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

• - Read this at SGinvestors.io -
• 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).
• - Read this at SGinvestors.io -

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

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-10-30 Keppel Infrastructure Trust - A Mixed Report Card With DI Growth Boosted By Divestments Gain.

Previous report by OCBC:
2025-07-30 Keppel Infrastructure Trust - Stable Overall Results Pending Foray Into Digital Infrastructure.

Price targets by other brokers at Keppel Infra Trust Target Prices.

Listing of research reports at Keppel Infra Trust Analyst Reports.

Relevant links:
Keppel Infra Trust Share Price History,
Keppel Infra Trust Announcements,
Keppel Infra Trust Dividend Payout Dates & Corporate Actions,
Keppel Infra Trust News