Keppel Corporation Limited (SG:BN4)
SGX:BN4
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Keppel Corporation Limited
(SGX:BN4)
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Rating:55Neutral
Price Target:
S$11.00
▼(-7.80% Downside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by mixed financial performance—solid profitability and 2025 revenue growth are offset by historically weak/inconsistent free cash flow and meaningful leverage. Technicals are a notable drag with price below key moving averages and negative momentum indicators, while valuation is modestly supported by the ~3.1% dividend yield but lacks a usable P/E signal.
Positive Factors
Diversified recurring revenue
Keppel’s business model blends contracted operating income (power, district cooling, environmental services) with fee-based asset management and development proceeds. This diversification supports cash stability across cycles, enables capital recycling via divestments, and underpins long-term predictable fee revenue.
Negative Factors
Meaningful leverage
Leverage at ~1.1x constrains financial flexibility for a diversified conglomerate, raising refinancing and interest-rate exposure. High net debt relative to equity limits the pace of new asset investments or dividend policy resilience and increases vulnerability if operational cash conversion weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified recurring revenue
Keppel’s business model blends contracted operating income (power, district cooling, environmental services) with fee-based asset management and development proceeds. This diversification supports cash stability across cycles, enables capital recycling via divestments, and underpins long-term predictable fee revenue.
Read all positive factors
Keppel Corporation Limited (BN4) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$18.85B
Dividend Yield3.29%
Average Volume (3M)3.51M
Price to Earnings (P/E)52.2
Beta (1Y)1.00
Revenue Growth-3.52%
EPS Growth-16.41%
CountrySG
Employees5,249
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)0.20
Shares Outstanding1,820,557,700
10 Day Avg. Volume3,765,590
30 Day Avg. Volume3,505,210
Financial Highlights & Ratios
PEG Ratio-1.38
Price to Book (P/B)1.79
Price to Sales (P/S)3.14
P/FCF Ratio32.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$13.03Price Target Upside9.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.54
Revenue Forecast (FY)S$6.80B
Keppel Corporation Limited Business Overview & Revenue Model
Company Description
Keppel Corporation Limited, an investment holding company, engages in the offshore and marine, property, infrastructure, and investment businesses in Singapore, China, Hong Kong, Brazil, and internationally. It constructs, fabricates, and repairs ...
How the Company Makes Money
Keppel makes money through a mix of recurring income from operating assets and fee-based earnings from asset management, alongside development and project-related income. Key revenue streams include: (1) Infrastructure operations: revenue generate...
Keppel Corporation Limited Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and strategic progress for the "New Keppel" — marked by robust New Keppel net profit (+39% to $1.1bn), FUM expansion to $95bn, record Infrastructure recurring earnings, and active asset monetization and shareholder returns (total dividends up 38%, TSR 58.5%). At the same time, the consolidated group was weighed down by discontinued operations (notably the M1 telco remeasurement loss), legacy O&M losses, fair value pressures in some noncore and China assets, and an acknowledged lumpy monetization runway for a $13.5bn noncore portfolio. Overall, management presented confidence in continuing growth of the asset-management-and-operator model, while acknowledging pockets of legacy drag and timing uncertainty in monetization.Positive Updates
New Keppel Net Profit Growth
Net profit of the New Keppel rose 39% year-on-year to $1.1 billion (FY2025), with improvements across all three operating segments and a stronger ROE for the New Keppel of 18.7% (up from 14.9% a year earlier).
Negative Updates
Overall Net Profit Decline (Including Noncore/Discontinued)
Overall reported net profit for FY2025 was $789 million, down 16% from $940 million in FY2024, largely driven by discontinued operations and a $222 million accounting loss arising from the proposed sale of M1's telco business.
Read all updates
Q4-2025 Updates
Positive
Negative
New Keppel Net Profit Growth
Net profit of the New Keppel rose 39% year-on-year to $1.1 billion (FY2025), with improvements across all three operating segments and a stronger ROE for the New Keppel of 18.7% (up from 14.9% a year earlier).
Read all positive updates
Company Guidance
Management reiterated measurable near‑term targets and capital‑management policy: grow funds under management to $100bn by end‑2026 (FUM rose from $88bn to $95bn in 2025, with $10.1bn new FUM and ~20% 5‑yr CAGR), hit $120m annual run‑rate cost savings by end‑2026 (already $98m achieved), and substantially monetize a $13.5bn non‑core portfolio by 2030 (announced monetizations ~$2.9bn in 2025, $1.6bn completed in 2025; total monetization since Oct‑2020 ≈$14.5bn); capital returns will be ordinary dividends tied to New Keppel performance (FY25 ordinary cash dividend $0.34/share, final $0.19) plus special dividends of 10–15% of the gross value of completed monetizations (FY25 special ≈$0.13/share — $0.02 cash + 1 K‑REIT unit/9 shares ≈$0.11, ~15% of the $1.6bn completed), while the $500m buyback program (>$116m spent, >13m shares repurchased) remains available. They emphasized continuing to grow recurring, asset‑light earnings (New Keppel net profit $1.1bn, +39% YoY; New Keppel ROE 18.7%; New Keppel net‑debt/EBITDA 2.0x) but did not give explicit FY‑2026 net‑profit guidance.Keppel Corporation Limited Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
62
Positive
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.06B | 5.98B | 6.60B | 6.97B | 6.62B | 6.61B |
| Gross Profit | 953.32M | 945.91M | 1.86B | 1.96B | 1.45B | 1.53B |
| EBITDA | 597.39M | 1.45B | 1.73B | 1.44B | 912.83M | 1.61B |
| Net Income | 383.39M | 788.51M | 951.72M | 4.08B | 938.22M | 1.03B |
Balance Sheet | ||||||
| Total Assets | 27.72B | 27.09B | 27.66B | 26.84B | 31.06B | 32.32B |
| Cash, Cash Equivalents and Short-Term Investments | 1.94B | 2.42B | 2.45B | 1.50B | 1.08B | 3.35B |
| Total Debt | 11.69B | 11.95B | 12.07B | 11.14B | 10.38B | 12.16B |
| Total Liabilities | 16.75B | 16.30B | 16.23B | 15.82B | 19.15B | 19.88B |
| Stockholders Equity | 10.62B | 10.46B | 11.16B | 10.71B | 11.58B | 12.06B |
Cash Flow | ||||||
| Free Cash Flow | -9.92M | 585.69M | -411.07M | -862.66M | -436.62M | -813.92M |
| Operating Cash Flow | 219.38M | 1.10B | 200.34M | 58.43M | 259.59M | -275.56M |
| Investing Cash Flow | -484.40M | -511.16M | 700.93M | -942.71M | -667.28M | 2.03B |
| Financing Cash Flow | -147.05M | -539.35M | 136.60M | 722.94M | -1.52B | -668.13M |
Keppel Corporation Limited Technical Analysis
Negative
11.93
Price Trends
11.29
Negative
11.34
Negative
10.27
Positive
Market Momentum
-0.15
Negative
46.05
Neutral
66.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BN4, the sentiment is Negative. The current price of 11.93 is above the 20-day moving average (MA) of 10.76, above the 50-day MA of 11.29, and above the 200-day MA of 10.27, indicating a neutral trend. The MACD of -0.15 indicates Negative momentum. The RSI at 46.05 is Neutral, neither overbought nor oversold. The STOCH value of 66.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BN4.
Keppel Corporation Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | S$526.21M | 5.21 | 41.48% | ― | -6.04% | 33.67% | |
74 Outperform | S$14.38B | 8.86 | 28.61% | 3.46% | 5.09% | 27.85% | |
72 Outperform | S$680.33M | 62.14 | 5.09% | 0.60% | 25.71% | 175.44% | |
65 Neutral | S$11.36B | 11.54 | 18.30% | 4.33% | -9.63% | -3.30% | |
65 Neutral | S$349.87M | 23.25 | 12.68% | 0.78% | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | S$18.85B | 52.23 | 3.58% | 3.29% | -3.52% | -16.41% |
* Industrials Sector Average
SG:BN4
Keppel Corporation Limited
10.76
4.24
65.01%
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6.39
0.06
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3.64
1.62
80.11%
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0.13
314.29%
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ASL Marine Holdings Ltd.
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0.28
496.49%
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1.33
0.84
168.69%
Keppel Corporation Limited Corporate Events
Keppel highlights strong core earnings, infrastructure momentum at 58th AGM
May 4, 2026
Keppel Ltd.’s 58th annual general meeting highlighted a year of strong progress in 2025 as the “New Keppel” sharpened its positioning as a global asset manager and operator. The company reported a 39% year-on-year rise in net pro...
Keppel refreshes board and committees with new independent director and chair roles
May 4, 2026
Keppel Ltd. has announced changes to its board composition, appointing Dame Anne Helen Richards as an independent director effective 1 July 2026, when she will also join the Board Risk Committee. The move adds international asset management and go...
Keppel unit launches arbitration over US$261 million land fee dispute in Vietnam JV
Apr 27, 2026
Keppel subsidiary Corredance Pte. Ltd. has initiated arbitration at the Singapore International Arbitration Centre against Denver Power, Tien Phuoc Real Estate and Tran Thai Lands over an investment agreement tied to the Empire City joint venture ...
Keppel Subsidiary Wins Jakarta Land Ownership Court Battle
Feb 23, 2026
Keppel Ltd. has announced a legal victory in Indonesia, where the South Jakarta District Court declared inadmissible a civil lawsuit brought by individual claimant Tumpal Hutabarat against its wholly owned subsidiary PT. Kepland Investama over the...
Keppel Completes Voluntary Liquidation of Third Dragon Holdings Subsidiary
Feb 19, 2026
Keppel Ltd. has completed the member’s voluntary liquidation of its wholly-owned subsidiary, Third Dragon Holdings Pte Ltd., following an earlier announcement of the planned wind-up in May 2025. The completion marks a further step in Keppel&...
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.