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Keppel kept at 'buy' with $9 target price as safe proxy to ride O&M recovery

PC Lee
PC Lee7/20/2018 02:28 PM GMT+08  • 2 min read
Keppel kept at 'buy' with $9 target price as safe proxy to ride O&M recovery
SINGAPORE (July 20): DBS Group Research continues to favour Keppel as a safer proxy to ride the O&M (Offshore & Marine) recovery, given its multi-pronged businesses. Reiterate “buy” with target price tweaked to $9.00 or 1.3 times FY18F book value.
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SINGAPORE (July 20): DBS Group Research continues to favour Keppel as a safer proxy to ride the O&M (Offshore & Marine) recovery, given its multi-pronged businesses. Reiterate “buy” with target price tweaked to $9.00 or 1.3 times FY18F book value.

Keppel’s 1H18 results were boosted by property en bloc sales and Nassim Woods revaluation gain. On top of 10 cents interim dividend, the company also declared a special dividend of 5 cents, which lifts full-year DPS projection to 27 cents.

Keppel’s huge historical land bank of 6.5 million sqm is also held at a low cost, says DBS, and half of the land bank is currently under development, progressively realising its RNAV over the next 3-5 years.

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