Keppel - UOB Kay Hian 2024-04-26: Steady As She Goes

Keppel - Steady As She Goes

Keppel (SGX:BN4) | SGinvestors.ioKeppel (SGX:BN4)
  • Keppel gave an in-line 1Q24 business update with the highlight being the continued strong growth in its recurring earnings. Asset management fees rose 52% y-o-y in 1Q24 with strong performance across the infrastructure, connectivity and real estate segments.
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Appears to be an in-line quarter.

  • Keppel (SGX:BN4) generated S$1.5b in revenue from continuing operations in 1Q24 (1Q23: S$1.6b); within our expectations. As this was a business update, detailed financials were not provided.
  • Keppel also commented that its 1Q24 net profit was higher on a y-o-y basis due mainly to strong contributions from its infrastructure and connectivity segments.

Seatrium stake.

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  • Keppel disclosed that its 1Q24 mark-to-market loss for its shareholding in Seatrium was $54m (1Q23: gain of S$14m).

Recurring earnings continue to grow.

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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 | 2024-04-26

Previous report by UOB:
2024-02-02 Keppel - Strong 2023 Results With A Rosy M&A Outlook Ahead.

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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