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KEPPEL CORPORATION LIMITED BN4.SI Keppel Corp - More provisions?
Reiterate HOLD with TP of S$5.25.
- We prefer to monitor the development in Brazil and oil market before revisiting Keppel. We are wary of potential provisions of up to S$200m for the higher-risk non-Sete projects.
- We have trimmed our FY16-17 PATMI by 1.5-2.8% in response to the further delay of Transocean units.
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