Singapore, Feb 8, 2026, 15:02 SGT — Market closed
- Keppel edged up 0.17% to finish at S$11.64 on Friday, a bit more resilient than the wider Singapore market.
- Adrian Loh at UOB Kay Hian bumped his target on Keppel to S$13.23, following the group’s FY2025 dividend announcement.
- Investors keep an eye on when Keppel will sell M1, along with April’s major dividend entitlement dates.
Keppel Ltd closed at S$11.64 on Friday, ticking up 0.17%. A fresh broker note highlighted the company’s dividend angle with trading set to resume on Monday. 1
Investors are zeroed in on one thing: just how much cash or how many assets Keppel might hand back as it unwinds non-core businesses—and how fast it can move. Keppel’s been pushing the “asset-light” story, positioning itself more as a manager and operator. Now, that narrative hinges squarely on the payout question.
This is relevant at this point, since the stock has already surged over the past year. What happens next probably hinges less on last week’s headline results and more on what actually gets done—divestments wrapped up, green lights for deals, and the board’s willingness to maintain the new special-dividend framework.
UOB Kay Hian’s Adrian Loh bumped his target price up to S$13.23 from S$11.70, describing the FY2025 results as “strong” and highlighting what he called a “meaningful” boost to return on equity. Loh also noted management’s guidance around special dividends from asset monetisation, adding with a grin, “Sharing is caring.” 2
Keppel is guiding for FY2025 total dividends of roughly 47 Singapore cents a share, a jump of 38% over FY2024. The boost comes on the back of asset sale proceeds. 3
Keppel’s shares are set to go ex-dividend on April 27, according to a filing, cutting off eligibility for the payout at the close of trade that day. The record date lands on April 28, while the dividend is scheduled for payment on May 8. The company will hold its annual general meeting earlier in the month, on April 17. 4
During the FY2025 results briefing, CEO Loh Chin Hua called the proposed sale of M1’s telco business “a bit delayed” as regulatory approvals drag on. Still, he said he was “very confident” the deal would close. Over at Keppel South Central, real estate chief Louis Lim reported leasing stood at roughly 50% committed. “People who come to the building love it,” Lim said, though he flagged ongoing tenant demands for lower rents. 5
Keppel bucked the weaker trend heading into the weekend. The Straits Times Index in Singapore slipped 0.8% on Friday, settling at 4,934.41 and breaking its streak of record-high finishes. 6
Still, things could easily tilt the opposite direction. M1’s regulatory timeline is up in the air, and Keppel’s special dividends depend on a continued flow of asset sales—which aren’t guaranteed. Plus, the group will need the property market on its side to lock in exits at prices it likes.
Trading picks up again Monday (Feb 9), with investors eyeing updated broker calls and any hints about how divestment is shaping up. Coming up: the April 17 AGM, then April 27’s ex-dividend cutoff before the May 8 payout lands.
