SINGAPORE, Feb 10, 2026, 15:01 SGT — Regular session
- Shares of Keppel Ltd (SGX:BN4) picked up 2.6%, trading at S$12.42 as the afternoon session rolled on.
- After Keppel posted its results and announced a special dividend, brokers bumped up their target prices closer to S$14.
- Eyes are on April’s AGM schedule, the dividend record date, and any first-half operating catalysts coming up.
Keppel Ltd stock picked up 2.6% to reach S$12.42 as of 2:48 p.m. in Singapore, building on gains since last week’s results and drawing more interest from traders. 1
Since Monday’s 4% surge, the stock has seen plenty of action. On Tuesday, it moved within a range of S$12.05 to S$12.45. Volume? Roughly 4.09 million shares traded. 2
The Straits Times Index barely budged, dipping just 0.06% in delayed trading. Keppel, though, stood out with its own move—largely a story about the stock itself. 3
Analysts scrambled to catch up with the rally. Phillip Securities bumped its target price up to S$13.80, sticking with a “buy”, and CGS International also raised their target, now S$13.52, maintaining an “add”, according to The Business Times. Paul Chew, who heads research at Phillip Securities, flagged stronger earnings ahead, citing asset management fees, easing rates and cost cuts. For Keppel, Citi Research’s Brandon Lee pointed to U.S. investor money flowing into Asia as another boost. 4
Some of the loftier price targets are pinned on a sum-of-the-parts approach, where each segment gets valued separately and the pieces are tallied. It’s a simple pitch: recurring fee income climbs, contracted infrastructure cash shows up more reliably, and those unpredictable legacy earnings shrink in the mix.
Keppel posted FY2025 net profit of S$1.1 billion last week, calling this the era of the “New Keppel.” The board put forward total FY2025 dividends at roughly 47 Singapore cents per share. That includes a special dividend: 2 cents per share paid in cash, and an in-specie distribution of one Keppel REIT unit for every nine Keppel shares. (For clarity, “in-specie” refers to payment in securities, not cash.) The company also highlighted its 600 MW Keppel Sakra Cogen Plant, targeting operational startup in the first half of 2026 and already fully booked for 2026 and 2027. 5
Singapore got a small boost from macro headlines. Reuters reported the government lifted its 2026 growth outlook to 2% to 4%, citing stronger global momentum and AI-driven demand. 6
Still, there’s plenty baked into the price at this point. The REIT-unit leg of the special dividend is going to swing alongside Keppel REIT’s unit price up to the entitlement date. Delays to project launches or sluggish asset monetisation? That could chill the appetite.
Next up: investors are eyeing the AGM coming April 17. The record date for the special dividend lands on April 28, and payout is due May 8, the company said in an SGX filing. 7
