Keppel Corporation Limited (BN4) AI Stock Analysis

• Market Cap: S$22.34B
• Dividend Yield: 3.29%
• Average Volume (3M): 3.51M
• Price to Earnings (P/E): 29.3
• Beta (1Y): 0.90
• Revenue Growth: -0.62%
• EPS Growth: 34.52%
• Country: SG
• Employees: 5,249
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): 0.35
• Shares Outstanding: 1,820,557,700
• 10 Day Avg. Volume: 3,765,590
• 30 Day Avg. Volume: 3,505,210
• PEG Ratio: -1.38
• Price to Book (P/B): 1.79
• Price to Sales (P/S): 3.14
• P/FCF Ratio: 32.05
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$12.81
• Price Target Upside: 0.47% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 0.55
• Revenue Forecast (FY): S$6.37B

• Rating: 57 Neutral
• Price Target: S$13.50 ▲(5.88% Upside)
• Action: Downgraded Date: 02/06/26
• Date: Action: Downgraded 02/06/26

The score is held back primarily by inconsistent cash-flow conversion and meaningful leverage despite solid profitability. Technicals are supportive with a strong uptrend, but overbought signals raise near-term risk. Valuation is somewhat demanding (P/E ~25), while earnings-call messaging is constructive on strategic execution and targets but tempered by legacy losses and monetization timing uncertainty.

Positive Factors

FUM growth and scale

Accelerating funds‑under‑management builds durable, recurring fee income and aligns Keppel to an asset‑light, capital‑efficient model. Growing FUM supports predictable management fees, scalable profit margins and long‑term earnings visibility even if project cycles vary.

Higher recurring infrastructure earnings

Strong, contract‑backed infrastructure earnings enhance cash stability and reduce cyclicality. Long‑term power contracts and recurring O&M fees create predictable revenue streams that underpin valuation resilience and support reinvestment and dividend capacity over multiple years.

New Keppel operational improvement

Material profit growth, stronger ROE and lower leverage at the New Keppel signal operational gearing and execution on the strategic pivot. Sustained improvement in returns and cost base enhances cash generation potential and supports the shift toward recurring, asset‑light earnings.

Negative Factors

Inconsistent cash generation

Persistent variability in cash conversion undermines financial flexibility and raises reliance on asset sales to fund dividends and capex. Limited free cash flow relative to earnings makes capital recycling and steady shareholder returns contingent on successful, timely monetizations.

Meaningful leverage

Elevated leverage for a diversified real‑assets group amplifies risk from cyclical development and legacy operations. Interest burdens and limited headroom constrain strategic flexibility, making the firm more sensitive to execution delays in monetization or downturns in asset cash flows.

Legacy/noncore drag & monetization uncertainty

Material noncore disposal targets and legacy operational losses create execution and timing risk for cash recycling. Regulatory approvals, fair‑value pressures and weak segments (legacy O&M, offshore assets) can delay proceeds, sustaining earnings volatility and impairing predictable capital returns.

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 offshore production facilities and drilling rigs, power barges, specialized vessels, and other offshore production facilities; engineers, constructs, and fabricates platforms for the oil and gas sector; undertakes shipyard works and other general business activities; and procures equipment and materials for the construction of offshore production facilities. The company is also involved in the provision of offshore and marine-related, as well as self-elevating platforms owning and leasing services; sourcing, fabricating, and supply of steel components; ship repairing, shipbuilding, and conversion activities; ship owning business; chartering of ships, barges, and boats with the crew; property investment, management, and development activities; fund management business; golf club operations; hotel ownership and operation; development of residential properties; procurement of equipment and materials for the construction of offshore production facilities; development of district heating and cooling systems; power generation and supply, and general wholesale trade businesses; purchase and sale of gaseous fuels; distribution of IT products and retail sale of telecommunication products; and provision of fixed and other telecommunications services. In addition, it offers heavy-lift equipment and related services; project management and procurement, towage, financial, real estate investment trust management, and logistics and warehousing; and environmental infrastructure and solid waste treatment services, as well as develops renewable energy projects. The company was incorporated in 1968 and is based in Singapore.

How the Company Makes Money

Keppel Corporation generates revenue through various key segments. The Offshore & Marine division contributes significantly by providing services for the oil and gas industry, including the construction of rigs and vessels. The Property segment earns income through residential and commercial real estate development and sales, as well as property management services. Infrastructure operations, such as power and environmental services, also provide steady revenue streams. Additionally, Keppel's Investments division engages in strategic partnerships and joint ventures, allowing the company to tap into new markets and technologies, further enhancing its earnings potential. The company's diverse revenue model, combined with its strategic initiatives in sustainability and innovation, positions it well for ongoing profitability.

Keppel Corporation Limited Financial Statement Overview

Summary

Profitability is solid and improved in 2025, but the overall financial profile is constrained by weak and inconsistent cash generation (free cash flow negative in most years and only partly covering net income in 2025) and meaningful leverage (debt-to-equity ~1.14 in 2025). Margin compression and historically volatile results reduce confidence in sustainability.

Income Statement

Profitability is solid with healthy operating and net margins in 2024–2025, and revenue nearly doubled in 2025. However, earnings quality and comparability are weaker: revenue fell in 2024, gross margin compressed sharply in 2025 versus 2024, and results have been volatile over time (including a loss in 2020 and an unusually high net margin in 2023 that does not look sustainable versus other years).

Balance Sheet

The balance sheet is reasonably supported by a large equity base, but leverage is meaningful for a conglomerate. Debt is slightly higher than equity (debt-to-equity ~1.14 in 2025) and has stayed around ~0.9–1.2 over the period, limiting financial flexibility. Returns on equity are positive and fairly steady in most years, but not high enough to clearly offset the leverage risk, and 2023 appears to be an outlier.

Cash Flow

Cash generation is the weakest area. Free cash flow has been negative in most years (2020–2024) and only turned positive in 2025, while operating cash flow has been inconsistent (including negative in 2021 and very low in 2023). In 2024, free cash flow was deeply negative despite positive earnings, and while 2025 improved materially, free cash flow still covered only about half of net income—pointing to ongoing variability in cash conversion.

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

• Technical Analysis Sentiment: Positive
• Last Price: 12.75
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BN4, the sentiment is Positive. The current price of 12.75 is above the 20-day moving average (MA) of 12.37, above the 50-day MA of 11.31, and above the 200-day MA of 9.29, indicating a bullish trend. The MACD of 0.50 indicates Positive momentum. The RSI at 62.44 is Neutral, neither overbought nor oversold. The STOCH value of 42.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:BN4.

Keppel Corporation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BS6	74 Outperform	S$17.78B	11.29	30.76%	3.46%	0.42%	40.48%
C07	72 Outperform	S$13.66B	10.48	10.35%	4.33%	3.45%	-22.03%
U96	65 Neutral	$10.46B	10.63	19.65%	4.33%	-6.69%	6.76%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
S63	59 Neutral	$34.25B	74.06	28.83%	2.01%	8.49%	19.65%
BN4	57 Neutral	S$22.34B	29.32	8.75%	3.29%	-0.62%	34.52%
5E2	56 Neutral	S$7.96B	24.58	4.07%	0.70%	25.68%	―

Keppel Corporation Limited Corporate Events

Keppel Subsidiary Wins Jakarta Land Ownership Court Battle

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 ownership of land plots in Jakarta. The court also ordered the claimant to bear court costs, removing a potential overhang on Keppel’s Indonesian land assets and providing greater certainty over the subsidiary’s property holdings, which supports the group’s ongoing operations and investment position in the Jakarta market.

The ruling is likely to be viewed positively by stakeholders, as it reduces legal risk surrounding Keppel’s real estate portfolio in Indonesia and reinforces its position in a key Southeast Asian growth market. By securing a favorable outcome at this stage, Keppel can focus on executing its broader regional development strategy without the distraction of this particular dispute, although stakeholders will continue to watch for any further legal or regulatory developments affecting its overseas property investments.

The most recent analyst rating on (SG:BN4) stock is a Hold with a S$13.50 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Completes Voluntary Liquidation of Third Dragon Holdings Subsidiary

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’s ongoing efforts to rationalise its corporate structure and optimise its portfolio of entities, which may simplify governance and reduce administrative overheads for the group.

While financial details of the liquidation were not disclosed, the move appears consistent with Keppel’s broader capital recycling and restructuring strategy in recent years. For stakeholders, the dissolution of a non-core or dormant subsidiary is unlikely to have a material impact on operations, but it underscores management’s focus on tightening the group’s organisational structure and strategic alignment.

The most recent analyst rating on (SG:BN4) stock is a Hold with a S$13.50 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Announces Board Chairman Transition to Piyush Gupta in April 2026

Keppel Ltd. announced a forthcoming leadership change at the board level, with long-serving chairman Danny Teoh set to retire after the company’s Annual General Meeting on 17 April 2026, and current board member Piyush Gupta to assume the role of non-executive chairman and independent director on the same day. Chief executive Loh Chin Hua highlighted Teoh’s pivotal role in steering Keppel’s strategic transformation over the past decade and said the board and management expect Gupta, who has already been involved in refining and executing Keppel’s strategy since joining the board in July, to help accelerate this transformation, underpinning the group’s focus on value creation through asset monetisation and disciplined capital management.

The most recent analyst rating on (SG:BN4) stock is a Hold with a S$11.50 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Proposes Special Dividend Tied to Asset Monetisation, Including Keppel REIT Units

Keppel Ltd. has proposed a special dividend comprising 2 cents per share in cash and a distribution of 1 Keppel REIT unit for every 9 Keppel shares held as at a record date to be announced, with fractional entitlements to KREIT units disregarded. The payout reflects Keppel’s policy of supplementing ordinary dividends with special dividends funded by 10–15% of the gross value of completed asset monetisation deals, and is underpinned by about S$1.6 billion of asset sales completed for FY2025; the use of Keppel REIT units as part of the distribution also supports the group’s capital management strategy by recycling capital from its REIT holdings back to shareholders.

The most recent analyst rating on (SG:BN4) stock is a Hold with a S$11.50 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Names Piyush Gupta as Next Chairman as Danny Teoh Retires in 2026

Keppel Ltd. announced that long-serving Chairman Danny Teoh will retire immediately after the company’s Annual General Meeting on 17 April 2026, after more than 15 years on the Board and five years as Chairman, during which Keppel completed its strategic shift away from offshore and marine and delivered a near-tripling of its share price and significantly higher total shareholder returns than the broader Singapore market. He will be succeeded on the same date by Piyush Gupta, currently Deputy Chairman and independent director, whose appointment as non-executive Chairman underscores Keppel’s ongoing board renewal and succession planning and brings deep regional and international financial expertise from his prior role as CEO of DBS Group and senior leadership positions at Citi, reinforcing the company’s leadership bench and its positioning as a global asset manager with strong sustainability and governance credentials.

The most recent analyst rating on (SG:BN4) stock is a Hold with a S$11.50 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Places Wholly-Owned Subsidiary Flemmington Investments Into Voluntary Liquidation

Keppel Ltd. has placed its wholly-owned subsidiary, Flemmington Investments Pte. Ltd., under members’ voluntary liquidation as part of its corporate structuring activities. The company stated that the winding-up of this non-core subsidiary is not expected to have any material impact on its net tangible assets or earnings per share for the financial year ending 31 December 2026, suggesting limited financial or operational implications for shareholders and stakeholders.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$13.00 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Boosts Asia-Pacific AI Data Centre Powerbank to Over 1GW with Major Melbourne Site

Keppel has expanded its Asia-Pacific data centre powerbank pipeline from more than 300MW to over 1GW of gross power capacity, strengthening its ability to scale its data centre portfolio quickly and competitively in key growth markets. The latest move is anchored by the Connectivity Division securing rights to lease a 123-hectare site near Morwell, Victoria, capable of up to 720MW of power for an AI-focused data centre campus under a capital-efficient “powerbanking” model, in which Keppel pays an access fee for early development rights before its private funds assume long-term leases. Located within the proposed Gippsland Renewable Energy Zone at one of Victoria’s largest electricity nodes, the site can tap dedicated transmission connections that may reduce power costs, access existing water infrastructure and non-potable cooling water, and link to intercity dark fibre networks for low-latency connectivity to Melbourne, Sydney and Canberra. By securing strategic, scalable and potentially green power-backed sites ahead of demand, Keppel aims to shorten deployment timelines, appeal to hyperscalers and neoclouds that are showing strong interest in the Melbourne market, and deepen the development pipeline for its private data centre funds, reinforcing its positioning in next-generation AI data centre infrastructure.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$12.20 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Completes Voluntary Liquidation of Dormant Innovation Subsidiary

Keppel Ltd. has completed the members’ voluntary liquidation of its dormant subsidiary, Keppel Technology and Innovation Pte. Ltd., following an earlier announcement in January 2025. The move streamlines Keppel’s corporate structure by removing a non-operational entity, signalling continued efforts to optimise its portfolio and sharpen its focus on active, revenue-generating businesses, with limited direct impact expected on day-to-day operations.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$12.20 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Places Wholly Owned Subsidiary Double Peak Holdings into Voluntary Liquidation

Keppel Ltd. has placed its wholly owned subsidiary, Double Peak Holdings Limited, under members’ voluntary liquidation. The company stated that the winding-up of this non-core entity is not expected to have any material impact on Keppel’s net tangible assets or earnings per share for the financial year ending 31 December 2026, indicating a limited effect on its overall financial position and operations.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$12.20 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Completes Voluntary Liquidation of Dormant Shanghai Subsidiary

Keppel Ltd. has completed the member’s voluntary liquidation of its dormant wholly-owned subsidiary, Techbod Info Tech (Shanghai) Co. Ltd., bringing the winding-up process of this non-operational unit to a close. The move streamlines Keppel’s corporate structure by removing an inactive entity, which may reduce administrative overheads and reflects the group’s ongoing efforts to focus on core businesses and improve organisational efficiency.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$12.20 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Refines Lease Extension Structure After Full Exit From Genting Lane Data Centres

Keppel Ltd. has adjusted the land lease extension arrangements for two data centre buildings, KDC SGP 7 and KDC SGP 8, located at 82 Genting Lane in Singapore, following the completion of a staged divestment process. The company has fully exited its direct and economic interests in the owner entity, Memphis 1 Pte. Ltd., and in the underlying assets, while the properties are now held by a trust structure wholly owned by Keppel DC REIT, in which Keppel remains an investor and sponsor. The revised lease structure with JTC Corporation over the originally granted 60-year term provides more certainty over the tenure of these strategically located data centre assets, supports the long-term stability of Keppel DC REIT’s portfolio, and underscores Keppel’s capital recycling strategy of shifting from direct ownership of data centre assets towards an asset-light, fee-based model via its managed REIT platforms.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$12.20 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Corporation Streamlines Operations with Subsidiary Liquidation

Keppel Corporation Limited has announced the voluntary liquidation of its dormant wholly-owned subsidiaries, Keppel Fels Power Pte Ltd, KRE Anchorage Pte. Ltd., and KRE Australia Pte. Ltd. This strategic move is not anticipated to have any significant impact on the company’s net tangible assets or earnings per share for the financial year ending December 31, 2025, indicating a streamlined focus on more active and profitable segments.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$12.20 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Corporation Initiates Voluntary Liquidation of Subsidiaries

Keppel Corporation Limited has announced the voluntary liquidation of its wholly-owned subsidiaries, Keppel Enterprise FinHub Pte. Ltd., Keppel Enterprise Services Pte. Ltd., and Keppel People Services Pte. Ltd. This decision is not expected to significantly affect the company’s net tangible assets or earnings per share for the financial year ending December 31, 2025.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$12.20 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.