SINGAPORE (Oct 23): Rig builder Keppel Corp. is downgraded by CIMB to hold from add with a lower target price of $7.12, from $7.29 previously, after the firm reports its third quarter results.

CIMB argues that while net profit of $363 million matched its expectations, there is “limited upside” for the stock, with Keppel’s offshore and marine business struggling with order momentum.

The brokerage notes that property has been a bright spot, offsetting some of the weakness in offshore and marine, but not enough to drive further gains in Keppel’s stock price.

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