BN4 Stock Analysis: KEPPEL | SG
Conglomerates | SG, Singapore | Market Cap: 18.137m SGD | 12M Return: 11.4% | SG1U68934629 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 45.1M
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Keppel Ltd. (formerly Keppel Corporation, renamed in January 2024) is a Singapore-headquartered investment holding company operating across three main pillars: infrastructure, real estate, and connectivity. Founded in 1968, the company has operations spanning Singapore, China, Hong Kong, the Far East, ASEAN, and other international markets.
Its business activities are diverse, encompassing fund and REIT management, energy and environmental solutions (including renewables, waste-to-energy, desalination, and district cooling), property development and investment, data centre leasing and operation, telecommunications services, and senior living. The company is also involved in hospitality, golf club operation, and general wholesale trading.
As an industrial conglomerate, Keppel structures its operations through both direct businesses and externally-managed funds and listed trusts, allowing it to deploy capital across asset-heavy sectors while earning fee-based income from third-party investors. This dual model of principal investing and asset management is a common approach among Singapore-listed conglomerates seeking to scale infrastructure and real estate exposure.
- Data centre pipeline expansion accelerates connectivity segment revenue
- Asset management AUM growth lifts fee-based earnings
- Singapore property sales and China exposure drive real estate margins
| Net Income: 800.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 2.03 > 1.0 |
| NWC/Revenue: 33.16% < 20% (prev 31.95%; Δ 1.21% < -1%) |
| CFO/TA 0.02 > 3% & CFO 661.5m > Net Income 800.1m |
| Net Debt (-1.11b) to EBITDA (1.98b): -0.56 < 3 |
| Current Ratio: 1.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (1.80b) vs 12m ago 2.23% < -2% |
| Gross Margin: 29.18% > 18% (prev 25.58%; Δ 3.60% > 0.5%) |
| Asset Turnover: 21.86% > 50% (prev 20.91%; Δ 0.94% > 0%) |
| Interest Coverage Ratio: 4.13 > 6 (EBIT TTM 1.74b / Interest Expense TTM 420.8m) |
| DSRI: 0.61 (Receivables 1.03b/1.62b, Revenue 5.98b/5.78b) |
| GMI: 0.88 (GM 25.58% / 29.18%) |
| AQI: 0.95 (AQ_t 0.57 / AQ_t-1 0.60) |
| SGI: 1.03 (Revenue 5.98b / 5.78b) |
| TATA: 0.01 (NI 800.1m - CFO 661.5m) / TA 27.1b) |
| Beneish M = -3.46 (Cap -4..+1) = AA |
As of October 17, 2026, the stock is trading at SGD 10.10 with a total of 4,051,860 shares traded. Over the past week, the price has changed by -3.99%, over one month by -9.01%, over three months by -10.66% and over the past year by +11.44%.
Current recommended Stop Loss: 9.80 (which is 3% or 1.4 ATR below the current price).
KEPPEL has no consensus analysts rating.
P/E Trailing = 23.0
P/E Forward = 19.685
P/S = 2.6935
P/B = 1.8586
P/EG = 2.6398
Revenue TTM = 5.98b SGD
EBIT TTM = 1.74b SGD
EBITDA TTM = 1.98b SGD
Long Term Debt = 9.41b SGD (from longTermDebt, last quarter)
Short Term Debt = 1.91b SGD (from shortLongTermDebt, last quarter)
Debt = 120.5m SGD (Leases only: 120.5m)
Net Debt = -1.11b SGD (calculated: Debt 120.5m - CCE 1.23b)
Enterprise Value = 17.0b SGD (18.1b + Debt 120.5m - CCE 1.23b)
Interest Coverage Ratio = 4.13 (Ebit TTM 1.74b / Interest Expense TTM 420.8m)
EV/FCF = 115.3x (Enterprise Value 17.0b / FCF TTM 147.7m)
FCF Yield = 0.87% (FCF TTM 147.7m / Enterprise Value 17.0b)
FCF Margin = 2.47% (FCF TTM 147.7m / Revenue TTM 5.98b)
Net Margin = 13.37% (Net Income TTM 800.1m / Revenue TTM 5.98b)
Gross Margin = 29.18% ((Revenue TTM 5.98b - Cost of Revenue TTM 4.24b) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.63 (Enterprise Value 17.0b / Total Assets 27.1b)
Interest Expense / Debt = 349.3% (Interest Expense 420.8m / Debt 120.5m)
Taxrate = 23.21% (305.7m / 1.32b)
NOPAT = 1.33b (EBIT 1.74b * (1 - 23.21%))
Current Ratio = 1.34 (Total Current Assets 7.76b / Total Current Liabilities 5.78b)
Debt / Equity = 0.01 (Debt 120.5m / totalStockholderEquity, last quarter 10.9b)
Debt / EBITDA = -0.56 (Net Debt -1.11b / EBITDA 1.98b)
Debt / FCF = -7.50 (Net Debt -1.11b / FCF TTM 147.7m)
Total Stockholder Equity = 10.9b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.92% (Net Income 800.1m / Total Assets 27.1b)
RoE = 7.35% (Net Income TTM 800.1m / Total Stockholder Equity 10.9b)
RoCE = 8.57% (EBIT 1.74b / Capital Employed (Equity 10.9b + L.T.Debt 9.41b))
RoIC = 6.35% (NOPAT 1.33b / Invested Capital 21.0b)
WACC = 7.09% (E(18.1b)/V(18.3b) * Re(7.14%) + (debt cost/tax rate unavailable))
Discount Rate = 7.14% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -86.04 | Cagr: -1.53%
[DCF] Terminal Value 75.44% ; FCFF base≈147.7m ; Y1≈148.3m ; Y5≈157.1m
[DCF] Fair Price = 1.98 (EV 2.44b - Net Debt -1.11b = Equity 3.55b / Shares 1.79b; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: N/A | # QB: 0
Revenue Correlation: -76.80 | Revenue CAGR: -7.32% | SUE: -0.30 | # QB: 0
EPS current Year (2026-12-31): EPS=0.47 | Chg30d=+2.46% | Revisions=+17% | GrowthEPS=-14.6% | GrowthRev=+6.0%
EPS next Year (2027-12-31): EPS=0.60 | Chg30d=+0.23% | Revisions=+17% | GrowthEPS=+27.1% | GrowthRev=+8.9%
[Analyst] Revisions Ratio: +22% (up=4, down=2)