Keppel Ltd

BN4: XSES (SGP)

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Keppel Ltd: Business Update in Line; Shares Appear Overvalued

Xavier Lee

Apr 23, 2026

Keppel’s net profit declined slightly year on year in the first quarter of 2026, as strong earnings from infrastructure and connectivity were offset by lower real estate contributions. Nevertheless, recurring income rose, supported by improved operating earnings and higher asset management fees.

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Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

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How we make money

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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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

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 Ltd: Business Update in Line; Shares Appear Overvalued

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