Keppel - Phillip Securities 2025-08-05: Clarity In 'Hong Bao' Draws

• Keppel's 1H25 revenue and adjusted PATMI were within our expectations at 44%/43% respectively of our FY25e forecast. Adjusted PATMI (excl. non-core / valuation/divestments) grew 9% y-o-y to S$374mil primarily due to asset management fees contributed by Aermont.
• - Read this at SGinvestors.io -
• The management has provided greater clarity on the assets that will be monetised and capital returned to shareholders. A S$500mil share buybacks programme was announced whilst Keppel's interim dividends was maintained at 15 cents.

The Positive

Improving performance in legacy O&M.

• - Read this at SGinvestors.io -

The Negative

Softer Infrastructure earnings.

• 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/.

Previous report by Phillip:
2025-04-25 Keppel 1Q25 Update - Earnings Growth Is More Visible.

Price targets by 4 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