Keppel’s ongoing Vietnam projects ahead of schedule by almost 2 years

It’s on track for FY15 instead of FY18.

Management may have been conservative in estimating project completion dates, and that positive surprises in early revenue recognition are possible for these projects.

According to a report by OCBC, Keppel’s two projects in Ho Chi Minh City appear to be far ahead of its guided completion dates.

On a yard visit in Vietnam, OCBC chanced upon two of Keppel’s projects. The completion date for Estella Heights, originally scheduled for FY18, was recently moved up to FY17 in its 1Q15 slides.

OCBC property analyst, Ong Kian Lin, expressed surprise upon seeing the pictures, opining that the project looks to be on track for completion in FY16. Foundation works for Saigon Centre Phases 2 and 3 project are now completed, and the buildings are rapidly rising.

OCBC’s key inference is that management has been conservative in estimating project completion dates, and that positive surprises in early revenue recognition are possible for these projects - with potential similar read through for the other projects in Keppel Land’s pipeline.

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