0703 GMT - Keppel's transformation into a global asset manager and operator is likely gaining momentum, Maybank Research's Krishna Guha says in a report. The transformation positions Keppel as a unique ecosystem play for digital infrastructure and sustainable urbanization, the analyst says. Keppel's network of capital partners and asset management platform helps build a capital-intensive infrastructure in an asset-light scalable model. The Singapore-listed company's divestment of non-core assets also unlocks capital for growth and improving shareholder returns. Maybank Research initiates coverage of the stock with a buy rating and a target price of 13.00 Singapore dollars. Shares are 0.2% lower at S$11.58.