KepCorp: Daiwa: retain O/p, and increases TP to $11.40 from $10.24. Note that order wins in the past four wks may indicate reasonably positive mood in the industry. O/p rating given its current attractive valuations as well as its strong order wins in 2011 which lowers earnings risk in 2012-13 relative to its peers.
Continue to prefer KepCorp over SembMarine (Hold) due to the former’s better positioning regarding any potential Petrobras contracts, and its better earnings transparency in 2012-13.
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