Seeking Alpha
Editor's notes: BN4.SI has an opaque set of holdings but industry leadership and exposure to positive industry fundamentals. 20% upside as growth continues in the rig cycle and Asian property markets.

I'll say it right up front - researching, valuing, and owning Singapore's Keppel Corporation (OTCPK:KPELY) is going to be more of a headache than some investors want. This large conglomerate not only operates a huge rig-building shipyard and power/gas infrastructure business, it also owns sizable stakes in numerous listed companies, including Keppel Land (OTCPK:KPPLY) and K-REIT. If that weren't enough, the government-owned investment company Temasek is a major holder of Keppel shareholders and quite a lot of Keppel's projects ultimately involve dealing closely with the government.

Despite those risk factors and/or drawbacks, I'm bullish on Keppel. While the company's shares took a big step down during the global recession, the company has a...

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