- We came away from Keppel (SGX:BN4)’s briefing with increased confidence in its outlook and transformation journey. The outstanding infrastructure earnings seem sustainable, indicating a potential earnings upgrade for 2024.
- - Read this at SGinvestors.io -
Key takeaway from Keppel's analyst briefing
Exciting year ahead.
- Keppel reported historical high profit of S$4bn, driven by strong operating performance and sale of Kepel O&M (S$3.3bn gains). Management expressed optimism and confidence on another exciting year ahead with the improving operating environment especially fund management segment.
Transformation on the fast track.
- The V2030 transformation plan is progressing very well. Keppel has grown its FUM by 44% from S$55bn as of end FY23 to S$79bn upon completion of the proposed Aermont acquisition in 1Q24, approaching its S$100bn target by 2026. Management is observing growing interest from investors as well.
- - Read this at SGinvestors.io -
- The effort to move away from lumpy earnings has also paid off, as recurring income made up ~78% of core profit in FY23, supporting stable returns to shareholders.
Steady infrastructure earnings.
- 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/ 2024-02-02
Read also DBS's most recent report:
2024-08-02 Keppel - Underappreciated Rate Cut Beneficiary.
Price targets by 2 other brokers at Keppel Target Prices.
Listing of research reports at Keppel Analyst Reports.
Relevant links:
Keppel Share Price History,
Keppel Announcements,
Keppel Dividends & Corporate Actions,
Keppel News Articles
