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:
2026-02-04 Keppel Infrastructure Trust - Potential Return To Growth In FY26.

Previous report by OCBC:
2025-10-30 Keppel Infrastructure Trust - A Mixed Report Card With DI Growth Boosted By Divestments Gain.

Price targets by 2 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