Keppel Ltd

BN4: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 4.60	Xwcsw	Xghlrtpz

Keppel: Proposed Acquisition of Aermont Capital; A Step Closer to Being a Global Asset Manager

Chokwai Lee

Nov 30, 2023

We are positive about Keppel’s proposal to acquire a leading asset manager in Europe, Aermont Capital. In our view, this is in line with its strategy to transform into a global asset manager and focus on recurring income. We keep our fair value estimate at SGD 8.80 and leave our earnings estimates unchanged, pending the completion of the deal. While we do not expect a significant contribution from Aermont in the near term, we are constructive on its long-term potential given the opportunities to introduce new fund products. We think Keppel is attractive currently and positive development on its asset monetization plans could help to drive share price performance.

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