Keppel - Phillip Securities 2026-02-09: Giving More, Growing More

• Keppel (SGX:BN4)'s FY25 adjusted revenue and PATMI were within our expectations at 97%/96%, respectively, of our forecast. FY25 results exclude M1, which is classified as an asset for sale. Ordinary dividend was maintained at 34 cents. A 12.7 cent special dividend was announced (2-cent cash + 1 Keppel REIT for every 9 Keppel shares). See Keppel's dividends payout date.
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The Positive

Growth in core operations.

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• Real estate earnings surged due to asset management fees, Keppel REIT's operating performance, and lower interest expenses. Connectivity improvement was from acquisition fees and earnings from Keppel DC REIT.

The Negative

Weaker electricity spread.

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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:
2026-01-05 Keppel - More Growth Ahead.

Price targets by 2 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