringing KEP’s order book to c.S$6bn. Partnering with Korean Hyundai Heavy Industries for the first time, c.70% of the work will be carried out in KEP’s yards in Brazil and China. The sizeable win firms up yard earnings visibility till 2024, possibly turning KEP OM to profitability by 2H22F. Maintain Add (TP: S$6.40).
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