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.

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