Keppel Corp target cut 10.3% to $11.30 by OSK-DMG

Stock Name: Keppel Corp
Company Name: KEPPEL CORPORATION LIMITED

Research House: OSK-DMG

Price Call: BUY

Target Price: 11.30

SINGAPORE (Jan 5): OSK-DMG has cut its price target for Keppel Corp from $12.60 to $11.30, valuing the conglomerate's offshore and marine business at 15 times forward earnings instead of 18 times previously to reflect the stock's "mid-cycle" valuations.

Keppel's shares have pulled back substantially in recent months on the back of falling oil prices, which have fuelled concerns that demand for the company's rigs would weaken.