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Keppel
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Keppel Corp
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kt3152
Supreme |
09-May-2024 11:57
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If can regain 685 then got chance to reverse... | ||||
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seanpent
Supreme |
09-May-2024 10:13
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Looking at the price action for some, that' s more than trample
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seanpent
Supreme |
09-May-2024 10:09
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Mkt caps for the bluest of the blue chips in the US are very huge ... so less chance to be in the hands of BBs ... cannot suka suka dictate the price ...
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MrBear12
Supreme |
09-May-2024 10:02
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Becoz DBS is down today
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MrBear12
Supreme |
09-May-2024 10:01
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Trample but not crush
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FATABA
Supreme |
09-May-2024 10:00
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U are right ...HK China green and we are hitting 3250 ,,,hmm
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MrBear12
Supreme |
09-May-2024 09:58
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Only news. Keppel Infrastructure Plans to Raise Up to $370 Million for Ventura Motors Acquisition (yahoo.com) |
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seanpent
Supreme |
09-May-2024 09:55
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uniquely sgx mkt .... everyday BBs will crush some counters ... | ||||
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FATABA
Supreme |
09-May-2024 09:52
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Any bad news .....drop big today | ||||
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MrBear12
Supreme |
09-May-2024 09:28
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Good time to buy when others are fearful of this stock
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kt3152
Supreme |
09-May-2024 09:25
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Fierce sell down early morning. Broke 665 support..... | ||||
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MrBear12
Supreme |
08-May-2024 18:01
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Yes. Have a celebration. Some others may be paid only tomolo, e.g. if your shares are in SC custody. Blessings
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SDEXXXXD
Veteran |
08-May-2024 17:49
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Dividend is in )
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MrBear12
Supreme |
08-May-2024 07:40
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Can fund a new small purchase with the dividends tonite. This stock has had a good run-up with TSR of > 60% last year. Consolidating at present prices for a leg up or two. This is our largest company after the big banks. It should be next in line to take off. Hang on! |
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SDEXXXXD
Veteran |
08-May-2024 07:36
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Look forward to the Keppel div payout this evening :) | ||||
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MrBear12
Supreme |
07-May-2024 18:25
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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AGM MANAGEMENT PRESENTATION Chairman then invited CEO, Mr Loh Chin Hua, to present the management update. CEO provided an overview of Keppel&rsquo s FY2023 performance and progress on Keppel&rsquo s transformation. CEO explained that amidst the volatile global environment in 2023, pivotal steps were taken to transform Keppel, starting with the successful divestment of the offshore & marine (O& M) business which would allow realisation of approximately S$9.4 billion in value over time, and Keppel&rsquo s change of name with effect from 1 January 2024 from Keppel Corporation Limited to Keppel Ltd. which marked a new chapter in Keppel&rsquo s corporate journey. CEO noted that Keppel&rsquo s transformation efforts have been recognized by the market and investors, with Keppel&rsquo s total shareholder returns (TSR) of 61.1% for 2023 far exceeding the TSR of the Straits Times Index.1 The following matters were additionally highlighted: 1. Progress in asset monetisation goals &ndash Keppel has exceeded the upper bound of its three-year asset monetisation target of S$3-S$5 billion. From October 2020 to the end of 2023, Keppel announced the monetisation of about S$5.4 billion of assets, and released some S$4.1 billion in cash over this period to reinvest for growth and reward shareholders. 2. FY23 financial performance &ndash Keppel achieved a net profit of close to S$4.1 billion, more than quadruple that of FY22 and the highest profit recorded by Keppel in its 55-year history. About S$3.3 billion of this was from gains achieved from the divestment of the O& M business. Keppel&rsquo s Return on Equity was 37.9% for FY23, compared to 8.1% a year ago. Net profit from continuing operations was S$996 million in FY23, 19% higher than the S$839 million in FY22. Including the accounting loss of S$111 million from the distribution of Keppel REIT units to shareholders in November 2023, net profit from continuing operations was S$885 million in FY23, or 6% higher year on year. Recurring income from continuing operations rose 54% year on year to S$773 million in FY23, making up 88% of its net profit from continuing operations, compared to 60% in FY22. The strong improvement was bolstered by higher operating income from the Infrastructure Division, which continues to pursue opportunities in renewables, clean energy and decarbonisation solutions. 3. Rewarding shareholders &ndash reflecting Keppel&rsquo s strong performance and confidence in its growth trajectory, the Board of Directors has proposed a final cash dividend of 19.0 cents per share for FY23 for shareholders&rsquo approval at this AGM. Together with the interim cash dividend of 15.0 cents per share paid in August 2023, shareholders would be receiving a total cash dividend of 34.0 cents per share for the financial year 2023. Including the distributions in specie of Seatrium (formerly known as Sembcorp Marine) shares and Keppel REIT units in FY23, Keppel shareholders would be receiving total dividends amounting to about S$2.702 per Keppel share for FY23. 4. Accelerating growth in asset management &ndash Keppel made good progress on fund initiatives notwithstanding the challenging fundraising environment in 2023. Keppel&rsquo s FUM3 had grown to S$55 billion as at end-2023 (compared to S$50 billion at the end of 2022), and will grow to about S$79 billion (close to 80% of Keppel&rsquo s interim target of S$100 billion FUM by 2026) when Phase 1 of the acquisition of Aermont Capital is completed. Keppel remains focused on achieving its FUM target of S$200 billion by the end of 2030 through a combination of M& A and organic growth. At the end of 2023, Keppel has 18 active private funds and is planning another four new funds. Work is in progress on bigger flagship funds bearing Keppel&rsquo s hallmark, such as the Keppel Sustainable Urban Renewal Fund (KSURF) and the Keppel Asia Infrastructure Fund series, and Keppel also plans to launch a third data centre fund in 2024. Earlier this month, Keppel achieved the first closing for KSURF, bringing the total FUM for Keppel&rsquo s Sustainable Urban Renewal strategy to over US$1.7 billion4. Keppel also continues to receive good investor interest in its new Keppel Core Infrastructure Fund, and will build on the momentum to raise more capital. 5. Strong interest in Keppel&rsquo s real assets &ndash CEO noted that fundraising and dealmaking activities are expected to increase later this year in view of easing inflation and stablisation of interest rates, and also acknowledged that investors are expected to remain selective of investment strategies and asset classes, with a preference for sectors underpinned by resilient macrotrends such as energy transition, climate action and digitalization. CEO noted that these continue to drive demand for Keppel&rsquo s solutions, and highlighted that with Keppel&rsquo s domain knowledge and operating 1Source: Bloomberg 2Based on the closing price of Seatrium (formerly known as Sembcorp Marine) shares as at 1 March 2023 of 11.5 cents per share (the first trading day following completion of the combination transaction), the cash equivalent amount of the dividend declared by the Company was S$3,845 million, equivalent to approximately S$2.19 per Keppel share, based on the Company' s issued and paid-up share capital as at the record date (for such dividend in specie) of 1,751,959,918 Keppel shares (excluding treasury shares). 3Gross asset value of investments and uninvested capital commitments on a leveraged basis to project fully-invested FUM. 4The FUM of US$1.7 billion includes the first closing for KSURF, the China-focused SUR programme and its capital top-ups, co investment capital, as well as Keppel&rsquo s sponsor stakes in these vehicles. expertise in multiple asset classes, Keppel can provide more fund products with strong value propositions to its LPs which will in turn create good returns for its shareholders. 6. Strategic acquisition of leading European asset manager &ndash Keppel has made good progress in the acquisition of its first 50% stake in Aermont, which will be completed soon. Keppel continues to look not just for good assets but also top talent and strong capabilities that can add value to the Company. Aermont was looking for a partner that could add strong value to its platform and was drawn to Keppel&rsquo s expertise in the energy transition, infrastructure and connectivity. While real estate is an area that Keppel is very familiar with, Keppel does not have a significant presence in this asset class outside of the Asia Pacific &ndash as such, there was little overlap between Aermont and Keppel and the acquisition of Aermont will give Keppel an immediate and strong foothold in Europe, significantly expanding Keppel&rsquo s presence beyond Asia Pacific, and also bolster Keppel&rsquo s attractiveness to global LPs. CEO concluded that Keppel today is run more efficiently as one company (as opposed to what it used to be, a conglomerate of diverse operating companies). Keppel&rsquo s earnings are now more recurring and should attract growth multiples rather than being valued based on price to book and discount to RNAV with a further conglomerate discount. CEO noted that Keppel is well positioned to ride the next wave of quality sustainable growth. QUESTION AND ANSWER (&ldquo Q& A&rdquo ) SESSION With the conclusion of CEO&rsquo s presentation, Chairman proceeded with the Q& A session. He noted that the Company had published its responses to pre-submitted questions on its corporate website and the SGXNet. Nevertheless, shareholders (or proxies) attending this meeting could ask other questions during this Q& A session before Chairman proceeded with the business of the meeting. The questions asked by shareholders, and responses by Chairman, CEO and management, were as follows: 1. What is management&rsquo s envisaged mix between Keppel&rsquo s asset management and operating businesses (noting that Keppel appears to still retain a strong focus on infrastructure with projects such as Bifrost and Sakra Cogen)? How does Keppel intend to move towards its new asset management model? Chairman explained that it was hard to land on a fixed mix as this point in time as ultimately this is also market dependent. For example, the infrastructure sector is now the favoured sector as compared to real estate. CEO agreed with Chairman&rsquo s point that there is no fixed formula as regards the mix between Keppel&rsquo s asset management and operating businesses, as much is largely driven by market tail winds. CEO added that on the asset management aspect, this is growing though due to its nature, it takes time and one does not reap the full benefit until the fund is fully deployed. Carried interest is backended. 2. How does the Aermont acquisition provide synergies for Keppel? Chairman explained that the acquisition gives Keppel a foothold in Europe. As Aermont currently is not in the data centre/infrastructure space, there is an opportunity for Keppel and Aermont to co-create European infrastructure and data centre funds. CEO added that Keppel&rsquo s operational capabilities in data centre operations and understanding of data centre customer requirements, coupled with Aermont&rsquo s strong network in and understanding of Europe, provide a good value proposition to investors. 3. What does Keppel see as opportunities in the private credit market currently? CEO noted that a recent Bain study on the state of the private equity market in Asia identified infrastructure (particularly, energy transition), data centres, connectivity and private credit as key growth areas. Keppel was thus in exactly the right space. In the private credit space, following Keppel&rsquo s acquisition of the remaining 50% in Pierfront Capital, it is now in the midst of raising its third fund for which Keppel has seen good traction. The first fund is often the hardest to raise and one expects each succeeding fund to be larger than the preceding one. 4. Are the fees that Keppel as an alternative asset manager receives, which is approximately 51 basis points, market? CEO noted that fees for pure alternative funds are typically higher at upwards of 2% but explained that Keppel&rsquo s FUM includes not just private funds but also REITs and Trusts for which fees are not as high. At the same time, the advantage of REITs and Trusts is that they are evergreen, so there are pros and cons. 5. What progress has been made with the conditional approvals received from EMA in respect of the Laos, Indonesian and Cambodian carbon importation of low carbon electricity as mentioned on page 50 of the Annual Report (&ldquo AR&rdquo )? CEO explained that the Laos and Cambodian projects are ongoing but will take time. Time is required to develop the wind and solar farms as well as the pump hydro upstream, and for the laying of the mid stream subsea power cables linking Cambodia to Singapore. To be clear, Keppel is not investing upstream but is an off-taker that imports electricity into Singapore. For the Indonesian project, the provisional licence has been obtained, and Keppel has the option to invest in both the upstream and midstream assets. 6. What is the difference between assets under management (AUM) and funds under management (FUM)? CEO explained that FUM is where there are third party investors and fees are earned. AUM is inclusive of FUM and assets that Keppel has in its balance sheet, and is thus a larger number. Keppel&rsquo s asset light strategy means that assets on its balance sheets can be monetized, and once monetized, the cash which is re-invested becomes FUM. It can also be used to return capital to shareholders. 7. Is Keppel&rsquo s 90% gearing ratio sustainable, particularly given increasing interest rates? CEO explained that the 90% figure refers to Keppel&rsquo s net gearing (net debt to shareholders&rsquo funds not to be confused with gross gearing), and that the Company is mindful of the interest rate environment. Keppel looks at how it terms out its debt (average tenure is 3 years) and fixes interest rates on its loans where possible (about 60-70% of Keppel&rsquo s debt is based on fixed interest rates). As Keppel moves from receiving non-recurring to recurring income, over time, other indicators of Keppel&rsquo s financial performance such as EBITDA to net debt (apart from net gearing) will become more relevant. Keppel is mindful that it needs to manage its debt position and will keep a close eye on this. 8. Does Keppel have any intention to divest M1? CEO explained that Keppel cannot respond to deal speculation. M1 has gone through a major transformation journey and more details of its performance will be provided the following week at the business update of Keppel&rsquo s 1Q2024 financial performance. 9. Where in the AR is Keppel&rsquo s holdings of Seatrium shares disclosed? What are Keppel&rsquo s plans regarding its Seatrium shares? Mr Kevin Chng (CFO of the Company) explained that this information is captured at page 187 of the AR, under note 21 on &ldquo Short Term Investments&rdquo . CEO explained that Keppel&rsquo s Seatrium shares are held in a segregated account, managed by a financial advisor, to satisfy certain identified contingent liabilities as agreed between Seatrium and Keppel in the context of the combination transaction. The financial advisor has the authority to liquidate the shares based on certain parameters and the proceeds of any such sale remain in the same account. Keppel has no control over when the shares are liquidated. To the extent that the shares/proceeds of sale of the shares are not utilized to satisfy any contingent liabilities that crystallise within a pre-agreed period of time, the proceeds in the account will subsequently be returned to Keppel. 10. What are Keppel&rsquo s contingency plans in the event of a war in Europe / taking into account anti-Asian business sentiments in the US? Chairman explained that the Company&rsquo s Board Risk Committee spends time to look at, among other things, macro environment risks and corresponding mitigations. It is however not possible to predict / insure against every possible risk as risks are inherent in every business. 11. Keppel has had a negative free cash flow for the past 2 years &ndash what is the Company doing to manage this? CEO explained that from time to time there are working capital requirements, dividend payments and investments which result in fluctuations in the free cash flow. Keppel has a monetization plan, and will continue to be disciplined in what it would be investing in. 12. Is M1 doing anything to add value (eg other telcos are adding value through their suite of cyber security solutions)? Chairman gave an overview of how M1 is the first telco to move to cloud and how it has been reducing the cost to serve and growing its enterprise business in a competitive business environment. M1 also has the unique position of being a part of Keppel and Keppel and M1 have been able to testbed 5G solutions in synergistic areas. Chairman recognized that there are different strategies undertaken by the players, that the sale of cybersecurity solutions in itself challenging and that it is ultimately about success of execution. 13. Given the importance of cost management, how does Keppel determine the number of Board members attending its AGM? Given the many projects by Keppel, could we hear more from each Director on the projects they manage? Chairman explained that the non-executive Board Directors do not manage the Company. Attendance of the Company&rsquo s AGMs by all members of the Company&rsquo s board is encouraged so that all shareholders have a chance to interact and engage with the directors. In terms of the number of directors on the Board, the Nominating Committee continues to consider the optimum board size in the board renewal process, taking into account amongst others the step down of three directors at this AGM and the shift in the Company&rsquo s business direction. Another shareholder had queries regarding an understanding of the terms LPs and GPs in Keppel&rsquo s business, to which Chairman also replied to, with an analogy to a bank-customer (investor) relationship. Chairman noted that there were no further questions. With the conclusion of the Q& A session, Chairman then commenced the business of the meeting. You can read the rest of the AGM minutes below. Click on Minutes of 56th AGM Keppel &ndash Investor Portal (CDP Internet) &ndash Singapore Exchange (SGX) |
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geographic
Senior |
07-May-2024 17:31
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Suddenly dropped so much without any apparent reason. Dividends also cannot cover the gap-down. | ||||
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FATABA
Supreme |
07-May-2024 16:34
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Agree w you since u are planning to hold longer ....esp for 1H result . Kep w large AUM , shld be doing well 1H and min dividend 15c. Happy investing. Dyodd
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MrBear12
Supreme |
07-May-2024 15:58
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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Wait till end July when Keppel reports 1H results. Meanwhile, shop around SGX. There are still bargain counters. |
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kt3152
Supreme |
07-May-2024 15:55
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Ya. Guess I have to hold for a longer term. Still a good stock to have....
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