- Little financial details were revealed in Keppel (SGX:BN4)'s 1Q24 update. Revenue was S$1.5bn in 1Q24, down from S$1.6bn in 1Q23. Net profit was higher y-o-y if the impact of the disposed offshore and marine assets were excluded. The real estate segment underperformed.
- - Read this at SGinvestors.io -
- Keppel's net gearing hovered at 0.9x (Dec 23: 0.9x), suggesting muted operating cash inflow while capex is kept low. With its asset-light strategy, investments are made through funds under management and not through its balance sheet.
The Negatives
The pace of asset monetization was slow.
- - Read this at SGinvestors.io -
- Keppel maintains the monetisation target of 10-12bn by 2026.
Net gearing hovered at 0.9x at end-Mar 24 (Dec 23: 0.9x), suggesting slow cash inflow.
- Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
Peggy Mak Phillip Securities Research | https://www.stocksbnb.com/ 2024-04-26
Read also Phillip's most recent report:
2025-02-07 Keppel 2H24 - Rewarded As The Company Transitions.
Previous report by Phillip:
2024-10-25 Keppel - Surfing The Huge Data Centre Wave.
Price targets by 4 other brokers at Keppel Target Prices.
Listing of research reports at Keppel Analyst Reports.
Relevant links:
Keppel Share Price History,
Keppel Announcements,
Keppel Dividend Payout Dates & Corporate Actions,
Keppel News
