- 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.
- - Read this at SGinvestors.io -
- 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.
- - Read this at SGinvestors.io -
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.
