Keppel Infrastructure Trust (SG:A7RU)
SGX:A7RU
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Keppel Infrastructure
(SGX:A7RU)
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Rating:63Neutral
Price Target:
S$0.55
▲(6.54% Upside)
Action:DowngradedDate:02/04/26
The score is held back mainly by elevated leverage and weaker top-line momentum in the financial statements, which increase risk despite decent profitability and positive free cash flow. Offsetting this, technicals are supportive with price above major moving averages and positive momentum, while valuation is mixed (high yield but a relatively high P/E). The latest earnings call was broadly constructive, emphasizing stronger distributable income and a clear capital deployment/refinancing plan, supporting a mid-range overall score.
Positive Factors
Scale of portfolio (AUM)
A sizeable AUM (~$9.1bn) anchored in essential utilities and transition assets provides durable fee and operating income, diversification across geographies and technologies, and stronger bargaining power for contracts and financing, supporting steady long-term cash generation and resilience.
Negative Factors
Elevated leverage
A debt-to-equity ratio near 5.5, driven by higher debt and lower equity, materially reduces balance-sheet flexibility. This raises vulnerability to interest rate shifts, refinancing headwinds and earnings volatility; a sustained earnings shock could impair distributions or force asset sales to meet covenants.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale of portfolio (AUM)
A sizeable AUM (~$9.1bn) anchored in essential utilities and transition assets provides durable fee and operating income, diversification across geographies and technologies, and stronger bargaining power for contracts and financing, supporting steady long-term cash generation and resilience.
Read all positive factors
Keppel Infrastructure (A7RU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$3.16B
Dividend Yield8.08%
Average Volume (3M)6.70M
Price to Earnings (P/E)―
Beta (1Y)0.54
Revenue Growth17.99%
EPS Growth216.95%
CountrySG
Employees16
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)<0.01
Shares Outstanding6,086,347,000
10 Day Avg. Volume6,255,541
30 Day Avg. Volume6,701,723
Financial Highlights & Ratios
PEG Ratio-0.86
Price to Book (P/B)3.72
Price to Sales (P/S)1.31
P/FCF Ratio17.52
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.55Price Target Upside6.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.01
Revenue Forecast (FY)S$2.32B
Keppel Infrastructure Business Overview & Revenue Model
Company Description
Keppel Infrastructure Trust is a listed business trust. The firm provides investors with the opportunity to invest in a large and well-diversified portfolio of core infrastructure assets located in jurisdictions with well-developed legal framework...
How the Company Makes Money
Keppel Infrastructure generates revenue through multiple streams, primarily by providing essential utilities and services such as electricity generation, water supply, and waste management. The company operates power plants and water treatment fac...
Keppel Infrastructure Earnings Call Summary
Earnings Call Date:Feb 02, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial picture: distributable income rose materially (+24% YoY), key business units delivered strong year-on-year FFO gains (Ixom +42%, German solar +18%), AUM is sizable (~$9.1B), and manager execution on capital recycling and the GMG acquisition positions the trust for growth in digital infrastructure. Balance sheet metrics (39% gearing, 7.6x ICR) and lower average borrowing costs support further accretive deployment of remaining divestment proceeds (~$180M) and refinancing plans. Notable risks include wind-generation variability (BKR2), lower income from Senoko post-renewal, lumpy maintenance/growth CapEx for vessel businesses, and upcoming refinancing needs — all manageable but warrant monitoring. On balance, highlights outweigh the lowlights.Positive Updates
Material Increase in Distributable Income (DI)
FY2025 DI of approximately $249.5 million (reported ~ $250M), up ~24% year-on-year; asset DI before corporate cost of $349.1 million.
Negative Updates
Wind Asset Volatility (BKR2)
BKR2 (German wind asset) produced lower FFO year-on-year due to below-average wind resources earlier in the period; performance is inherently weather-dependent and remains uncertain (though H2 2025 wind levels improved versus H2 2024).
Read all updates
Q4-2025 Updates
Positive
Negative
Material Increase in Distributable Income (DI)
FY2025 DI of approximately $249.5 million (reported ~ $250M), up ~24% year-on-year; asset DI before corporate cost of $349.1 million.
Read all positive updates
Company Guidance
Management guided that KIT will prioritize DI/DPU continuity and accretive acquisitions (energy transition, digital infrastructure, environmental solutions) while using remaining divestment proceeds (~$180m) plus debt headroom and a $239m undrawn committed RCF to fund opportunities; key metrics disclosed include FY25 DI $249.5m (+24% YoY) and asset DI before corporate costs $349.1m, H2 DI $130.1m (+21% YoY) and H2 asset DI $199m, FY25 DPU $0.0394 (H2 DPU $0.0197) implying an 8% yield on the year‑end $0.49 unit price, AUM ~S$9.1bn, net gearing ~39%, ICR 7.6x, consolidated debt ~S$3.2bn, group WACD 4.4% (trust 3.4%), ~73% of foreign income and ~72% of borrowings hedged, GMG contributed ~S$1m (one month) and will be annualized in FY26, segment FFOs included City Energy $62m, transition assets $124m, German solar S$46m (+18% YoY), Ixom $71m (+42% YoY), Ventura $23m and Environmental Services $52m, one‑offs/divestments included ~S$49m FY25 divestment gain (~S$27m H2) and an AGPC refinancing gain ~S$51m, and management expects to complete early refinancings (Ixom committed) and to evaluate refinancing for ~S$330m of trust‑level debt maturing in FY26.Keppel Infrastructure Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
33
Negative
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.38B | 2.28B | 2.21B | 2.04B | 2.01B | 1.58B |
| Gross Profit | 1.30B | 386.85M | 1.15B | 787.05M | 698.71M | 587.30M |
| EBITDA | 483.55M | 511.91M | 503.71M | 454.19M | 355.58M | 287.26M |
| Net Income | 181.53M | 92.95M | 59.59M | 140.06M | 28.02M | -170.15M |
Balance Sheet | ||||||
| Total Assets | 6.04B | 6.40B | 6.19B | 5.62B | 5.96B | 4.50B |
| Cash, Cash Equivalents and Short-Term Investments | 513.72M | 718.60M | 457.32M | 479.23M | 526.89M | 809.75M |
| Total Debt | 3.27B | 4.44B | 3.37B | 3.63B | 3.24B | 2.07B |
| Total Liabilities | 4.14B | 5.30B | 4.21B | 3.83B | 4.06B | 2.76B |
| Stockholders Equity | 1.63B | 801.57M | 1.68B | 1.49B | 1.56B | 1.71B |
Cash Flow | ||||||
| Free Cash Flow | 129.78M | 170.14M | 217.29M | 238.17M | 200.18M | 210.67M |
| Operating Cash Flow | 240.19M | 306.34M | 306.23M | 292.96M | 244.60M | 249.31M |
| Investing Cash Flow | -7.64M | -40.96M | -543.38M | -45.31M | -1.58B | -276.01M |
| Financing Cash Flow | -213.57M | 227.00K | 201.71M | -296.15M | 1.06B | 283.71M |
Keppel Infrastructure Technical Analysis
Positive
0.52
Price Trends
0.52
Negative
0.49
Positive
0.46
Positive
Market Momentum
>-0.01
Negative
52.32
Neutral
91.67
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A7RU, the sentiment is Positive. The current price of 0.52 is above the 20-day moving average (MA) of 0.52, below the 50-day MA of 0.52, and above the 200-day MA of 0.46, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 52.32 is Neutral, neither overbought nor oversold. The STOCH value of 91.67 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:A7RU.
Keppel Infrastructure Peers Comparison
UnderperformOutperform
Sector (61)
SG:A7RU
Keppel Infrastructure
0.52
0.16
44.85%
SG:BEC
BRC Asia Limited
4.66
1.92
70.07%
SG:KUO
International Cement Group Ltd.
0.05
0.04
237.50%
SG:N02
NSL ltd.
0.90
0.25
38.46%
SG:P52
Pan-United Corporation Ltd.
1.68
1.10
189.66%
SG:TSCD
Siam Cement
0.81
0.30
59.45%
Keppel Infrastructure Corporate Events
Keppel Infrastructure Trust Secures S$100 Million Revolving Facility with Change‑of‑Control Triggers
Jan 26, 2026
Keppel Infrastructure Trust has secured a S$100 million multi‑currency revolving credit facility, governed by a 26 January 2026 facility agreement, that incorporates change-of-control and trustee-manager continuity provisions. Under the term...
Keppel Infrastructure Trust Secures EUR50 Million Bank Facilities with Change-of-Control Triggers
Jan 26, 2026
Keppel Infrastructure Trust has secured uncommitted revolving credit and bank guarantee facilities totaling EUR50 million under a new facility letter, providing additional short-term funding and guarantee capacity. The facilities contain change-of...
Keppel Infrastructure Trust Plans Major Investment in Subsea Cable Provider
Dec 11, 2025
Keppel Infrastructure Trust held an Extraordinary General Meeting to discuss a significant investment in Global Marine Group, a leading subsea cable solutions provider. This strategic move is expected to enhance KIT’s portfolio and strengthe...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.