Keppel's diversity makes it better value than pure O&M play: Goldman

Singapore

KEPPEL Corp's non-oil and gas businesses are gaining more heft for the conglomerate, Goldman Sachs said on a day that the company announced separate deals in urban solutions and property development.

Initiating coverage on Keppel, Goldman highlighted that while the group has traditionally been perceived as an offshore and marine (O&M) proxy, this could change with oil prices becoming less of a driver to share price.

"Despite Keppel's more complex conglomerate nature, we think it offers a better risk/reward over an O&M pure play a…