Keppel Ltd

BN4: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 7.60	Hrgv	Qdcwjjb

Cutting Keppel’s Fair Value Estimate to SGD 7 Following Distribution of Sembcorp Marine Shares

Chokwai Lee

Mar 3, 2023

Business Strategy and Outlook

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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