- Keppel Corporation gave a solid 1Q23 business update with a 9% y-o-y growth in revenue generated across its energy & environment, urban development and connectivity segments.
- We expect its share price to continue performing well, underpinned by a robust recovery in Keppel Land as well as a potential catalyst to Keppel Corp's share price from the announcement of a new interim asset monetisation target.
- - Read this at SGinvestors.io -
Starting off strong in 1Q23
- Keppel Corporation (SGX:BN4) – in its new iteration as a company without an offshore marine business – gave a solid 1Q23 business update with revenue up 9% y-o-y to S$2.3b due to good performances across its energy & environment, urban development and connectivity segments.
- - Read this at SGinvestors.io -
- The update appears to justify the strong performance of Keppel Corp's share price year-to-date, rising 30.9% and outperforming the STI’s 3.1% and MSCI Singapore’s 7.5%.
- Balance sheet still healthy. Keppel Corp’s net gearing increased to 0.83 as at end-1Q23 vs 0.78x as at end-22 due to the significant distribution in specie of Sembcorp Marine shares, offset by the substantial disposal gain. As at end-1Q23, 69% of Keppel Corp’s borrowings were on fixed rates with an average interest cost of 3.4%.
Keppel will soon announce new interim asset monetisation targets.
- Read more at SGinvestors.io.
