Keppel - Phillip Securities 2024-04-26: A Slow Quarter

Keppel - A Slow Quarter

Keppel (SGX:BN4) | SGinvestors.ioKeppel (SGX:BN4)
  • 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.
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  • 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.

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  • 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.

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Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @

Peggy Mak Phillip Securities Research | 2024-04-26

Previous report by Phillip:
2024-02-05 Keppel Ltd - Energy Buttressed Bottom Line.

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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