0842 GMT - Keppel Ltd.'s stock appears overvalued, as its transformation into an asset-light asset manager from an industrial conglomerate seems more than priced into its shares, says Morningstar's Xavier Lee in a note. Singapore-based Keppel's 1H core business performed slightly ahead of Morningstar's expectations, but its earnings per share missed estimates on legacy rig impairment charges, he says. The charges are noncash in nature and don't materially affect the company's long-term earnings power, which is driven by its core business, he says. The asset manager continues to execute its transformation strategy well, having reached its funds under management target of S$100 billion ahead of schedule, he says. Morningstar retains its fair-value estimate of S$9.60. Shares rise 0.2% to S$11.50.