Temasek will NOT be proceeding with the partial offer for Keppel Corp shares. This results in a change to our investment thesis, as we no longer see a near-term bullish catalyst.
We think Temasek will likely revise the partial offer price downwards, as opposed to walking away from the deal. With a potential revised offer price of S$6.90, Keppel looks cheap to us!
Worsening US-China Relations on Forced Consulate Closures, Intel’s 16% Price Plunge on Friday and Gold’s Rally to Near Record Highs caught our attention this week.