Since from my last post on Keppel, the stock has "gone below $6.", which i mentioned will be worth a re look. While it has breached the $6 mark for a while, I had delayed my coverage because I wanted to view KC's full year results for a better analysis. What has improved Over the past 5 months, two significant events have occurred: Accredited investors have "naively" parted cash to buy 1) Keppel 8 year bonds at 3.725%, 2) Keppel REIT perpetuals at 4.75% and 3) Sale of a $160mil property by Keppel REIT. These events have improved Keppel and Keppel REIT's cash flow. It reduces the likelihood of a cash call from Keppel REIT. What has worsened The cratering of oil prices to below $30 is a major concern as majority of Keppel's customers are likely to delay their CAPEX plans, ask for a delay in delivery or even declare bankruptcy. This ......