Keppel Ltd (SGX: BN4) Stock Hits Multi‑Year Highs: Latest Share Price, News and 2026 Forecast

Keppel Ltd (SGX: BN4) has quietly turned itself from a cyclical shipyard conglomerate into a data‑centre‑loving, energy‑transition‑friendly asset manager — and the share price is now reflecting that makeover.

As of 5 December 2025, Keppel shares trade a little above S$10, closing around S$10.23, just shy of a recent record region where the stock hit about S$10.34 in November. ^[1] The 52‑week range sits roughly between S$5.61 and S$10.38, giving the group a market capitalisation of about S$18.4 billion. ^[2]

Below is a rundown of what’s driving the move, what analysts are saying, and how the latest forecasts stack up — all based on news and research available up to 5 December 2025.

1. Keppel stock today: price action and performance

Share price and trading

On 5 December 2025, data from StockAnalysis shows Keppel closing at S$10.23 (open S$10.14, high S$10.26, low S$10.13). ^[3]
Intraday data from SGinvestors shows the stock changing hands around S$10.18 late morning on the same day, underlining modest intraday volatility. ^[4]
Over the last year, Keppel has climbed around 50–60%, depending on the exact start date used. The Smart Investor notes the share price was 58% higher year‑on‑year as at 3 December 2025. ^[5]

Five‑year returns

The long‑term chart is where things get spicy:

Simply Wall St calculates that the share price alone is up about 96% over five years, versus roughly 38% for the Singapore market over the same period. ^[6]
Once dividends are included, they estimate a total shareholder return (TSR) of 291% over five years – almost quadrupling an investor’s money if dividends were reinvested. ^[7]

Different data providers use slightly different starting points and adjustments, which is why The Smart Investor can also describe the five‑year price move as “more than 200%”. ^[8] Either way, the message is the same: Keppel has massively outperformed the broader Singapore market over half a decade.

2. From shipyard to “New Keppel”: the business story behind the stock

Originally known as Keppel Corporation, the company was long associated with offshore & marine (O&M) yards and rigbuilding. Over the last few years it has:

Exited rigbuilding and divested its offshore & marine business. ^[9]
Sold non‑core units such as Keppel Logistics. ^[10]
Rebranded to Keppel Ltd in 2024 and repositioned itself as a “global asset manager and operator” focused on three segments: Infrastructure, Real Estate and Connectivity. ^[11]

Keppel now:

Creates and manages alternative real assets across energy transition, decarbonisation, urban renewal and digital connectivity. ^[12]
Targets massive growth in funds under management (FUM), aiming to reach about S$150–200 billion by 2030, up from roughly S$88 billion at the end of 2024. ^[13]

This asset‑light model explains why the market is suddenly willing to pay a much higher earnings multiple than in Keppel’s shipyard days.

3. 9M 2025 results: profit up, recurring income up, market at record highs

Keppel’s 9M 2025 business update (released 30 October 2025) is one of the key drivers of the recent rerating:

“New Keppel” net profit (excluding the legacy non‑core portfolio and the M1 telco business) rose over 25% year‑on‑year for the first nine months of 2025. ^[14]
Recurring income – the holy grail for asset managers – grew almost 15% year‑on‑year, driven by higher contributions from asset management and operating income. ^[15]
Including discontinued operations and the accounting loss on the planned M1 sale, overall net profit still rose more than 5% year‑on‑year. ^[16]

On the capital recycling side:

Keppel announced around S$2.4 billion of asset monetisations in 9M 2025, including the proposed sale of M1’s telco business and waste management company 800 Super. ^[17]
Since launching its asset monetisation programme in 2020, it has clocked roughly S$14 billion of deals and is targeting another S$500+ million in the coming months. ^[18]

The market liked what it saw. Reuters reports that Keppel’s shares hit an all‑time high around S$10.05 after the 9M numbers, marking eight consecutive sessions of gains and underlining growing investor confidence in the new strategy. ^[19]

4. Strategic moves in 2025: data centres, education assets and the M1 deal

4.1 Raising billions for private funds

In August 2025, Reuters reported that Keppel had already secured S$6.3 billion (US$4.9 billion) in FUM for its private fund strategies so far that year, including: ^[20]

Keppel Education Asset Fund II
Keppel Data Centre Fund III

These vehicles feed directly into themes that Keppel likes to talk about: education infrastructure and AI‑driven demand for data centres.

4.2 Selling the M1 telco business

Earlier in August, the company announced it would sell the telecom operations of its subsidiary M1 to Simba Telecom, retaining the higher‑growth ICT and digital infrastructure activities. Key deal points: ^[21]

Enterprise value of the M1 telco business: S$1.43 billion.
Proceeds to Keppel (for its effective 83.9% stake): about S$1 billion in cash (around US$778 million).
Estimated accounting loss of about S$222 million, but the transaction aligns with Keppel’s asset‑light, high‑ROE strategy.

Management has flagged that proceeds can be used to fund growth, reduce debt and/or reward shareholders, potentially supporting further re‑rating of the stock. ^[22]

4.3 Data centres and AI‑driven connectivity

Keppel’s connectivity segment – which includes its data centre platform – has been one of the stars of the show:

For 2024, Reuters highlighted that net profit in the connectivity arm jumped nearly 45%, driven by soaring demand for data centres supporting AI workloads and digital infrastructure in Asia‑Pacific. ^[23]
The company aims to more than double its data centre funds and capacity over time as part of its 2030 FUM ambitions. ^[24]

On top of that, Keppel has announced deals in renewables and low‑carbon energy, such as buying the remaining stake in Cleantech Renewables and signing collaborations to explore low‑carbon power and infrastructure solutions. ^[25]

5. Buybacks, dividends and capital returns

Keppel isn’t just talking about shareholder value; it’s writing actual cheques.

5.1 Share buyback programme

In mid‑2025, Keppel launched a S$500 million share buyback programme. ^[26]
By the end of September 2025 it had already repurchased about S$92.6 million worth of shares. ^[27]
SGX filings show daily share buyback notices almost every trading day from early November through early December 2025, confirming that the company has been steadily retiring stock. ^[28]

From a market‑microstructure angle, persistent buybacks provide a structural source of demand and can support the share price on weak days — as long as the balance sheet remains healthy.

5.2 Dividends and payout philosophy

Keppel has historically distributed around 50–60% of annual net profit as dividends, according to its own investor relations. ^[29]

Recent examples:

Final 2024 dividend: S$0.19 per share, matching the previous year. ^[30]
2025: interim dividend of S$0.15 per share in 1H 2025, unchanged year‑on‑year. ^[31]

The 9M 2025 update also stated that future dividends will be explicitly tied to “New Keppel’s” annual net profit, and that part of the cash unlocked from asset monetisation will be used to reward shareholders. ^[32]

From January 2022 to September 2025, the company estimates it has returned about S$6.6 billion to shareholders via cash and in‑specie distributions, delivering an annualised TSR of 38%, handily beating the Straits Times Index. ^[33]

6. Analyst sentiment, ratings and price targets

There’s quite a chorus of analysts peering at Keppel’s spreadsheets right now, and the overall tone is constructive.

6.1 Broker and platform consensus

Different services give slightly different numbers, but they’re all pointing in the same broad direction — moderate upside from current levels:

TipRanks:
- Average 12‑month target price: S$10.95
- Range: S$9.50 – S$12.50
- Implied upside: around 7% from a reference price near S$10.24. ^[34]
ValueInvesting.io:
- Average target: S$11.08
- Range: S$7.88 – S$13.35
- Based on 18 analysts, with an overall “BUY” consensus. ^[35]
Simply Wall St (valuation page):
- Average 1‑year price target: roughly S$10.99, described as modestly above the current share price. ^[36]
SGinvestors (brokers’ reports):
- Average target from three major houses over the last three months: about S$11.93, implying roughly 17% upside. ^[37]
Beansprout (SGX‑based consensus), updated on 5 December 2025:
- Consensus target: S$12.455
- Implied upside: about 21.6% from a reference price of S$10.24. ^[38]

Across these sources, the 12‑month target price cluster sits roughly in the S$11–12.5 band — not “to the moon”, but clearly above where the stock trades today.

6.2 ADR coverage and UBS rating

On the U.S. OTC market, Keppel trades as KPELY. On 3 December 2025, MarketBeat highlighted a massive volume spike in the ADRs and noted that UBS had initiated coverage with a “Buy” rating. The ADR was trading around US$15.88, above both its 50‑day and 200‑day moving averages, signalling strong upward momentum. ^[39]

7. Valuation: is Keppel stock expensive or still reasonable?

Here’s where things get fun: depending on which model you prefer, Keppel is:

Slightly overvalued,
Slightly undervalued, or
Wildly undervalued.

All at the same time.

7.1 Market multiples

Recent snapshots:

GrowBeansprout estimates a current P/E ratio around 19–20x based on 2025 earnings. ^[40]
GuruFocus and Investing.com have similar trailing P/E readings in the high‑teens to around 20x. ^[41]
StockAnalysis shows a P/E a bit above 20x and a price‑to‑book ratio around 1.6–1.7x. ^[42]

Simply Wall St notes that Keppel’s P/E of roughly 19–20x is comfortably above the Singapore market median (many companies below 14x), suggesting the stock is priced for continued earnings growth. ^[43]

7.2 Fair‑value models: wide disagreement

Different fair‑value engines reach quite different conclusions:

A Yahoo Finance‑linked analysis in November 2025 estimated fair value at about S$8.81, implying the stock was trading above intrinsic value at around S$10.34. ^[44]
A separate Moomoo piece pegs fair value near S$8.74, again suggesting modest overvaluation at recent prices. ^[45]
AlphaSpread’s DCF model, by contrast, calculates a base‑case intrinsic value around S$8.6 and labels the stock roughly 16% overvalued at a market price a little above S$10. ^[46]
ValueInvesting.io’s Peter‑Lynch‑style fair‑value measure, however, spits out a fair value around S$14.08, implying upside of roughly 35–40% from current levels. ^[47]

So depending on how you torture the spreadsheet, Keppel is either slightly pricey or meaningfully cheap. The consensus price targets sit somewhere in between, pointing to single‑ to low‑double‑digit percentage upside in the next 12 months rather than either a crash or a melt‑up.

8. Short‑term technical outlook and trading signals

Technical services are, unsurprisingly, also watching Keppel closely.

StockInvest.us currently labels Keppel a “Buy or Hold” candidate, noting that:
- The stock sits in the lower part of a short‑term rising trend, which they view as a constructive entry zone.
- Support is seen around S$10.13, with near‑term resistance around S$10.19–10.24. ^[48]
- Over the next three months, their model expects Keppel to trade in the S$12.35–S$13.33 band with 90% probability — implying roughly 20–30% upside from recent levels, though this is based purely on price action, not fundamentals. ^[49]
TradingEconomics’ macro‑driven model is much more conservative, suggesting the stock might hover around S$10 near quarter‑end and drift slightly lower over the next year, to about S$9.3–9.4. ^[50]

Short version: quants disagree as much as fundamental analysts do. No surprise there.

9. Growth drivers: why the story has been re‑rated

Several big structural trends are doing the heavy lifting in Keppel’s investment case, and most of the latest research circles back to three of them.

9.1 Energy transition and decarbonisation

Keppel has deliberately swapped volatile rig‑building exposure for “climate‑solutions infrastructure”:

Its infrastructure segment is now heavily tilted towards renewables, integrated power, waste‑to‑energy, district cooling and other decarbonisation‑linked projects. ^[51]
Recent deals include taking full control of Cleantech Renewable Assets and partnering with Siemens Energy and others on low‑carbon power solutions. ^[52]

If global capital keeps chasing green infrastructure, Keppel’s platform stands to benefit from both management fees and investment returns.

9.2 Data centres and digital infrastructure

Demand for compute and storage isn’t exactly slowing down:

Reuters reports that net profit in Keppel’s connectivity segment jumped nearly 45% in 2024, thanks to stronger demand for data centres supporting AI and cloud services. ^[53]
The Smart Investor notes that Keppel expects Asia‑Pacific to be the fastest‑growing region for data‑centre demand over the next five years, with strong interest from U.S. and Chinese cloud providers. ^[54]

Data centres are capital‑intensive, but Keppel increasingly plays as fund manager, developer and operator rather than as a pure owner, which suits its higher‑ROE, asset‑light ambitions.

9.3 Urbanisation and emerging‑market real estate

Focusing on cities where populations are still moving into urban areas, Keppel’s real estate arm holds:

A landbank where about 99% of residential units are in China, Vietnam, Indonesia and India – all countries with urbanisation rates that still have room to climb. ^[55]

That gives the group optionality on housing demand and mixed‑use developments across Asia’s big growth markets.

10. Key risks investors are watching

The bullish story isn’t risk‑free. Current commentary points to several watch‑points:

Valuation risk
With P/E ratios close to 20x and a strong five‑year run behind it, Keppel is no longer a distressed value stock. Simply Wall St explicitly flags the high P/E versus the broader Singapore market and questions whether the premium is fully justified if growth slows. ^[56]
Execution and M&A risk
The strategy depends heavily on successful deal‑making, integration and recycling of assets. The Smart Investor notes that management still faces classic execution risks as it buys, builds and sells across multiple geographies and asset classes. ^[57]
Policy and regulatory risk in renewables
Renewable projects are sensitive to policy swings. The Smart Investor points out that policy shifts — for example in the U.S. — could temporarily dampen returns from green infrastructure, even if the long‑term decarbonisation trend remains intact. ^[58]
AI and data‑centre cyclicality
If the current AI/data‑centre investment boom cools, demand for new facilities could slow, affecting growth in Keppel’s connectivity segment and its data‑centre funds. ^[59]
Interest rates and funding costs
Higher rates can pressure valuations of long‑duration infrastructure assets and make it harder to hit return targets on new deals, even if underlying demand stays strong.

11. So what does 5 December 2025 really say about Keppel stock?

Putting it all together:

Fundamentals: 9M 2025 results show double‑digit earnings and recurring‑income growth, with strong momentum in both asset management and operations. ^[60]
Capital returns: The company is actively returning capital via dividends and a sizeable buyback programme, while still funding growth and maintaining an investment‑grade profile. ^[61]
Strategy: The pivot to infrastructure, data centres and urban real assets appears to be working, at least so far, and aligns with long‑dated megatrends. ^[62]
Valuation & forecasts:
- Most analyst and quant models see moderate upside in the next 12 months (roughly 7–20%). ^[63]
- Some fair‑value models see the stock as modestly overvalued, others see it as materially undervalued, highlighting how sensitive valuations are to growth and discount‑rate assumptions. ^[64]

For investors and traders scanning Google News or Discover on 5 December 2025, Keppel sits in an interesting spot: a formerly cyclical conglomerate that has convincingly reinvented itself for an infrastructure‑and‑AI‑heavy world, rewarded early believers with huge returns, and now trades at a valuation that assumes the transformation continues — but doesn’t yet price in perfection.

References

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Sembcorp Industries (SGX: U96) Stock Today: India IPO Plans, Renewables Pipeline and 2026 Outlook (5 December 2025)

ST Engineering (SGX: S63) Stock Outlook as of 5 December 2025: Record Order Book, Bigger Dividends and New Space Contracts