Keppel Ltd

BN4: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 4.70	Zzzx	Btbvdkhhc

Keppel: Business Update in Line With Expectations; Shares Undervalued

Chokwai Lee

Oct 20, 2023

We keep Keppel’s fair value estimate at SGD 8.80 following its in-line third-quarter 2023 business update. While no detailed earnings numbers are given, cumulative nine months' revenue of SGD 5.3 billion was up 5% year on year, making up 74% of our full-year forecast. Net profit from continuing operations was higher year on year, underpinned by a stronger contribution from infrastructure and connectivity segments. We believe Keppel remains undervalued currently and positive development on its asset monetization plans could continue to drive share price performance.

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