O&M: Industry players hesitant to turn positive despite US$50/bbl oil
-Based on asset builders' and owners' 2016 outlook comments in 1Q results, Maybank KE remains bearish for the year
-many oil companies' 2016 budget have been set in stone
-These companies will focus on completing cost reduction plans unless oil price recovers further to boost confidence in sustainability
-more pronounced lagged effect expected for oil price recovery to filter through to industry earnings
-Maybank KE maintains negative as it expects more asset impairments, and upsets to share price
-Maintain Sell on Keppel (TP $4.42), SMM (TP $1.00), SCI (TP $2.35)
-For sector exposure, house prefer Ezion (TP $0.72) and POSH (TP $0.42)
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