Kepcorp: IIFL retains Buy with TP $14.37 from $16.03 due to bonus shares
issue. Note that grp has reached 65% of $10bn new orders target for FY11, with jack-up rig orders (20 units) far exceeding original prediction of 14 units. Grp is almost certain to reach a new peak of orders intake and is undervalued. Stock trades at 13x of a distorted earnings trough of FY11.
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