- Limited financials provided except that Keppel's 9M24 net profit comparable y-o-y. We believe Keppel's 3Q24 net profit declined due to lower real estate earnings. Monetisation more than doubled by S$453mil to S$733mil.
- - Read this at SGinvestors.io -
- Prices for Bifrost transmission cable has more than doubled;
- Imported green power into Singapore will more than double;
- Huge demand with the commercialisation of two data centres in Genting Lane.
- There will be opportunities for both divestment gains and long-term recurrent asset management, operations, and maintenance fees.
The Positive
Multiple assets ready for divestments.
- - Read this at SGinvestors.io -
- Another asset primed for monetisation is two data centres in Genting Lane (Keppel DC Singapore 7 operational and 8 being completed). Both assets are booked at cost and market valued when closer to operating.
- Around S$453mil of properties in Saigon have been sold but are pending recognition and approval.
- BiFrost submarine cable is enjoying a significant uplift in pricing, and the focus is getting the system ready for service next year.
Power demand is healthy in Singapore, especially green.
- Read more at SGinvestors.io.
