Singapore, Jan 30, 2026, 15:05 SGT — Regular session
Shares of Keppel Ltd slipped on Friday, retreating in Singapore’s afternoon session amid investor caution over a fresh aviation-fuel partnership and a packed schedule of earnings from Keppel-related firms. The stock dropped 1.17% to S$10.95. 1
Keppel will release its second-half and full-year 2025 results on Feb. 5. Ahead of that, three Keppel-branded REITs are set to report their figures. This sequence shifts focus onto the company’s fee income and project pipeline, beyond just the daily market fluctuations. 2
Midweek, Keppel and Aster announced plans to jointly explore a sustainable aviation fuel project on Singapore’s Jurong Island. The facility aims to produce up to 100,000 metric tons of SAF annually, using ethanol as the feedstock. Both companies are currently conducting early-stage engineering studies before making a final investment decision. 3
Keppel presented the initiative as a commercial-scale ethanol-to-jet project, pending approvals. Cindy Lim, CEO of Keppel’s Infrastructure Division, called Sustainable Aviation Fuel (SAF) “one of the most practical and impactful levers available today to decarbonise air travel.” 4
Aster, a joint venture between Chandra Asri and Glencore, kept the financial terms under wraps. “This partnership reflects our commitment to the energy transition,” said Aster CEO Erwin Ciputra. 5
Keppel has cautioned investors against expecting an immediate boost in earnings from the SAF study. According to The Business Times, the development won’t significantly affect Keppel’s net tangible assets per share or earnings per share in the current financial year.
Friday saw focus shift to Keppel DC REIT, a sponsored vehicle within the group, which revealed a 7.1% increase in its second-half distribution per unit (DPU). Following the news, its units climbed 1.8%, according to the Straits Times. 6
Keppel DC REIT, backed by Keppel and run by Keppel DC REIT Management, offers investors a fresh angle on data-centre demand and steady fee-generating assets. 7
Macro calls are shaping the market action. JPMorgan analysts, headed by Khoi Vu, said the Straits Times Index rally still has “extended legs,” highlighting Keppel as a top pick in a report referenced by Business Times. 8
OCBC Investment Research echoed this on infrastructure demand. “Unlike the US and China, Singapore’s AI growth is infrastructure led,” its analysts noted in a sector update featured by Business Times. This keeps the focus firmly on companies connected to power and data-centre expansions. 9
The SAF plan remains in the engineering-study phase, with approvals, offtake agreements, and returns still up in the air. Delays or costly financing could quickly dampen market enthusiasm, particularly with earnings approaching.
Keppel’s earnings report on Feb. 5, set for release before the market opens, will be a key test. Investors will zero in on fresh fund updates, capital deployment progress, and the pace at which the current project pipeline converts into booked revenue. 10
