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Keppel Corporation Limited (BN4) AI Stock Analysis
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Keppel Corporation Limited
(SGX:BN4)
The score is primarily constrained by weak and inconsistent cash-flow history and a bearish technical setup (price below key moving averages with negative MACD). The latest earnings call adds support via improving recurring income, exceeded FUM targets, and a sharp cash-flow turnaround, but this is tempered by substantial noncore losses, impairments, and elevated group leverage. Valuation is also a headwind due to a high P/E despite a moderate dividend yield.
Keppel Corporation Limited (BN4) vs. iShares MSCI Singapore ETF (EWS)
- Market Cap
- SGD 18.17B
- Dividend Yield
- 3.57%
- Average Volume (3M)
- 3.89M
- Price to Earnings (P/E)
- 54.5
- Beta (1Y)
- 1.02
- Revenue Growth
- 10.65%
- EPS Growth
- -44.54%
- Country
- Singapore
- Employees
- 4,964
- Sector
- Industrials
- Sector Strength
- 63
- Industry
- Conglomerates
Keppel Corporation Limited Business Overview & Revenue Model
Company Description
Keppel Corporation Limited, a Singapore-based investment holding company established in 1968, maintains a global presence with significant operations in diverse sectors, including offshore and marine, real estate, infrastructure, and strategic invest...
How the Company Makes Money
Keppel generally earns income through a mix of recurring revenue from owning and operating infrastructure/real asset platforms and project-based or transaction-based income from developing and monetising assets. Key revenue sources typically include:...
Keppel Corporation Limited Earnings Call Summary
The call presented a broadly positive transformation narrative for 'new Keppel' with strong asset management momentum (FUM at SGD 106 billion), solid recurring income growth (+13% to SGD 467m), a marked rise in SSCI contributions (SGD 175m vs SGD 18m), healthy operating wins (Sakra Cogen commercialized, Bifrost fully commercialized) and a material free cash flow turnaround (SGD 570m inflow). These positives are tempered by significant legacy noncore headwinds—SGD 375m noncore loss, large rig impairments (SGD 165m), elevated group leverage (net debt/EBITDA 6.7x) and a 59% drop in group net profit to SGD 155m. Management articulated clear monetization plans (Apollo commitment, expected ~SGD 611m cash from first 6 rigs) that should mitigate legacy drag over time. Overall, operational and asset-management progress materially outweigh legacy portfolio challenges, though execution on monetization and rig-market recovery remains key.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
The call reiterated clear near‑term guidance and targets backed by tangible metrics: Keppel has already surpassed its 2026 FUM target (SGD 100bn) with SGD 106bn as at end‑July and aims to grow FUM further, while targeting SGD 2–3bn of asset monetisation for the full year (SGD 1.7bn announced YTD, ~SGD 560m realised at end‑June and SGD 611m expected from the first six rigs this year, with ~SGD 1.3bn from the remaining four across 2027–28 and an Apollo USD 1.5bn commitment enabling up to ~SGD 3.7bn of rig monetisation); new Keppel delivered net profit of SGD 530m (overall group net profit SGD 155m), recurring income rose 13% to SGD 467m, SSCI profit jumped to ~SGD 175m (from SGD 18m), fund management fees were ~SGD 200m, H1 free cash inflow was SGD 570m (vs outflow SGD 48m a year ago), new Keppel annualised ROE ~15% (group ROE 3.6%), net debt/EBITDA for new Keppel ~1.4–1.5x (group c.6.7x), interim dividend SGD 0.15/share, cost savings exceed SGD 100m run‑rate (plus an M1 restructuring target of SGD 70m pa by 2028 with SGD 4m achieved YTD and SGD 10m targeted by end‑2026), Power additions include the 600MW Sakra Cogen (up 45% capacity, Power EBITDA +9% YoY), data‑infrastructure fundraising (e.g., DC Fund III ~USD 2bn) and expected further subsea cable decisions and Bifrost-related gains in H2 — all signalling a push to deleverage, crystallise non‑core value and scale the asset‑management earnings base.
Keppel Corporation Limited Financial Statement Overview
Summary
Profitability is solid with strong recent improvement (notably 2025), but the profile is held back by historically volatile results, sharp gross-margin compression in 2025 vs 2024, and weak cash conversion—free cash flow was negative in most years (2020–2024) and only turned positive in 2025, still covering only about half of net income.
Income Statement
66PositiveBalance Sheet
62PositiveCash Flow
41Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.81B | 5.98B | 6.60B | 6.97B | 6.62B | 6.61B |
| Gross Profit | 940.44M | 945.91M | 1.86B | 1.96B | 1.45B | 1.53B |
| EBITDA | 528.57M | 1.45B | 1.73B | 1.44B | 912.83M | 1.73B |
| Net Income | 161.04M | 788.51M | 951.72M | 4.08B | 938.22M | 1.03B |
Balance Sheet | ||||||
| Total Assets | 26.52B | 27.09B | 27.66B | 26.84B | 31.06B | 32.32B |
| Cash, Cash Equivalents and Short-Term Investments | 2.24B | 2.42B | 2.45B | 1.50B | 1.08B | 3.35B |
| Total Debt | 11.52B | 11.95B | 12.07B | 11.14B | 10.38B | 12.16B |
| Total Liabilities | 15.41B | 16.30B | 16.23B | 15.82B | 19.15B | 19.88B |
| Stockholders Equity | 10.81B | 10.46B | 11.16B | 10.71B | 11.58B | 12.06B |
Cash Flow | ||||||
| Free Cash Flow | -68.00M | 585.69M | -411.07M | -862.66M | -436.62M | -813.92M |
| Operating Cash Flow | 96.80M | 1.10B | 200.34M | 58.43M | 259.59M | -275.56M |
| Investing Cash Flow | 473.29M | -511.16M | 700.93M | -942.71M | -667.28M | 2.03B |
| Financing Cash Flow | -673.24M | -539.35M | 136.60M | 722.94M | -1.52B | -668.13M |
Keppel Corporation Limited Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:BN4, the sentiment is Negative. The current price of 10.09 is below the 20-day moving average (MA) of 10.33, below the 50-day MA of 10.96, and below the 200-day MA of 11.12, indicating a bearish trend. The MACD of -0.26 indicates Negative momentum. The RSI at 33.48 is Neutral, neither overbought nor oversold. The STOCH value of 58.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:BN4.
Keppel Corporation Limited Peers Comparison
Overall Rating
SG:BS688Outperform
SG:1MZ69Neutral
SG:5LY67Neutral
SG:A0467Neutral
SG:U9663Neutral- SG:BN453Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SG:BS6 | 88Outperform | SGD 17.98B | 9.64 | 29.45% | 4.40% | 25.85% | 27.26% |
| SG:1MZ | 69Neutral | SGD 318.49M | 2.90 | 41.27% | ― | 10.82% | 60.12% |
| SG:5LY | 67Neutral | SGD 426.18M | 6.75 | 23.60% | 1.38% | 25.71% | 175.44% |
| SG:A04 | 67Neutral | SGD 252.11M | 7.57 | 23.66% | 0.53% | 3.03% | 118.92% |
| Sector * | 63Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
| SG:U96 | 63Neutral | SGD 10.40B | 17.50 | 10.86% | 4.62% | 7.75% | -41.04% |
| SG:BN4 | 53Neutral | SGD 17.68B | 54.54 | 3.29% | 3.57% | 10.65% | -44.54% |
* Industrials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SG:BN4 | Keppel Corporation Limited | 10.09 | 0.26 | 2.62% | |
| SG:U96 | Sembcorp Industries | 5.85 | -0.46 | -7.22% | |
| SG:BS6 | Yangzijiang Shipbuilding (Holdings) | 4.55 | 1.19 | 35.54% | |
| SG:5LY | Marco Polo Marine Ltd. | 0.11 | 0.01 | 6.86% | |
| SG:A04 | ASL Marine Holdings Ltd. | 0.24 | -0.01 | -4.67% | |
| SG:1MZ | Nam Cheong Limited | 0.81 | 0.09 | 12.59% |
Keppel Corporation Limited Corporate Events
Keppel lifts profits, scales asset management and accelerates non-core divestments
Keppel reported robust results for the third quarter and first nine months of 2026, with 3Q net profit up about 15% year-on-year and recurring income for the period rising more than 10%, driven mainly by stronger performance in its Connectivity and I...
Keppel’s New Keppel Platform Delivers Strong 2026 Earnings as Asset Management and Infrastructure Drive Growth
Keppel’s “New Keppel” platform delivered robust earnings in 3Q and the first nine months of 2026, with net profit up close to 15% and over 20% year on year respectively, driven by stronger performance in Infrastructure and Connectiv...
Keppel Joins Vietnam International Financial Centre, Eyes US$1 Billion in Real Estate Investments
Keppel Ltd., through its Real Estate Division, has built a four-decade presence in Vietnam, becoming one of the country’s largest foreign real estate investors with 30 projects and over S$5 billion in registered capital. The company has focused...
Keppel and Apollo team up to pursue large-scale private capital deals in Asia-Pacific
Keppel Ltd. has entered into a framework agreement with Apollo Management Singapore to jointly explore large-scale private capital solutions for corporates and asset owners in the Asia-Pacific region. The collaboration seeks to harness both firmsR...
Keppel’s RigCo taps Seatrium to complete S$500 million offshore rig portfolio
Keppel’s RigCo subsidiary has engaged Seatrium to complete construction of four offshore drilling rigs—a premium seventh-generation drillship, a harsh environment jackup and two mid-water semisubmersibles—for an estimated value of o...
Keppel Named Biomethane Aggregator in Singapore’s 300 MW Sandbox
Keppel has been appointed by Singapore’s Economic Development Board as one of three biomethane aggregators, authorised to import and sell up to 120 MW of biomethane for 15 years under the nation’s 300 MW Biomethane Sandbox initiative. The...
Keppel Suspends Vietnam JV Arbitration Amid 40% Stake Divestment
Keppel Ltd. has updated the market on arbitration involving its wholly owned subsidiary Corredance Pte. Ltd. and counterparties in a joint venture for the Empire City project in Ho Chi Minh City, Vietnam. The dispute arose from an investment agreemen...
Keppel Winds Up Dormant Subsidiary With No Expected Earnings Impact
Keppel Ltd. has initiated a member’s voluntary liquidation of its wholly owned dormant subsidiary, Array Realty Pte. Ltd., as part of its ongoing rationalisation of non-core entities. The company stated that the wind-up of this inactive unit is...
Keppel Sets Late-October Dates for Q3 2026 Business Updates Across Group and REITs
Keppel Ltd. has announced the schedule for releasing its third-quarter and nine-month 2026 business updates, covering both the parent company and its listed real estate investment trusts. The updates will be published before market open on 23, 27, 28...
Keppel Prices CNH1 Billion 1.95% Notes Under Multi-Currency Debt Programme
Keppel Ltd. has priced CNH1 billion of 1.95 per cent. notes due 2031 under its US$5 billion multi-currency debt issuance programme, appointing DBS Bank, ICBC Singapore, Shanghai Pudong Development Bank Singapore and United Overseas Bank as joint book...
Keppel Winds Down Dormant Shanghai Subsidiary in Voluntary Liquidation
Keppel Ltd. has placed its wholly owned subsidiary, Shuju Info Tech (Shanghai) Co. Ltd., into members’ voluntary liquidation, reflecting the company’s move to wind down a dormant entity within its corporate structure. The decision undersc...
Keppel Confirms Talks With StarHub on Potential M1 Deal
Keppel Ltd. has confirmed that it remains in ongoing discussions with StarHub Ltd. over a potential transaction involving M1 Limited as part of broader consolidation efforts in Singapore’s telecommunications sector. The company reiterated that...
Keppel Redeems and Cancels S$400 Million Perpetual Securities
Keppel Ltd., formerly Keppel Corporation Limited, is a Singapore-headquartered conglomerate active in infrastructure, real estate, and asset management, delivering sustainable urbanisation and investment solutions across Asian and global markets to i...
Keppel Moves to Wind Up Dormant Subsidiary With No Material Earnings Impact
Keppel Ltd. has initiated a member’s voluntary liquidation of Celestite Pte. Ltd., a wholly-owned subsidiary that has been classified as dormant. The move reflects ongoing efforts to streamline the group’s legal entity structure by windin...
Keppel Places Two Wholly-Owned Units in Voluntary Liquidation
Keppel Ltd. has placed its wholly-owned subsidiaries Bogor DC Investment Pte. Ltd. and Dubnium DC Pte. Ltd. into members’ voluntary liquidation, as part of an internal restructuring of its corporate holdings. The move is not expected to materia...
Keppel wins 50 MW data centre award for AI-ready Jurong Island hub
Keppel’s Connectivity Division has been provisionally awarded 50 MW of new data centre capacity under Singapore’s second Data Centre Call for Application, following a competitive process that drew more than 20 proposals. The award will un...
Keppel Targets AI-Driven Infrastructure Growth as Funds Under Management Set to Double
Keppel plans to scale its asset management franchise around AI-driven energy and digital infrastructure, aiming to double funds under management to $200 billion by 2030. The group is building multiple income streams as sponsor, co-investor and operat...
Keppel Wins FBO Licence for Kruger Subsea Cable Linking Singapore to Middle East
Keppel Ltd.’s Connectivity Division has secured a Facilities-Based Operator licence from Singapore’s Infocomm Media Development Authority for its Kruger Cable System, enabling the group to own and operate the subsea telecommunications inf...
Keppel Places Dormant Subsidiary in Voluntary Liquidation
Keppel Ltd. has placed its dormant, wholly owned subsidiary Ocean & Capital Properties Pte Ltd under members’ voluntary liquidation, streamlining its corporate structure by winding down a non-operational entity. The company said the move wi...
Keppel Ltd. Winds Up Indonesian Property Subsidiary With No Material Earnings Impact
Keppel Ltd. has placed its wholly owned Indonesian subsidiary, PT Keppel Land, under members’ voluntary liquidation, marking an organisational streamlining within its regional property portfolio. The company stated that the winding-up will not...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 31, 2026