Limited financials were provided except Keppel's 1Q25 net profit was up 25% y-o-y. Growth was driven by infrastructure and real estate. Not disclosed was the contribution of valuation gains in net profit.
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Asset monetised has been S$347mil year-to-date. No change to the S$10-12bn monetisation target (cumulative: S$7.2bn). Part of the monetisation will include 63.36mil Seatrium (SGX:5E2) shares available for sale from end March 25.
The Positive
Earnings growth.
The update provided more explicit net profit growth of 25% y-o-y in 1Q25. In contrast, 1Q24 only mentioned net profit improved y-o-y.
The quality of the earnings is unclear but we believe it is largely real estate disposal gains from Vietnam and China.
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Better earnings growth visibility.
Most of Keppel's divisions are expected to enjoy operational earnings growth when their investments are completed.
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/.
