Keppel Ltd

BN4: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Keppel: Transformation Plans on Track; Shares Undervalued

Xavier Lee

Apr 25, 2025

We retain our fair value estimate of SGD 8.60 per share for Keppel, as the latest business update contained no major surprises. Excluding legacy offshore and marine assets, net profit increased by over 25% year on year, driven by stronger asset management performance and improvements in its real estate segment. We believe Keppel remains undervalued and expect it to continue to demonstrate resilience even amid global trade tensions, given its strategic focus on essential services such as infrastructure, connectivity, and data centers.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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Keppel Ltd

Keppel: Transformation Plans on Track; Shares Undervalued

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