Brokers' take

Keppel Corp | HOLD (downgraded) Target price: S$7.50 Jan 28 close: S$6.14 KGI Securities, Jan 28

Keppel's diversified business was evident in FY2018's results, as we saw both its property and infrastructure segments contribute most of its full-year earnings growth, which more than offset weak (but improving) performance at its offshore & marine (O&M) business and provisions under its investment segment.

However, there may be property sector headwinds given that Singapore and China's home sales contributed 70 per cent of total home sales of Keppel - and that both still have cooling measures in place - this segment may potentially surprise on the downside.