SINGAPORE – UOB Kay Hian has maintained a “buy” call on Keppel Corporation with an upgraded target price of $10.11, citing its restructuring which laid the foundations for the conglomerate’s next stage of growth.

“Keppel, together with its subsidiaries, has spent over $3.2 billion on stakes in infrastructure assets globally to position itself for growth after the planned divestment of its offshore (and) marine unit, which is expected in the fourth quarter of 2022,” analyst Adrian Loh wrote in a report on Monday.