Keppel Ltd

BN4: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 6.60	Vctq	Xhlwwfhw

Keppel: Transferring Coverage With Fair Value Estimate of SGD 8.60; Shares Undervalued

Xinfu Lee

Apr 26, 2024

We transfer coverage of Keppel, with a no-moat rating and raising our fair value estimate to SGD 8.60 per share from SGD 8.40, after tweaking our operating income margin slightly higher. Based on the current price, we think the shares are undervalued and expect positive developments in its asset monetization plans and growth of its fund management platform to drive share price performance.

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