Keppel Corp target cut to $11.30 by CIMB

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: CIMB

Price Call: BUY

Target Price: 11.30

SINGAPORE (Oct 23): CIMB has cut its price target for Keppel Corp to $11.30 from $13.20, valuing the conglomerate's offshore & marine business at 11 times projected earnings instead of 13.5 times previously to reflect fewer orders.

While maintaining her forecast of $6 billion worth of new orders for 2014, CIMB analyst Lim Siew Khee has reduced her expectations for 2015 and 2016 to $5 billion annually from $6 billion previously.