Keppel Corporation Limited (BN4) AI Stock Analysis

• Market Cap: S$18.90B
• Dividend Yield: 3.29%
• Average Volume (3M): 3.51M
• Price to Earnings (P/E): 19.3
• Beta (1Y): 0.91
• Revenue Growth: -0.62%
• EPS Growth: 34.52%
• Country: SG
• Employees: 5,249
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): 0.24
• Shares Outstanding: 1,820,557,700
• 10 Day Avg. Volume: 3,765,590
• 30 Day Avg. Volume: 3,505,210
• PEG Ratio: -0.17
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 1.89
• P/FCF Ratio: -30.31
• 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$11.77
• Price Target Upside: 7.98% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: S$11.00 ▲(0.92% Upside)

Keppel Corporation's overall stock score of 71 reflects a strong earnings call performance and positive technical indicators, despite mixed financial results. The company's strategic initiatives and asset monetization efforts are promising, but challenges in revenue growth and cash flow generation remain areas to watch.

Positive Factors

Asset Monetization

Keppel's asset monetization strategy enhances financial flexibility and supports debt reduction, positioning the company for sustainable growth and shareholder returns.

Infrastructure Segment Growth

Growth in the Infrastructure segment reflects strong operational performance and resilience, contributing to Keppel's diversified revenue streams and long-term stability.

High Return on Equity

A high ROE indicates efficient use of equity capital, enhancing shareholder value and supporting Keppel's strategic focus on profitability and capital efficiency.

Negative Factors

Negative Revenue Growth

Declining revenue growth poses challenges to maintaining sales momentum and could impact long-term profitability and market competitiveness.

Cash Flow Challenges

Limited cash generation ability can strain liquidity and hinder Keppel's capacity to invest in growth opportunities or manage debt effectively.

Losses in Non-Core Portfolio

Continued losses in the non-core portfolio highlight risks in asset management and could detract from overall financial performance and strategic focus.

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

Keppel Corporation shows a mixed financial performance. Strong operational margins and a stable balance sheet are offset by challenges in revenue growth and cash flow generation. The decline in net profit margin and negative revenue growth rate are concerning, but cost management and a balanced capital structure provide a foundation for potential recovery.

Income Statement

Keppel Corporation's income statement shows a mixed performance. The company has maintained a healthy gross profit margin of around 28% in 2024, indicating efficient cost management. However, the net profit margin has significantly decreased from 58.5% in 2023 to 14.4% in 2024, primarily due to a substantial drop in net income. Revenue growth has been negative, with an 18.5% decline in 2024, reflecting challenges in maintaining sales momentum. Despite these challenges, EBIT and EBITDA margins remain robust, suggesting operational efficiency.

Balance Sheet

The balance sheet of Keppel Corporation reflects a stable financial position with a debt-to-equity ratio of 1.08 in 2024, indicating a balanced approach to leveraging. The return on equity has decreased to 8.5% from 38% in 2023, highlighting a decline in profitability. The equity ratio remains strong, suggesting a solid capital structure. Overall, the company maintains a stable balance sheet with manageable debt levels.

Cash Flow

Keppel Corporation's cash flow statement reveals challenges in cash generation. The operating cash flow to net income ratio is low at 4.2%, indicating limited cash conversion efficiency. Free cash flow remains negative, with a significant decline in free cash flow growth. The free cash flow to net income ratio is also negative, suggesting difficulties in generating cash from operations. These factors highlight potential liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.06B	6.60B	6.97B	6.62B	6.61B	6.57B
Gross Profit	953.32M	1.86B	1.96B	1.45B	1.53B	1.98B
EBITDA	597.39M	1.73B	1.44B	912.83M	1.61B	613.13M
Net Income	383.39M	951.72M	4.08B	938.22M	1.03B	-508.09M
Balance Sheet
Total Assets	27.72B	27.66B	26.84B	31.06B	32.32B	32.11B
Cash, Cash Equivalents and Short-Term Investments	1.94B	2.45B	1.50B	1.08B	3.35B	2.28B
Total Debt	11.69B	12.07B	11.14B	10.38B	12.16B	13.04B
Total Liabilities	16.75B	16.23B	15.82B	19.15B	19.88B	20.95B
Stockholders Equity	10.62B	11.16B	10.71B	11.58B	12.06B	10.73B
Cash Flow
Free Cash Flow	-9.92M	-411.07M	-862.66M	-436.62M	-813.92M	-282.00M
Operating Cash Flow	219.38M	200.34M	58.43M	259.59M	-275.56M	202.45M
Investing Cash Flow	-484.40M	700.93M	-942.71M	-667.28M	2.03B	-274.10M
Financing Cash Flow	-147.05M	136.60M	722.94M	-1.52B	-668.13M	712.66M

Keppel Corporation Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.90
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 10.9 is above the 20-day moving average (MA) of 10.44, above the 50-day MA of 10.26, and above the 200-day MA of 8.44, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 67.54 is Neutral, neither overbought nor oversold. The STOCH value of 86.15 is Negative, 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	79 Outperform	S$14.50B	10.18	30.76%	3.46%	0.42%	40.48%
BN4	71 Outperform	S$18.90B	19.25	8.75%	3.29%	-0.62%	34.52%
C07	71 Outperform	S$13.95B	12.63	10.35%	4.33%	3.45%	-22.03%
U96	71 Outperform	S$10.64B	10.48	19.65%	4.33%	-6.69%	6.76%
S63	70 Outperform	$29.70B	38.65	28.83%	2.01%	8.49%	19.65%
5E2	66 Neutral	$7.76B	29.28	4.07%	0.70%	25.68%	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Keppel Corporation Limited Corporate Events

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.

Keppel Corporation Announces Liquidation of Subsidiary

Keppel Corporation Limited has announced the voluntary liquidation of its wholly-owned subsidiary, Keppel Pegasus Pte. Ltd. This decision is not expected to materially affect the company’s net tangible assets or earnings per share for the fiscal year ending December 31, 2025. The move reflects Keppel’s ongoing strategic adjustments to optimize its business operations without significant financial repercussions.

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 Reports Robust Earnings Growth in 9M 2025

Keppel Corporation Limited reported a strong performance in the first nine months of 2025, with a more than 25% year-on-year earnings growth driven by improvements across its infrastructure, real estate, and connectivity segments. The company’s net profit rose by over 5% year-on-year, despite an accounting loss from the proposed sale of M1’s telco business, reflecting strong momentum in asset management and operations.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$11.00 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Corporation Reports Robust Profit Growth and Strategic Asset Monetization

Keppel Corporation Limited reported a significant net profit increase of over 25% year-on-year for the first nine months of 2025, driven by earnings growth across its business segments. The company announced asset monetizations totaling approximately S$2.4 billion, including the proposed divestment of M1’s telco business, and plans to use part of the cash unlocked from these monetizations to reward shareholders. This strategic move is expected to enhance Keppel’s financial flexibility and strengthen its position in the global asset management industry.

The most recent analyst rating on (SG:BN4) stock is a Buy with a S$11.00 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.

Keppel Corporation Liquidates Dormant Subsidiary

Keppel Corporation Limited has announced the members’ voluntary liquidation of its dormant wholly-owned subsidiary, Techbod Info Tech (Shanghai) Co. Ltd. This move is not expected to have any material impact on 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$12.50 price target. To see the full list of analyst forecasts on Keppel Corporation Limited stock, see the SG:BN4 Stock Forecast page.