- Keppel's FY24 adjusted PATMI was above expectations at 110% of our FY24e forecast. Adjusted PATMI declined 22% y-o-y to S$356mil. Losses in the real estate division stabilised but infrastructure was weaker than expected due to lower contributions from Keppel InfraStructure Trust and MET.
- - Read this at SGinvestors.io -
- We raised our sum of the parts (SOTP) valuations as we nudge our FY25e earnings forecast for Keppel by 2% from higher asset management income.
The Positive
Funds under management (FUM) building recurring income.
- - Read this at SGinvestors.io -
- Recurrent income is 72% of net profit (FY23: 88%, FY22: 60%). It was lower due to weaker infrastructure earnings.
The Negative
Softer Infrastructure.
- 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/.
Paul Chew Phillip Securities Research | https://www.poems.com.sg/ 2025-02-07
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
