Kep Corp - Keppel raised to Outperform by Daiwa; with $10.27 target

Stock Name: Kep Corp
Company Name: KEPPEL CORPORATION LIMITED
Research House: Daiwa

Daiwa has upgraded Keppel Corp. (BN4.SG) to Outperform from Underperform, lifts sum-of-parts target price to $10.27 from $8.15, on view company will win rig contracts from Brazil’s Petrobras, which may unveil outcome of its 28-rig tender some time this month, says Dow Jones



“(We) see it as the natural first place of inquiry for outsourced construction jobs from independent drillers because it is one of the only yards in Brazil that has any experience in building deep-water vessels,” says Daiwa.



Expects Keppel to clinch contracts to build 4 drillships, 2 semi-submersible rigs.



Shares off 0.8% at $8.94.