Keppel is transitioning from a real estate and power producer conglomerate into a global alternative asset manager focused on infrastructure, especially data centres. It can fund, build, power, operate, and maintain digital infrastructure assets. FY26e will register stronger recurring earnings growth.
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Background
Keppel (SGX:BN4) is a global asset manager and operator of assets in more than 20 countries. These assets cover critical infrastructure and services for renewables, clean energy, decarbonization, sustainable urban renewal, and digital connectivity. Its fund management platform, which manages private funds in private credit, infrastructure, data centre, and property together with five listed REITs, managed S$91bn by the end of June 2025.
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Investment Merits/Outlook
Multiple earnings growth drivers.
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