Kep Corp - Keppel target raised to $12.50 by OCBC; Keeps Buy

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

OCBC Investment Research lifts Keppel Corp. (BN4.SG) target price to $12.50 from S$11.22 after increasing FY11 earnings estimate to reflect firmer prices of new jack-up rig projects, accounting for latest market values of conglomerate's listed entities. Keeps Buy call.

Says Keppel's offshore & marine arm's year-to-date orders of $2.6 billion above house's $2.5 billion forecast for entire 2010; "order flows are gaining momentum and we should see additional new orders that will benefit the entire sector with renewed capex rollouts."



Shares +1.3% at $10.92.