Kepcorp

Kepcorp: Nomura reiterate Buy with $13.90 TP. Expect firmer O&M segment to help offset property cooling and tip grp’s yards to be kept busy well into 2014F. Orderbook growth with focus on jackups & floaters and property division will remain supported by its commercial segment as residential takes a back seat for the time being. House raises FY11/12/13F net earnings to account for firmer O&M EBIT margins of 18/15/15% (13.5/14/14% previously assumed).