Keppel Ltd (SGX:BN4) is closing out 2025 with a familiar playbook that investors have learned to watch closely: steady on-market share buybacks, disciplined asset recycling, and a strategy pivot that increasingly frames Keppel as an asset manager with “real assets” horsepower—rather than a traditional conglomerate.
As of the most recent market close (Friday, Dec. 19), Keppel shares ended at S$10.03, down 0.30% on the day, with 4.46 million shares traded. [1]
Below is what’s moving Keppel stock right now, what today’s latest filings and headlines imply, and where analysts’ price targets sit as of 20 Dec. 2025.
Keppel share price today: where SGX:BN4 stands heading into year-end
Keppel’s S$10.03 close on Dec. 19 came after a session range of roughly S$10.01–S$10.13, with notably higher volume than the prior day—an important detail because Keppel also continued buying back shares in the market (more on that below). [2]
On MarketScreener’s data, Keppel was shown up about 46.6% year-to-date (and down about 1.9% over the prior five sessions). [3]
That combination—strong 2025 performance, but choppy short-term tape—helps explain why the late-December story around Keppel is less about “momentum mania” and more about capital allocation (buybacks + divestments) and earnings quality (recurring income from infrastructure, connectivity, and funds management).
Latest Keppel news: daily share buybacks continue (Dec. 18–19 filings)
Keppel disclosed another on-market buyback on Dec. 19, purchasing 50,000 shares at prices between S$10.01 and S$10.09, for a total consideration of about S$503,458. The company’s filing also showed cumulative buybacks under the mandate reaching 12.87 million shares via market acquisition as of that notice. [4]
A day earlier, Keppel likewise reported buying back 50,000 shares on Dec. 18, at S$10.06–S$10.12, for a total of about S$504,820, bringing cumulative market-acquisition buybacks to 12.82 million shares at that point. [5]
Why investors care:
- Signal + support: Regular buybacks can act as a “bid” during weak sessions and communicate management’s confidence in intrinsic value—though it’s not a guarantee of upside.
- Per-share math: Reducing share count can lift EPS (earnings per share) over time, especially if recurring earnings expand as planned.
- Consistency: The market tends to reward repeatable capital allocation more than one-off headlines.
Keppel’s broader buyback narrative has been active since mid-2025, when the company reported stronger first-half earnings and announced a S$500 million share buyback programme, alongside an interim dividend. [6]
Connectivity and data centres: Keppel’s S$50.5 million divestment to Keppel DC REIT
One of the most meaningful late-2025 Keppel catalysts isn’t a trading-day headline—it’s a cash-generative, strategy-consistent asset recycling transaction.
In a joint media release dated Dec. 16, 2025, Keppel’s Connectivity Division agreed to sell to Keppel DC REIT the remaining 10% interest in KDC SGP 3 and 1% interest in KDC SGP 4 for a total cash consideration of S$50.5 million, with completion expected by 1Q 2026. [7]
The release frames the transaction as part of Keppel’s wider monetisation engine, stating it will bring Keppel’s announced monetisation in 2025 year-to-date to over S$2.4 billion. [8]
From a “why it matters” standpoint, the same release adds several market-relevant details:
- For Keppel DC REIT, the acquisition is expected to be immediately distribution-per-unit (DPU) accretive, with a pro forma FY2024 DPU increase of 0.8% (from 9.451 cents to 9.525 cents). [9]
- Keppel DC REIT’s AUM is expected to rise by ~3.5% (from S$5.7 billion to S$5.9 billion) post-acquisition. [10]
- The two Singapore data centres have a combined lettable area of 139,469 sq ft and are located in Tampines, positioned for hyperscale and colocation demand. [11]
- The release states the transactions are not expected to have any material impact on Keppel’s net tangible asset per share or earnings per share for the current financial year. [12]
For Keppel shareholders, the strategic thread is clear: recycle capital out of mature stakes, crystallise value, and redeploy into the firm’s “integrated ecosystem” opportunities—especially those tied to digital infrastructure and sustainability themes. [13]
The bigger backdrop: Keppel’s asset-management pivot and recurring income push
Keppel’s late-2025 corporate actions make more sense when you view the company through the lens Reuters has repeatedly emphasized in 2025: a group repositioning toward asset management and digital connectivity.
Earlier this year, Reuters reported Keppel’s annual underlying profit rose on strong connectivity performance (linked to data centre demand), while noting Keppel’s ambition to scale its asset management platform, with funds under management reported at S$88 billion at end-2024 and a stated 2030 target in the same report. [14]
Reuters also reported in August that Keppel had raised S$6.3 billion in private funds during 2025 for strategies including education and data centre assets, with management citing investor demand aligned to “megatrends.” [15]
And in October, Reuters highlighted Keppel’s strong 9M 2025 performance and ongoing monetisation track record, including about S$14 billion realised since the start of its asset monetisation programme (begun in 2020) and an additional pipeline of deals referenced in that report. [16]
This matters for Keppel stock because markets often award higher valuation multiples to businesses with:
- more recurring earnings,
- lower capital intensity, and
- repeatable fee-based income (funds + platforms),
than to groups reliant on cyclical project gains.
DBS research has also pointed to the funds-under-management ramp as a major driver, writing that Keppel’s FUM was ~S$91 billion as of end-June 2025, with a path toward S$100 billion and longer-term growth ambitions beyond that. [17]
Analyst forecasts and price targets: where Keppel stock is expected to trade in 12 months
The simplest truth about Keppel forecasts right now: targets cluster above the current share price, but the spread is wide, reflecting different assumptions about recurring earnings growth, the pace of monetisation, and what multiple Keppel deserves as it transitions toward asset management.
Here’s the current landscape of widely-cited targets and consensus estimates around Dec. 20, 2025:
Consensus targets clustered around S$11–S$12.50
- Growbeansprout shows a consensus share price target of S$12.455 as of 20 Dec 2025, implying about 24% upside from S$10.03. [18]
- TipRanks lists an average 1Y price target around S$11.20 with a “Strong Buy” consensus (coverage count varies by page), while its forecast page shows estimates ranging roughly S$9.50 to S$12.50. [19]
- TradingView’s analyst aggregation shows a target around S$11.56, with a max estimate of S$13.17 and a minimum of S$9.50. [20]
Broker/institution snapshots that investors track closely in Singapore
SGinvestors’ compilation of recent broker targets (within the past three months on that page) shows an average target price of ~S$11.933, including:
- CGSI Research: S$10.230 (ADD)
- DBS Research: S$10.000 (BUY)
- OCBC Investment: S$11.900 (BUY) [21]
POEMS: bullish S$12.20 target with 2026 catalysts
POEMS’ published research snapshot (dated Nov. 3, 2025 on the page) raised its SOTP-derived target price to S$12.20 and maintained a BUY call, citing expected stronger recurring earnings driven by items including subsea fibre (Bifrost), waste-to-energy projects, the Keppel Sakra Cogen Plant becoming operational in 1H 2026, and rising funds under management. [22]
Simply Wall St: modest upside targets, steady growth assumptions
Simply Wall St’s valuation view shows an average 1-year price target of S$10.99 (14 analysts) as of Dec. 18, 2025—more conservative than some other aggregators. [23]
Separately, its “Future Growth” analysis projects earnings growth of ~7.2% per annum and EPS growth of ~8.1% per annum, with revenue growth expectations much lower (~0.5% per annum)—a mix that implicitly suggests Keppel’s “per-share” and “quality of earnings” story is doing a lot of the work. [24]
A note on forecast quality
Most “price target” numbers above come from sell-side analysts aggregated by different platforms, which can produce slightly different averages and coverage counts depending on refresh timing and which institutions are included. That dispersion is normal—and it’s why the range often matters more than any single-point estimate.
Why Keppel is popping up in 2026 “top picks” lists
Keppel isn’t only showing up on stock-screening and target-price pages. It’s also being cited in broader 2026 positioning notes.
The Business Times reported that JPMorgan named seven top Singapore picks for 2026, including Keppel, alongside names such as DBS, City Developments, CapitaLand Integrated Commercial Trust, ST Engineering, Sea, and Singtel. [25]
The Edge Singapore similarly listed Keppel among JPMorgan’s top Singapore picks for 2026 in coverage focused on the bank’s view that Singapore equities could reach new highs and that 2026 could be shaped by “value unlocking.” [26]
For Keppel, the “fit” with that theme is straightforward: monetisation + capital recycling + platform scaling is a classic recipe for value unlocking—provided execution stays clean.
What to watch next: near-term catalysts and risk factors for Keppel stock
Potential catalysts into 1Q 2026
- Completion of the S$50.5m data centre stake sale (expected by 1Q 2026), reinforcing Keppel’s capital recycling narrative. [27]
- Continuation (or acceleration) of buybacks, which can influence sentiment and near-term supply/demand for the stock. [28]
- Recurring-income ramp tied to connectivity + infrastructure operations that brokers highlight as 2026 drivers (subsea cable, waste-to-energy, cogen ramp-up). [29]
Risks worth keeping in view
- Execution risk in monetisation and reinvestment: recycling capital only works if redeployment earns attractive returns.
- Macro sensitivity: interest rates and risk appetite can heavily influence valuation multiples for asset managers and real-asset platforms.
- Segment cyclicality and geography: Keppel still has exposure to property markets and infrastructure assets that can behave very differently across cycles.
Bottom line on Dec. 20, 2025
Keppel stock is heading into year-end with three reinforcing narratives: steady buybacks, visible monetisation progress (including the S$50.5 million data centre stake divestment), and an increasingly explicit investor pitch around recurring income and funds/platform scaling. [30]
Analyst targets are generally above the current price, with many aggregators clustering in the S$11–S$12.50 band—though the dispersion remains meaningful, and the market will likely demand continued proof that Keppel’s “new earnings mix” can compound through 2026. [31]
References
1. sginvestors.io, 2. sginvestors.io, 3. www.marketscreener.com, 4. classic.shareinvestor.com, 5. c2charts.shareinvestor.com, 6. www.straitstimes.com, 7. links.sgx.com, 8. links.sgx.com, 9. links.sgx.com, 10. links.sgx.com, 11. links.sgx.com, 12. links.sgx.com, 13. links.sgx.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.dbsvickers.com, 18. growbeansprout.com, 19. www.tipranks.com, 20. www.tradingview.com, 21. sginvestors.io, 22. www.poems.com.sg, 23. simplywall.st, 24. simplywall.st, 25. www.businesstimes.com.sg, 26. www.theedgesingapore.com, 27. links.sgx.com, 28. classic.shareinvestor.com, 29. www.poems.com.sg, 30. classic.shareinvestor.com, 31. growbeansprout.com
