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Keppel Ltd BN4

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Stock XSES Rating as of
SGD 7.11 +0.08 (1.14%)
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As of Delayed Price Closed
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Company Report

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Keppel to Transform Into a Global Alternative Real Asset Manager

Chokwai Lee

Keppel is a Singapore government-linked conglomerate previously best known as the leading semi-submersible rig builder for the offshore industry. However, the downturn in the energy industry has led to a change in Keppel’s strategy. We think the privatizations of Keppel Land in 2015 and M1 in 2019 were timely and help the firm to boost cash flow to offset its struggling offshore and marine, or O&M, segment. Keppel’s future business will be less dependent on the O&M business following the completion of the combination of Keppel O&M with Sembcorp Marine in February 2023.

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Price vs Fair Value

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BN4 is trading at a 16% discount.
Price
SGD 7.03
Fair Value
SGD 8.40
Uncertainty
Medium
1-Star Price
SGD 42.61
5-Star Price
SGD 4.22
Economic Moat
Cwzrx
Capital Allocation
Xvdslhck

Bulls Say, Bears Say

Bulls

The disposal of Keppel’s volatile O&M business will improve the firm’s earnings stability.

Bears

Keppel’s property business is highly exposed to China and the slowdown in China’s economic growth and real estate sector could negatively affect the firm’s earnings.

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Trading Information

Previous Close Price
SGD 7.03
Day Range
SGD 7.05–7.15
52-Week Range
SGD 5.90–7.45
Bid/Ask
SGD 7.11 / SGD 7.12
Market Cap
SGD 12.62 Bil
Volume/Avg
4.4 Mil / 3.5 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
1.84
Dividend Yield (Trailing)
4.69%
Dividend Yield (Forward)
4.69%
Total Yield
4.64%

Company Profile

Singapore-based Keppel is a conglomerate with well-diversified businesses. The key operating segments are infrastructure (provides energy and environmental solutions), real estate (includes property development and investment, as well as master development) and telecom (includes telecom services and operation of data centers). In 2023, the infrastructure segment was the largest earnings contributor.
Sector
Industrials
Industry
Conglomerates
Stock Style Box
Large Value
Total Number of Employees
12,245
Website
https://www.kepcorp.com

Competitors

Valuation

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Metric
BN4
01038
00006
Price/Earnings (Normalized)
 —13.6614.17
Price/Book Value
 1.220.891.07
Price/Sales
 1.8418.2873.40
Price/Cash Flow
 28.1029.4559.87
Price/Earnings
BN4
01038
00006

Financial Strength

Metric
BN4
01038
00006
Quick Ratio
 0.631.381.33
Current Ratio
 1.041.481.34
Interest Coverage
 4.5010.7743.20
Quick Ratio
BN4
01038
00006

Profitability

Metric
BN4
01038
00006
Return on Assets (Normalized)
 −6.37%5.09%7.13%
Return on Equity (Normalized)
 −16.90%6.92%7.72%
Return on Invested Capital (Normalized)
 −6.85%5.55%7.37%
Return on Assets
BN4
01038
00006
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