Singapore, Jan 27, 2026, 15:42 SGT — Regular session.
- Keppel shares edged up in afternoon trading, recovering slightly after a dip yesterday.
- Investors are eyeing Keppel’s full-year results set for Feb 5, with several Keppel-linked REIT earnings due beforehand.
- Headlines about recent deals in data centres and subsea connectivity continue to shape positioning.
Keppel Ltd shares climbed 0.37% to S$10.99 by 3:29 p.m. Singapore time Tuesday, bouncing back from Monday’s 0.6% fall. The stock closed the previous day at S$10.95, with roughly 2.0 million shares changing hands, according to SGX data. 1
The change was minor. Timing, however, is crucial.
Keppel is about to enter a reporting period that will recalibrate expectations around cash flow and fee income, even as the wider market remains fixated on rates and policy moves. This month, the group has flooded investors with deal talk, and the upcoming results will put those claims to the test.
Keppel will release its second-half and full-year 2025 results ahead of the market open on Feb 5. Its listed trusts will report earlier, beginning with Keppel DC REIT on Jan 30 and continuing into early February. 2
UOB Kay Hian kept its “buy” rating on Keppel, setting a target price of S$11.70, The Business Times reported. The brokerage also included the stock among its top large-cap picks for 2026. 3
Keppel is pushing ahead with its data centre strategy, announcing earlier this month that its Asia-Pacific data centre “powerbank” pipeline now exceeds 1.0 gigawatt. The term “powerbank” refers to securing land along with power and water access before full development. “Digitalisation and AI are reshaping global compute needs,” said Manjot Singh Mann, CEO of Keppel’s connectivity division. He also noted the company is “in active discussions with hyperscalers and neoclouds” about future capacity. Keppel added that the move to the Australia site shouldn’t materially affect earnings per share or net tangible assets per share for this financial year. 4
Keppel has inked a binding term sheet with an unnamed global telecom player to lease a fibre pair on the Bifrost Cable System for 25 years, according to The Business Times. The agreement is structured as an “indefeasible right of use” — essentially a long-term capacity lease. Keppel expects to finalize the definitive deal by Q2 2026. Mann pointed to “strong interest from global telcos and cloud players” that helped push pricing terms higher. 5
Singapore shares edged higher earlier, with the Straits Times Index breaking past 4,900 to hit a record 4,912.46 in early trading, buoyed by bank stocks, The Business Times reported. Investors appear focused on the U.S. Federal Reserve’s upcoming policy meeting, where the consensus is that interest rates will hold steady. 6
Investors in Singapore are focused on the Monetary Authority of Singapore’s policy review set for Thursday. Most economists predict no change. Yet, any unexpected adjustment to the exchange-rate policy could impact funding costs and sectors sensitive to interest rates. 7
Keppel’s investment thesis hinges largely on execution—securing planning approvals, grid connections, water supply, and how quickly cloud and AI clients commit to long-term capacity. Any delays in these areas could push earnings results behind the news, causing the stock to behave more like a macro play than a straightforward deal catalyst.
Keppel DC REIT’s earnings, due Jan 30, and Keppel’s full-year results on Feb 5 are the next key events. Traders are also waiting to see if the Bifrost term sheet moves to formal agreements in Q2.
