Kep Corp - Keppel Corp target raised to $13 from $11.30 by RBS

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

Royal Bank of Scotland raises Keppel Corp. (BN4.SG) target price to $13.00 from $11.30, based on 19x 2011 EV/EBITDA forecast for offshore marine segment, to reflect higher chances of company landing rig contracts from Petrobras.

Keeps Buy call. Says outcome of Petrobras’ 28-rig tender reveals Keppel as third-lowest bidder for initial 7-rig package, second-lowest for package involving 2 floaters; “we believe Keppel’s low bids increase its chances of winning more Petrobras orders than we originally expected.”



Shares +0.2% at $10.82.