Keppel Corp: to report 3Q10 results on Oct 21, after mkt close. Daiwa forecasts 3Q net profit to come in at $294m (-15.4% qoq) on revenue of $2.5bn, in view of lower offshore operating margins.
Still broker maintains Outperform rating with 6-mth target of $10.38, based on sum-of-the-parts analysis. Tips new orders as next share price catalyst; in particular if Keppel secures the contract for 6 rigs from Petrobras, target price could be boosted by a further $0.91.
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