Keppel - Phillip Securities 2026-04-27: Asset Gathering & Earnings Growth Intact

• Key financial highlights disclosed in Keppel's 1Q26 updates were
  1. New Keppel - slightly lower net profit y-o-y (due to lower real estate);
  2. Overall net profit - lower y-o-y due to absence of fair value gains and lower asset monetisation gains.
• - Read this at SGinvestors.io -
• There was no notable impact in fundraising activities from the Middle East conflict. Asian dedicated infrastructure funds continue to gather interest from investors. Middle East conflict has essentially lifted electricity spreads and improved the attractiveness of AssetCo rigs.

The Positive

Recovery in electricity spreads.

• Electricity (spark) spreads have climbed significantly since the Middle East conflict. Keppel mentioned that blended spark spreads were declining around S$10 y-o-y, but post the Middle East conflict, they have been up more than S$20.

Better outlook for the S$4.3bn AssetCo rigs.

• - Read this at SGinvestors.io -

The Negative

Small disruption to gas supply so far.

• 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:
2026-02-09 Keppel - Giving More, Growing More.

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