Keppel (SGX:BN4) reported steady progress in its “New Keppel” transformation. Overall net profit grew ~ 5% y-o-y in 9M25, after including an accounting loss of S$222m from the divestment of M1’s telco business, while the non-core portfolio returned to profitability.
New Keppel’s net profit rose ~25% y-o-y in 9M25.
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Recurring income increased roughly 15% y-o-y, driven by both asset management and operating income.
Asset management fees to improve with the recent acquisitions.
Asset management fees were stable at S$299m in 9M25, flat y-o-y. Keppel raised S$6.7b in new private funds in 9M25.
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Good momentum in capital recycling and shareholder return.
Asset monetisation momentum continued, with S$2.4b announced in 9M25, up from S$915m in 1H25, bringing total monetisation since 2020 to about S$14.0b. The group is targeting an additional S$500m of transactions in the coming months.
While the sale of M1 to Simba is pending regulatory approval, Keppel hopes to see completion by year-end.
Keppel also repurchased S$92.6m of shares under its S$500m buyback programme.
Fair value estimate raised.
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/.
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