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Keppel Ltd BN4

Morningstar Rating
SGD 6.66 −0.04 (0.60%)
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Company Report

Keppel Is Transforming Into a Global Alternative Asset Manager

Singapore-based Keppel is an alternative asset manager and operator with SGD 68 billion of assets under management as of end-2023. Currently, the group generates most of its income from its infrastructure segment, where it invests and operates in a portfolio of infrastructure assets such as renewable energy assets, natural gas power plants, and water and wastewater treatment plants. The group also has a real estate segment where it operates mainly in Singapore, China, Vietnam, Indonesia, the US and Europe. Under this segment, the group builds and sells residential units, and invests in income-producing investment properties for rental income. As for its connectivity division, the group operates data centers and owns M1, a telecommunications company in Singapore. Lastly, the group manages listed and unlisted investment funds spanning all three segments for management fees.

Price vs Fair Value

BN4 is trading at a 218% premium.
Price
SGD 6.66
Fair Value
SGD 1.50
Uncertainty
Medium
1-Star Price
SGD 74.69
5-Star Price
SGD 3.56
Economic Moat
Vwlg
Capital Allocation
Xwtkzwpgj

Bulls Say, Bears Say

Bulls

Higher-than-expected capital gains from the execution of the group’s monetization strategy will unlock more value for Keppel's shareholders.

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.

Is it the right time to buy, sell, or hold?
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Trading Information

Previous Close Price
SGD 6.70
Day Range
SGD 6.656.71
52-Week Range
SGD 6.007.45
Bid/Ask
SGD 6.66 / SGD 6.67
Market Cap
SGD 12.03 Bil
Volume/Avg
2.8 Mil / 3.4 Mil

Key Statistics

Price/Earnings (Normalized)
Price/Sales
1.72
Dividend Yield (Trailing)
5.11%
Dividend Yield (Forward)
5.11%
Total Yield
5.11%

Company Profile

Singapore-based Keppel is an alternative asset manager and operator with SGD 68 billion of assets under management as of end-2023. The group’s key segments are infrastructure, real estate, and connectivity (including telecommunication services and operation of data centers). Most of its earnings are derived from its infrastructure segment, where it invests and operates in a portfolio of infrastructure assets. The group also has a fund management platform comprising listed and unlisted investment trusts that generates recurring fee income.
Sector
Industrials
Industry
Conglomerates
Stock Style Box
Large Value
Total Number of Employees
12,245

Competitors

Valuation

Metric
BN4
00001
01038
Price/Earnings (Normalized)
7.1316.05
Price/Book Value
1.140.291.04
Price/Sales
1.720.5721.47
Price/Cash Flow
26.332.6334.60
Price/Earnings
BN4
00001
01038

Financial Strength

Metric
BN4
00001
01038
Quick Ratio
0.630.990.86
Current Ratio
1.041.250.91
Interest Coverage
4.503.809.35
Quick Ratio
BN4
00001
01038

Profitability

Metric
BN4
00001
01038
Return on Assets (Normalized)
−6.37%3.97%5.09%
Return on Equity (Normalized)
−16.90%8.58%6.92%
Return on Invested Capital (Normalized)
−6.85%5.60%5.55%
Return on Assets
BN4
00001
01038
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