BUY
Last Traded Price (23 Jun 2021): S$5.11 (STI : 3,119.62)
Price Target 12-mth: S$6.20 (21% upside)
Analyst
Pei Hwa HO +65 6682 3714 peihwa@dbs.com

Finally, tying the knot!
Investment Thesis:
Reiterate BUY; TP S$ 6.20, implying 1.0x P/BV. Don’t miss a good entry point for Keppel, which has been overlooked as an undervalued recovery play. The worst is behind the group after all the write-downs that took place last year and expected to be recognised in 1H2021. We have seen operational improvements in 1Q2021 and the trend should continue. The latest proposal to spin off Keppel O&M (KOM) is an imminent re-rating catalyst.