Keppel - UOB Kay Hian 2024-02-02: Strong 2023 Results With A Rosy M&A Outlook Ahead

Keppel - Strong 2023 Results With A Rosy M&A Outlook Ahead

Keppel (SGX:BN4) | SGinvestors.ioKeppel (SGX:BN4)
  • Keppel reported better-than-expected results for 2023 due to a strong operating performance from its infrastructure and connectivity segments. The former saw a particularly strong 135% y-o-y increase in net profit with management implying that its mid-to high-teens profit margins are sustainable.
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A strong set of 2023 results with more to come.

  • Keppel (SGX:BN4) reported a 19% y-o-y increase in profit from continuing operations to S$996m and above our expectations. Including a S$3.3b disposal gain from the divestment of the offshore & marine business, this would have resulted in a net profit of S$4.1b, the highest in its history. See Keppel's announcement dated 01 Feb 2024.
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  • a meaningful 30% increase in net profit for the connectivity segment,
  • a solid 54% y-o-y growth in recurring income to S$773m, and
  • a 2ppt y-o-y rise in ROE to 9.3% in 2023.

Full year dividend yield of 4.8%

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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 | 2024-02-02

Read also UOB's most recent report:
2024-04-26 Keppel - Steady As She Goes.

Price targets by 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


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