Keppel 2H24 - Phillip Securities 2025-02-07: Rewarded As The Company Transitions

• 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/.

Read also Phillip's most recent report:
2026-02-09 Keppel - Giving More, Growing More.

Previous report by Phillip:
2026-01-05 Keppel - More Growth Ahead.

Price targets by 2 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