Keppel Infrastructure Trust - OCBC Investment 2023-06-16: Breaking New Ground

• Keppel Infrastructure Trust (SGX:A7RU) reported a strong set of results for 1Q23, with a higher EBITDA of S$125.9m excluding one-off acquisition-related costs (+40.5% y-o-y) and distributable income (DI) of S$73.9m (+65.5% y-o-y). This was driven by strong performance across all three business segments.
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  • Distributable income from environmental services segment grew by 28.3% from S$17.4m in 1Q22 to S$22.3m in 1Q23, following Keppel Infrastructure Trust’s acquisition of Eco Management Korea Holdings (EMK) and the remaining 30% stake in the SingSpring Desalination Plant.
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• Keppel Infrastructure Trust's net gearing ticked upwards from 39.8% as at 31 December 2022 to 42.5% as at 31 March 2023, but is expected to improve following Keppel Infrastructure Trust’s preferential offering in April 2023, the proceeds from which are used to pare down an existing equity bridge loan (EBL).
• Keppel Infrastructure Trust announced a stub distribution of S$0.0124 for the period of 1 Jan 2023 to 27 Apr 2023 (versus 1.91 Singapore cents declared in 1H22). See Keppel Infra Trust's distribution history

Strong set of 1Q23 results underpinned by inorganic portfolio growth

• Read more at SGinvestors.io.

Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2023-06-16 SGinvestors.io

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