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Brokers' take

Keppel Corp

Hold (Downgrade)

Close: S$5.50

Target price: S$5.67

KGI Fraser Securities, July 22

Q2 2016 net profit of S$205.8 million came in below our expectations, declining 48 per cent year on year mainly due to weakness from its offshore & marine business as customers continued to defer deliveries.

Keppel declared an 8 Singapore cents interim dividend compared to 12 Singapore cents for the past two years.

We thus cut our full year dividend forecast from 22 to 20 Singapore cents, pegged to a 40 per cent...

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