The telco, which is 52 per cent owned by Temasek, jumped to its highest in almost six weeks, hitting an intraday high of S$3.29 before settling at S$3.26, up four cents, or 1.24 per cent. Analysts said the latest rally reflects the market's belief that Singapore blue chips may be undervalued, and that there may be long-term value within them that can be extracted from potential strategic reviews. The restructuring of Keppel, whose interests spans offshore and marine (O&M), property, infrastructure, asset management, urban solutions and telecoms via M1, could cough up many options for other Temasek-related companies as well. Jason Yeo, an analyst at Goldman Sachs who is keeping a "Buy" on Keppel and a target price of S$7.40, said: "Keppel should now be viewed more holistically, amid efforts to transform the business, rather than just as a proxy for the O&M business."