Keppel Corporation - UOB Kay Hian 2023-11-30: The Force Is Strong With This One

Keppel Corporation - The Force Is Strong With This One

Keppel Corp (SGX:BN4) | SGinvestors.ioKeppel Corp (SGX:BN4)
  • Keppel’s acquisition of top-ranked Aermont Capital, which has a major European real estate presence, arguably puts the company into the league of global asset managers. This acquisition will deliver growth as well as investor and geographic diversification for Keppel.
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Taking a big step into European real estate.

  • Keppel announced that it will be acquiring an initial 50% stake in Aermont Capital (Aermont) for S$517m with funding via cash and Keppel treasury shares. The acquisition’s implied valuation of 13x EV/EBITDA is lower than Keppel’s 2024F EV/EBITDA of around 19x.
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  • Completion of the deal is expected to occur in 1H24, with Keppel stating that it intends to acquire the other 50% stake by 2028, subject to performance measures over the next five years.

Who is Aermont Capital?

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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 @

Adrian LOH UOB Kay Hian Research | 2023-11-30

Read also UOB's most recent report:
2024-02-02 Keppel - Strong 2023 Results With A Rosy M&A Outlook Ahead.

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


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