Keppel Infrastructure Trust - OCBC Investment 2024-02-01: Running Up That Hill

• Keppel Infrastructure Trust (SGX:A7RU)’s 2H23 and FY23 distributable income (DI) rose 36.3% and 42.4% y-o-y to S$183.9m and S$316.8m, respectively.

Record FY23 results were in line with our expectations

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• Distributable income from the environmental services segment grew at a slower 19.1% y-o-y to S$83.7m, supported by higher volumes for the landfill business and utilisation of full incineration capacity at Eco Management Korea (EMK).
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FY23 DPU up 62% y-o-y

• Keppel Infra Trust announced a 4Q23 distribution of S$0.0096 per unit. Without taking into account the special distribution of S$0.0233, FY23's distribution per unit (DPU) would have grown ~1% y-o-y to S$0.0386.
• Including the special distribution, FY23's DPU came in at S$0.0619, up 62% y-o-y and constituting 99.8% of our full year forecast. See Keppel Infra Trust's distribution dates.

Continued portfolio expansion with management on the lookout for interesting investment opportunities

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Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2024-02-01 SGinvestors.io

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