Keppel Corporation - DBS Research 2023-04-17: From Conglomerate To Asset Manager, Transformation Under-Appreciated

• Keppel Corporation (SGX:BN4) has been transforming from an industrial conglomerate into a leading global asset manager and operator, focusing on real estate, energy & environment, connectivity, and alternative assets.
• - Read this at SGinvestors.io -

Stellar report card for Keppel's V2030 transformation strategy.

• Keppel Corp is undoubtedly amongst the highest ESG-rated Singapore corporates with an AAA MSCI rating since 2020. The sustainable urbanisation strategy continues to accelerate, with rising investment into renewables, clean energy, and decarbonisation solutions.
• - Read this at SGinvestors.io -
• The earnings quality has also improved dramatically, with recurring income contribution to group profit having jumped from 25-40% prior to V2030 to ~60% in 2022.
• In terms of growth, while ROE remains far behind target of 15%, at 9%, we look forward to turnaround of property business and AUM growth to drive growth ahead.

Improving Earnings Quality and Yield

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2025-08-01 Keppel - New Keppel Resets For Growth With Asset-light Model.

Previous report by DBS:
2025-02-06 Keppel - Riding The AI Wave.

Price targets by 3 other brokers at Keppel Corp Target Prices.

Listing of research reports at Keppel Corp Analyst Reports.

Relevant links:
Keppel Corp Share Price History,
Keppel Corp Announcements,
Keppel Corp Dividend Payout Dates & Corporate Actions,
Keppel Corp News