“We upgrade Keppel from ‘hold’ to ‘add’ with a new SOP target price of $8.58, incorporating a revised RNAV for Keppel Land and Tianjin Eco City, as well as 2x O&M P/BV,” says analyst Lim Siew Khee in a Thursday report.
SINGAPORE (Oct 13): CIMB says Keppel Corp is a safe stock to ride the trough of the offshore & marine cycle as well as the upswing of the local residential property market.
The stock has also underperformed O&M peer Sembcorp Marine by 45% and Singapore’s major developers by 50% year to date.
