Keppel Ltd

BN4: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 3.70	Fpxjw	Bspykygk

Keppel Earnings: Within Expectations; Transformation Ongoing

Chokwai Lee

Feb 1, 2024

Keppel’s 2023 net profit of SGD 4.1 billion (SGD 927 million in 2022) was largely in line with our expectations. The strong earnings were mainly due to a SGD 3.3 billion gain from the divestment of its offshore and marine business. We cut Keppel’s fair value estimate to SGD 8.40 from SGD 8.80 after rolling forward our estimates and considering the higher net debt and completion of the distribution in specie of Keppel REIT. We believe Keppel remains undervalued currently and better-than-expected progress in its asset monetization plans will be key to driving share price performance.

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