- Keppel Corporation (SGX:BN4)’s 3Q23 revenue of S$1.5bn was broadly in line with our expectations. 9M23 revenue of S$5.3bn formed ~74% of Bloomberg’s FY23F consensus.
Infrastructure earnings significantly higher y-o-y
- - Read this at SGinvestors.io -
- Keppel said 100% of its contracted power is locked in with fixed or indexed electricity price plans for the next two years. We estimate that 60-65% of its generating power portfolio is locked in, with the remainder subject to the merchant market.
Asset-light energy importer
- - Read this at SGinvestors.io -
- In 9M23, Keppel’s infrastructure business obtained conditional approvals from Singapore Energy Market Authority to import another 1 GW of low-carbon electricity from Cambodia and 300 MW of solar power from Indonesia. The economics of this is being worked out, with detailed engineering, development and funding requirements from investors across the region still in the early stages, according to the company. However, Keppel reaffirmed that its focus on being ‘asset light’ is key.
Will asset co be the low-hanging fruit?
- Read more at SGinvestors.io.
