Keppel - OCBC Investment 2024-08-02: Ongoing Evolution

• Keppel (SGX:BN4) reported a 13% y-o-y fall in revenue to S$3.2b and a 32% drop in net profit from continuing operations to S$304.1m in 1H24.

S$513m net profit from continuing operations in 1H24, up 7% excluding legacy offshore & marine assets

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• In 1H24, all segments were profitable with stronger earnings in the Infrastructure and Connectivity segments offsetting a decline in Real Estate contributions.

Continues transformation into a global asset manager and operator

• Keppel continues to transform into a global asset manager and operator. In 1H24, asset management profit more than doubled y-o-y to S$75m, while funds under management grew 55% from end 2023 to S$85b as at end June 2024. This was bolstered by the acquisition of Aermont earlier.
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Interim cash dividend of 15.0 cents, same as 1H23

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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:
2025-02-06 Keppel Ltd - Relentless Reinvention.

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