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Keppel Corp

Newbie2025
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31-Mar-2026 11:28

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OKAY Sir! Btw is Keppel making announcement on 23 Apr, re what?

YuanLong94 ( Date: 31-Mar-2026 09:18) Posted:

Then wait for the 23th April announcement then.

Good news will spike up the sentiment =)

Newbie2025 ( Date: 30-Mar-2026 16:20) Posted:

Yes Yes, Sir, very uncertain. If war continue, and M1 sale go thru, it may still go South..🙏

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Joelton
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31-Mar-2026 10:43

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CGS International maintains ' add' and $13.52 target price on Keppel sale of M1 won' t fall through despite delay

The closing of the sale of M1 by Keppel to Tuas has been extended due to regulatory reasons, but Lim Siew Khee and Meghana Kande of CGS International do not think the sale will be called off.

The long-stop date of the sale, announced last August, has been extended to May 21, instead of the original six-month timeline.

The Infocomm Media Development Authority (IMDA) is " weighing all matters in light of the industry consolidation and the critical national infrastructure involved," note the analysts.

To recap, Tuas, which owns Simba, is listed in Australia.

Lim and Kande, in their March 27 note, suggest that a possible issue is that M1 and Simba use different network vendors.

M1 operates an existing joint venture with StarHub, using Nokia' s equipment, while Simba uses Huawei for certain portions of its network.

" Additionally, we think recent cyber-attacks on all 4 major telcos in Singapore likely necessitated heightened scrutiny by IMDA for network reliability and cyber security," state the analysts.

Even so, Lim and Kande think it is unlikely that the deal will be spiked.

They note that Tuas has already raised some A$430 million in proceeds through equity share issuance over Aug-Oct 2025 to partially fund the M1 acquisition.

" We believe there could be room for cost or acquisition price negotiations if Tuas is required to step up capex requirements for any infrastructure changes or for
more stringent cyber security measures," they add.

Drawing back from Keppel' s comments at its FY2025 briefing, the company has guided that it would be disbursing 10-15% of the gross value of its asset monetisation completed over 2025-2030.

Lim and Kande figure that this could translate into a special dividend per share of between 5 and 11 cents for the M1 deal upon completion.

Citing Keppel' s recurring income and dividend upside, they have kept their " add" call and $13.52 target price, which values the so-called " New Keppel" at 18x FY2027 earnings and its non-core assets at book value.

For them, re-rating catalysts include completion of M1 divestment and further asset monetisation.

On the other hand, downside risks: delays or unfavourable adjustments to deal terms to accommodate concerns raised by IMDA and slower pace of monetisation.

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YuanLong94
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31-Mar-2026 09:18

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Then wait for the 23th April announcement then.

Good news will spike up the sentiment =)

Newbie2025 ( Date: 30-Mar-2026 16:20) Posted:

Yes Yes, Sir, very uncertain. If war continue, and M1 sale go thru, it may still go South..🙏

MrBear12 ( Date: 28-Mar-2026 20:05) Posted:

near term risk is still the war in the middle east.

M1 sale is bound to go through.

but war is uncertain. No guarantees it will stop...

🐻

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JurongW
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30-Mar-2026 18:11

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SBB today - 400,000 shares bought at $11.77 to $11.90 ($4,742,199)

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Newbie2025
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30-Mar-2026 16:20

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Yes Yes, Sir, very uncertain. If war continue, and M1 sale go thru, it may still go South..🙏

MrBear12 ( Date: 28-Mar-2026 20:05) Posted:

near term risk is still the war in the middle east.

M1 sale is bound to go through.

but war is uncertain. No guarantees it will stop...

🐻

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MrBear12
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28-Mar-2026 20:05

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near term risk is still the war in the middle east.

M1 sale is bound to go through.

but war is uncertain. No guarantees it will stop...

🐻

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JurongW
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28-Mar-2026 19:37

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If it really goes south between now and May 21 as what you predict, the share price could drop sharply, which might open up a great opportunity to buy at a bargain.

Newbie2025 ( Date: 28-Mar-2026 18:21) Posted:

Sir, most probably Keppel go south for short while till May 21 when the outcome is known?

JurongW ( Date: 28-Mar-2026 13:06) Posted:

Short-term setback for Keppel. When the sale of M1 is eventually approved, it will rebound very fast as well

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Newbie2025
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28-Mar-2026 18:21

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Sir, most probably Keppel go south for short while till May 21 when the outcome is known?

JurongW ( Date: 28-Mar-2026 13:06) Posted:

Short-term setback for Keppel. When the sale of M1 is eventually approved, it will rebound very fast as well.

Joelton ( Date: 28-Mar-2026 10:59) Posted:

Keppel shares fall as much as 4.6% on M1-Simba deal delay

The counter drops as low as S$11.70 in early trading

[SINGAPORE] Shares of Keppel : BN4 -3.02% fell on Friday (Mar 27) after overnight news of a mutually agreed extension of the long-stop date for the proposed M1 deal.

The counter fell as much as 4.6 per cent to S$11.70 in early trading, erasing S$0.57 a share, as investors reacted negatively to the deal&rsquo s delay. The counter later pared some of the losses to be 3.3 per cent lower at 9.30 am.

Keppel in August last year announced plans to sell M1&rsquo s telco business to mobile network operator Simba for S$1.4 billion in an all-cash deal.

M1, Simba and other relevant parties then submitted a consolidation application to the Infocomm Media Development Authority of Singapore on Sep 26, said Keppel.

Without the Thursday extension to May 21, the sale and purchase agreement would have been terminated and ceased to have effect if certain conditions were not fulfilled and waived before the long-stop date of Mar 26.

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JurongW
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28-Mar-2026 13:06

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Short-term setback for Keppel. When the sale of M1 is eventually approved, it will rebound very fast as well.

Joelton ( Date: 28-Mar-2026 10:59) Posted:

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Joelton
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28-Mar-2026 10:59

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JurongW
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27-Mar-2026 17:39

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SBB today - 400,000 shares bought at $11.91 to $12.00 ($4,786,535)

Today' low price : $11.70, High Price: $12.11, Mid point : $11.91. So it bought at the higher end of mid point.

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JurongW
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27-Mar-2026 17:28

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JurongW
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27-Mar-2026 17:24

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I prepare the chart and MSCP helps with the explanation:

1. Current Trend

The stock is still in a downtrend &mdash prices have been sliding lower overall.
Today&rsquo s move was down about 2.8%, which reinforces that weakness.

2. Key Moving Averages

50‑ day EMA (around 11.92): The price is sitting right around this level. It&rsquo s acting like a balance point &mdash if the stock holds above it, that&rsquo s supportive if it breaks below, it could signal more downside.
5‑ day EMA (around 12.20): The short‑ term average is above the current price, showing near‑ term momentum is negative.

3. Chart Pattern

The lines drawn form a symmetrical triangle: one sloping down (resistance) and one sloping up (support).
This pattern usually means the stock is coiling &mdash building up energy before a bigger move.
A breakout above the descending line could mean recovery a breakdown below the ascending line could mean further weakness.

4. Volume

Trading volume today was 9 million shares, which is fairly active.
Rising volume on a down day suggests sellers are still in control.

Layman&rsquo s Takeaway

Think of it like this:

The stock is stuck in a tug of war between buyers (support line) and sellers (resistance line).
Right now, sellers have the upper hand, but the triangle pattern means a decisive move is coming soon.
If it breaks upwards, it could signal a rebound. If it breaks downwards, expect more weakness.

Newbie2025 ( Date: 27-Mar-2026 17:13) Posted:

Sir, what does it mean in layman terms Thanks

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Newbie2025
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27-Mar-2026 17:13

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Sir, what does it mean in layman terms Thanks

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JurongW
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27-Mar-2026 14:20

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newbie2019
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27-Mar-2026 14:05

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No worries lar...
Steady pom pi pi

https://rfs.cgsi.com/api/download?file=f20c78bb-a93e-40cb-a046-bc684c3fde7f

Reiterate Add
● During its FY25 results briefing, KEP guided that it would be disbursing 10-15% of the
gross value of its asset monetisation completed over 2025-2030. This could translate
into a special DPS of c.S$0.05-0.11/share for the M1 deal upon completion.
● We reiterate our Add call for KEP&rsquo s recurring income stream and dividend upside. Our
SOP-based TP of S$13.52 values New Keppel at 18x FY27F earnings and non-core
assets at book value. Re-rating catalysts: completion of M1 divestment and further asset
monetisation. Downside risks: delays or unfavourable adjustments to deal terms to
accommodate concerns raised by IMDA and slower pace of monetisation.

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YuanLong94
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27-Mar-2026 13:26

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In addition

Keppel commit higher Payout ratio when recurring is higher in future. Currnet dividends is 56% payout ratio., it can go even higher to 70%(minimum ) or higher. However, as interim they have special dividends from monetarization. There is no real urgent for them to increase their core payout to 70% but from this forecast, is possible that their 2030 core might even be higher than their current core+ special dividends)

Take for example. now their core is 0.19 + 0.15 = 0.34 SGD/share at 2025. That only their 2025 56% payout. Mean Techincally they are able to pay 0.45 SGD for 75% payout if they want too at 2030.
However, kindly take note, AUM at 2030 is 200 BIllion Target Versus AUM at 2026 100Billion . So the profit they have in 2030 will definitely be higher than now ( ideally). So if assume a 50% net profit higher by 2030. The payout for dividends is at least 0.7 SGD/share by then.

2025
Now is 0.34 SGD/share(56% payout bass) + 0.13 SGD/share special dividends = 0.47 SGD/share

2030
75% Payout basis with 50% higher profit then now. Even without monetized asset. It will be 0.7 SGD/share. This 0.7SGD/share is limited by my assumption of MAXIMUM 50% net profit and MINIMUM 75% payout. If the netprofit is higher or payout ratio is higher, it will be higher.

YuanLong94 ( Date: 27-Mar-2026 13:00) Posted:

I agreed with you .

Maybe just to add on.

Keppel has a clear framework for rewarding shareholders from proceeds of asset monetisation (selling non-core assets):

They aim to pay out 10&ndash 15% of the gross value of asset monetisation transactions completed in the financial year as special dividends.
In FY2025, they used the upper end (15%) for the completed monetisation of S$1.6 billion in gross value.
This resulted in a proposed special dividend of ~13 cents per share:
- 2 cents per share in cash.
- The rest (~11 cents equivalent) as dividend in-specie (1 Keppel REIT unit for every 9 Keppel shares held).

This special dividend is in addition to their ordinary dividends. The M1 sale (which would generate nearly S$1 billion in cash) was not yet completed in FY2025, so it was excluded &mdash meaning more special dividends could come in future years once it close

Andrewtan18 ( Date: 27-Mar-2026 11:47) Posted:

What $1b gain. When you sell an asset, the proceeds is not called a gain. In your balance sheet you deduct the amount from the asset (M1) and add to another asset (cash). There is a gain only if the M1 asset is carried in the books at lower than the priceeds from the sale. Since Keppel has stated there is a 220m accounting impact from this sale it means M1 is carried in its books at 220m more than the sales price. Therefore the sale does not create a gain, it only turn an asset into a cash component.

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Louistan
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27-Mar-2026 13:19

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JP Morgan downgraded Keppel to " Neutral" with TP of $12.

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YuanLong94
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27-Mar-2026 13:12

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if it didnt go through, it will slowdown it re-rating of AUM ( it used to be eps x 15 (example 0.4 x 15 = 6 dollar, now maybe around eps x 21/22(0.6 x 21.5 = 12.9 dollar , maximum can go up to x27 if benchmark to blackrock or x70 brookfield(trillion versus Keppel 200B 2030 target)
Keppel do give better dividends then Blackrock. so the rating for Keppel maybe till 2028 then we will know with aermont to add in another 25Billion to 30Billion AUM to new Keppel( Their Target is 2028 150 Billion, 2030 200 Billion) . They are hitting their 2026 target of 100 Billion

Once EPS up, the stock price up. Once re-rating up, the stock price will up too. So is more on how people envisioned Keppel as a AUM company. If you believe in New Keppel, it will worth higher when future EPS & Re-rating up.

M1 is not a bad company, it generated around 50 million Profit per year but due to upcoming competition ,it does not align with New Keppel strategy. Bifrost will take over to contribute the missing M1 revenue while Keppel can immediate monetized on the 1Billion. As " M1 is locked for sale" The 25million profit for 2H 2025 (July 2025 to Dec 2025) is not under Keppel to the best of my understanding from their report.

LoneRanger1420 ( Date: 27-Mar-2026 10:43) Posted:

If didn't go through , will share price drop ? Likewise if go through price goes up ?

Louistan ( Date: 27-Mar-2026 09:42) Posted:

M1 sale may not go throug

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YuanLong94
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27-Mar-2026 13:00

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I agreed with you .

Maybe just to add on.

Keppel has a clear framework for rewarding shareholders from proceeds of asset monetisation (selling non-core assets):

They aim to pay out 10&ndash 15% of the gross value of asset monetisation transactions completed in the financial year as special dividends.
In FY2025, they used the upper end (15%) for the completed monetisation of S$1.6 billion in gross value.
This resulted in a proposed special dividend of ~13 cents per share:
- 2 cents per share in cash.
- The rest (~11 cents equivalent) as dividend in-specie (1 Keppel REIT unit for every 9 Keppel shares held).

Andrewtan18 ( Date: 27-Mar-2026 11:47) Posted:

YuanLong94 ( Date: 27-Mar-2026 09:13) Posted:

The Long-Stop Date is the final deadline by which all conditions (mainly regulatory approval from IMDA) must be fulfilled, or the deal can be terminated.
They are simply giving themselves more time (about 2 extra months) for the IMDA review process, which is still underway.

Firstly, the recognized the lost of 222m for M1 (asset price drop).(2025)
Secondly , they have not factor the gain from the transaction , 1 Billion Cash ( 2H 2026?)
Thirdly, the profit of M1 has been locked under the entity since July 2025 till now. So M1 profit 2H did not go to Keppel for Year 2026
Lastly, if M1 go through there will be special dividends, if M1 did not go through(unlikely), it does not affected the 0.47 cent that is announce for FY 2025 ( August and April). There is still other monetarize for the balance of the 13.5B monetarized plan.

For past few days there is no sharebuyback due to all this sensitive announcement. I think Keppel is up for grab next week with the sharebuyback

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