- 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.
