Keppel Corp

Keppel Corp: Daiwa upgraes to Buy, TP $12.80, higher conviction post NDR. Note that confidence in the company and its ability to execute its rig-building contracts in Brazil has increased. focusing on margins, not contracts, Project execution on track for its Brazil-built semi-subs, Mexico – a new frontier. Like the company’s sensible margin focused strategy and its relatively lower-risk Brazilian rig-building business. Downside risks include delays in project execution and lower oil prices.