Keppel delivered a strong first-half performance, underscoring the progress of its asset-light pivot. Despite lower revenue (-5% y-o-y), New Keppel net profit (excluding the non-core portfolio for divestment (NCPD)) grew 25% y-o-y to S$431m, while all-in net profit increased 24% to S$378m, driven by steady Infrastructure earnings and the turnaround in Real Estate.
S$500m share buyback program is a positive surprise.
The Infrastructure segment remains the largest contributor to earnings, supported by recurring earnings.
- Read this at SGinvestors.io -
The Real Estate segment returned to profitability with a net profit of S$98m in 1H25 versus a loss of S$20m in 1H24, aided by stronger fee income and consolidation of an India office project and US senior-living operator.
Connectivity’s net profit fell 19% y-o-y to S$57m, due to lower M1 mobile earnings and a forfeiture fee, partially offset by fair value gains and improved asset management profits.
Non-core portfolio for divestment (NCPD) recorded a net loss of S$53m, narrowed from the loss of S$41m in 1H24.
On track to its asset monetisation target of S$10-12b by 2026.
Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
