The finalisation of the definitive agreement to merge Keppel OM and SMM will be postponed to 30 Apr 2022 (from 31 Mar 2022). KEP also successfully divested Keppel Logistics for a cash consideration of c.S$80m. A small loss is expected from the deal. Reiterate Add and a TP of S$7.20 on SOP valuations. Catalysts: expansion into renewables, S$2bn-3bn of asset monetisation p.a., and accretive MAs.