- Keppel Corp’s solid 1H23 numbers met our expectations. The two key highlights were the continued strength in its infrastructure business which saw a doubling of its segmental net profit, as well as the dividend in-specie of Keppel REIT involving 1 Keppel REIT unit for every 5 Keppel Corp shares.
- - Read this at SGinvestors.io -
Solid 1H23 results.
- - Read this at SGinvestors.io -
- Including the S$3.3b in disposal gain from the divestment of Keppel Offshore Marine (KOM), net profit was S$3.6b, which is the highest in the company’s 55-year history.
- 1H23 ROE (excluding discontinued operations) was 8.0% vs 7.3% in 1H22.
- Infrastructure reported an exceptionally strong performance with segmental net profit more than doubling to S$291m with the connectivity segment also putting in decent growth, growing 12% to S$37m. Real estate segment, as expected, continues to face a challenging environment in its key China market that caused its segmental net profit to decline 29% y-o-y to S$186m.
It’s raining dividends.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Adrian Loh UOB Kay Hian Research | Singapore Research UOB Kay Hian | https://research.uobkayhian.com/ 2023-07-28
Read also UOB's most recent report:
2025-02-06 Keppel's 2024 Earnings - Solid Numbers With Much To Look Forward To This Year.
Previous report by UOB:
2024-11-20 Keppel - A Strategic Move To Row Its Own Boats.
Price targets by 4 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
