Keppel

Keppel: CLSA reiterates its Sell with TP: $4.28
- Current share price rally unlikely to be sustained as E&P spending remains weak
- Ensco deferred delivery of its newbuild jack-up rig for 19 months
- Sector to continute to deteriorate and bottom in 2018-19
- Unlikely to maintain 40-50% dividend payout unless funded by debt or asset sales