Singapore offshore and marine | Overweight
Credit Suisse, July 18
DESPITE market concerns of further earnings cuts with low new orders year-to-date, we believe there could be some green shoots in the Q2-2017 results. Also, we expect interim dividends to be largely maintained, suggesting that the worst might be over.
We expect Keppel to show improving cash flow in Q2-2017, driven by US$275 million of downpayment collected from the sale of five jackups to Borr Drilling. O&M profit is also likely to be...