- As previewed in our 15 Oct 25 report Keppel - Monetisation Momentum & Bifrost Tailwinds, Keppel has had a strong 3Q25 with a pace of growth that is in line with its 1H25 results.
- - Read this at SGinvestors.io -
- Interestingly, its non-core portfolio has returned to profitability vs a S$53m net loss in 1H25.
Dividend upside.
- - Read this at SGinvestors.io -
- While 1H25 Keppel's dividends of S$0.15 was unchanged on a y-o-y basis, the company’s successful asset monetisation of S$2.35b year-to-date (which includes the sale of M1) could encourage the board and management to pay a special dividend.
- Given the timing of cash inflow from the completion of divestments and because not all monetisation will yield cash, we can prudently assume that 25% of the S$2.35b could be paid out as a special dividend amounting to S$0.32, implying an additional 3.2% yield.
- In 2024, the Keppel's interim and final dividends was S$0.15 and S$0.19 respectively.
Bifrost sale – expect a higher price.
- Read more at SGinvestors.io.
