- As guided during Transformation Strategy briefing in May-2023, Keppel Corp (SGX:BN4) has changed its segmental reporting from 1H23 to reflect its horizontally integrated operating model and recurring income growth, particularly from fee-based asset management.
A mixed bag of results.
- - Read this at SGinvestors.io -
- The star performer was Integrated Power Operations, which benefited from higher tariff in Singapore, offsetting the weaker than expected recovery of property profits and decline in asset management income as well as revaluation gains.
- Keppel Corp still holds 1.85bn shares or ~2.7% stake in Seatrium (SGX:S51) to encash.
Infrastructure earnings doubled y-o-y
- - Read this at SGinvestors.io -
- Given the tight power market in Singapore with no new capacity till 2026, we believe power earnings will likely stay elevated in the coming 2-3 years.
- Keppel Corp now has ~3.0GW renewable energy portfolio. Of which 65% is solar, 32% wind and 3% hydro.
Real Estate in China remains challenging, though there are some pockets of opportunities
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Pei Hwa HO DBS Group Research | https://www.dbs.com/insightsdirect/ 2023-07-28
Read also DBS's most recent report:
2024-02-02 Keppel - Flourish & Prosper.
Price targets by 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 Dividends & Corporate Actions,
Keppel Corp News Articles
