Singapore, 8 December 2025 — Keppel Ltd (SGX: BN4) has evolved from a traditional Singapore conglomerate into a global asset manager and operator at the centre of three big themes: digital infrastructure, the energy transition and sustainable urban renewal. That shift is now clearly reflected in its share price and in how analysts value the stock.
As of late morning on 8 December 2025, Keppel shares were trading around S$10.13–S$10.17, slightly below Friday’s close of S$10.23 but still near record levels. [1] Over the past year, the stock has climbed roughly 58%, with recent coverage noting a price of about S$10.28 on 3 December versus an all‑time high of S$13.38 in October 2007. [2]
At the same time, Keppel’s “New Keppel” strategy is driving more than 25% profit growth, a rising share of recurring income, an aggressive asset‑monetisation and buyback programme, and a crowded field of “Buy” ratings from brokers and data platforms. [3]
This article rounds up the latest news, forecasts and analyses on Keppel stock as at 8 December 2025, and distils what they mean for investors.
1. Keppel share price today: near the top of its 52‑week range
- Spot price:
- Range and market cap:
- 52‑week range: roughly S$5.61 to S$10.38.
- Market capitalisation: about S$18.6 billion as of the 5 December close at S$10.23. [6]
- Momentum:
- Technical research site StockInvest notes Keppel has risen in 7 of the last 10 sessions, up about 3.7% over the past two weeks, and sits in the lower part of a strong short‑term rising trend. [7]
- The same model estimates a 90% probability of the stock trading between S$12.34 and S$13.33 over the next three months, based purely on chart patterns and volatility. [8]
Smart Investor data earlier in the year flagged Keppel as one of four Singapore blue‑chip stocks with double‑digit year‑to‑date gains, with the share price up about 19% YTD and at a 52‑week high of S$8.21 as at July 2025. [9] Since then, the rally has extended, with Reuters reporting that the stock hit a record S$10.05 around the 9M 2025 results on 30 October, its eighth straight day of gains. [10]
Looking over a longer horizon, Keppel also ranks among the top 10 STI performers over the past decade, delivering about 10.4% annualised total return, including dividends, according to analysis by The Smart Investor. [11]
2. Earnings momentum: 9M 2025 profit up more than 25%
The core of the bull case is that Keppel’s earnings are now growing again — and increasingly recurring.
9M 2025 results
Keppel’s 9M 2025 Business Update and subsequent Reuters coverage report that:
- Net profit for “New Keppel” (excluding legacy offshore & marine and other non‑core assets) rose by more than 25% year‑on‑year in the first nine months of 2025, with all three business segments – Asset Management, Infrastructure and Real Estate – delivering earnings growth. [12]
- Recurring income grew by roughly 15% over the same period, driven by higher asset management fees and operating income. [13]
- The group has announced around S$14 billion of asset monetisation since it launched its programme in October 2020 and is targeting another S$500 million‑plus of disposals in the coming months. [14]
- Shares closed at a record S$10.05 on 30 October following the update. [15]
Earlier, Keppel’s 1Q 2025 update drew attention for:
- Net profit (excluding legacy offshore & marine) rising more than 25% year‑on‑year,
- Over 80% of that profit coming from recurring sources,
- Asset management fees increasing 9% YoY to about S$96 million, and
- Around S$347 million in asset monetisation booked year‑to‑date, with a further S$550 million of potential real estate divestments in advanced discussion. [16]
2024 base and FUM growth
A detailed strategy review by MatrixBCG summarised Keppel’s 2024 base as follows:
- Net profit from continuing operations of about S$1.06 billion, up around 5% from 2023 (excluding legacy offshore & marine).
- Return on equity (ROE) of 10.1% in 2024 versus 9.5% in 2023.
- Recurring income of roughly S$766 million, or 72% of net profit – up sharply from 21% in 2021.
- Funds under management (FUM) reaching S$88 billion by end‑2024. [17]
Management’s medium‑term ambition is to lift FUM to S$100 billion by 2026 and S$200 billion by 2030, implying a continued tilt toward capital‑light fee income. [18]
3. M1 sale and the “asset‑light” New Keppel
One of the most important corporate developments this year is Keppel’s decision to divest most of M1’s telecoms business.
Key terms of the M1 transaction
On 11 August 2025, Keppel announced it would sell M1’s telco business to Simba Telecom for an enterprise value of S$1.43 billion, fully in cash. [19]
According to Keppel’s own release and Reuters’ coverage:
- Keppel will receive close to S$1.0 billion in cash proceeds for its 83.9% effective stake in M1. [20]
- It will retain M1’s fast‑growing ICT business, including data centres and subsea connectivity assets, which plug directly into Keppel’s Connectivity and digital infrastructure strategy. [21]
- The deal values the telecom operations at about 7.3× EV/EBITDA and is expected to result in an accounting loss of roughly S$222 million, mainly from goodwill and intangibles. [22]
- On a pro‑forma basis, excluding M1’s telco unit, Keppel estimates that its annualised ROE for 1H 2025 would have been about 16.0% (vs 15.4%), while net debt/EBITDA would fall from 2.4× to 1.7×. [23]
The sale remains subject to regulatory approval by Singapore’s Infocomm Media Development Authority (IMDA), but is expected to close in the coming months. [24]
Market reaction and sector impact
The Straits Times reported that while the M1 stake sale had long been anticipated, investors were surprised that Simba, not StarHub, emerged as the buyer. [25] The consolidation will reduce the number of facility‑based mobile operators in Singapore from four to three and is widely seen as positive for long‑term sector economics, even if the impact on each telco differs. [26]
For Keppel, the transaction is another major milestone in its push to become “an asset‑light global asset manager and operator” and frees up close to S$1 billion in cash that can be used for growth investments, debt reduction or shareholder returns. [27]
4. Digital infrastructure and the energy transition: core growth engines
Keppel’s investment case in 2025 is increasingly centred on power‑hungry AI‑era data centres, subsea connectivity and cleaner energy.
Integrated digital infrastructure ecosystem
Keppel describes itself today as a global asset manager and operator with sustainability‑linked solutions across infrastructure, real estate and connectivity, operating in more than 20 countries and providing services tied to renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. [28]
Two recent company features — Connecting the future and the Keppel NEXT 2025 forum — spell out what that means in practice:
- Keppel is building an integrated digital infrastructure ecosystem that spans AI‑ready data centres, energy infrastructure, subsea cables and enterprise cloud solutions. [29]
- The firm plans a large‑scale 300MW power project backed by at least 2GWp of solar PV, 4GWh of battery storage and subsea power cables to supply round‑the‑clock green electricity to data centres in Singapore. [30]
- It is developing AI‑optimised data centres where power density per rack can climb from today’s 5–15kW to 100–200kW (and potentially higher in future GPU generations), and is pioneering Singapore’s first floating data centre, which has completed its environmental impact assessment and is pending a construction permit. [31]
- Keppel is a key player in the Bifrost Cable System, a ~20,000km subsea cable that went ready‑for‑service on 1 October 2025 and directly links Singapore to the US West Coast. Keppel and its funds own five of the system’s 12 fibre pairs, with the cable landing station located in a Keppel data centre, providing low‑latency routes for hyperscale customers. [32]
To support this connectivity push, Keppel Infrastructure Fund and Keppel Infrastructure Trust are jointly investing in Global Marine Group, one of the world’s largest independent subsea cable solutions providers, strengthening Keppel’s ability to design, install and maintain new cable projects in Asia and beyond. [33]
Power and renewables
On the energy side, Keppel is focusing on integrated power and decarbonisation projects:
- It is developing Singapore’s first hydrogen‑compatible power plant, the Keppel Sakra Cogen Plant, due to start operations in the first half of 2026. [34]
- Keppel is already the first importer of renewable electricity into Singapore under the Lao PDR–Thailand–Malaysia–Singapore (LTMS‑PIP) Power Integration Project, which it can use to “unlock” more data‑centre capacity with lower emissions. [35]
- Keppel Infrastructure Trust has grown its renewables capacity from 740MW in 2023 to roughly 1.3GW in 2024, according to MatrixBCG’s analysis and KIT’s own investor materials. [36]
A separate May 2025 announcement from Huawei and Keppel highlighted a strategic partnership to accelerate the rollout of sustainable energy solutions in Asia and other key markets, again tying together energy transition capabilities with digital‑infrastructure needs. [37]
Asset‑management scale
MatrixBCG’s review emphasises that Keppel’s growth plan leans heavily on scaling its asset‑management platform:
- FUM target: S$100 billion by 2026, S$200 billion by 2030.
- Asset‑management fees have grown about 25% annually between 2020 and 2024, reaching roughly S$436 million and projected to approach S$1 billion by 2030 if FUM targets are achieved. [38]
For investors, the strategic takeaway is that Keppel is trying to position itself as a “picks and shovels” provider to data‑centre and energy‑transition megatrends, while monetising capital‑heavy assets into fee‑earning platforms.
5. Dividends, yield and share buybacks
Dividend track record
Keppel has maintained a stable cash‑dividend profile in recent years:
- For 2024, the company paid a total cash dividend of 34 cents per share (19 cents final + 15 cents interim), matching 2023’s payout according to MatrixBCG. [39]
- In 2025 so far, Keppel has:
- Paid a final dividend of 19 cents on 9 May 2025 (ex‑date 28 April).
- Paid an interim dividend of 15 cents on 21 August 2025 (ex‑date 11–12 August, depending on the source). [40]
On a trailing 12‑month basis, that implies about 34 cents per share of dividends. Against a share price in the S$10.10–S$10.20 range, the trailing dividend yield is roughly 3.3% — not the highest on the SGX, but respectable for a stock that has also delivered strong capital appreciation. [41]
Ongoing share buybacks
In addition to dividends, Keppel has been active in repurchasing its own shares:
- SGinvestors’ compilation of SGX announcements shows daily on‑market buyback notices almost every trading day from late November through 5 December 2025, plus a transfer and use of treasury shares for employee share schemes on 1 December. [42]
Sustained buybacks at prices around S$10 indicate that management is comfortable returning cash at current valuations and can enhance per‑share metrics if the growth plan materialises.
6. Analyst ratings and price targets (updated to 8 December 2025)
Across multiple platforms, consensus leans clearly positive on Keppel stock, though with differing degrees of upside.
Local consensus (SGX / Beansprout)
- Keppel‑focused analytics at Growbeansprout, using SGX data, show a consensus share‑price target of S$12.455 as at 8 December 2025.
- Based on a current share price of S$10.17, this implies an estimated upside of about 22.5%. [43]
- The page also lists earlier 2025 reports from regional brokers (CGSI, DBS, OCBC, Phillip, UOB Kay Hian), all with “ADD” or “BUY”‑type ratings and target prices that were then in the high‑S$8 to low‑S$9 range — targets that have since been eclipsed by the share price rally. [44]
International broker and data‑platform views
Various international data aggregators show broadly similar conclusions:
- TradingView / MarketWatch
- Consensus 12‑month price target around S$11.56, with a high estimate of S$13.17 and a low of S$9.50.
- Overall recommendation: “Buy”, based on around 12 analyst ratings. [45]
- Investing.com (ticker KPLM)
- 14 analysts tracked.
- Average 12‑month target: about S$10.99, with a high of S$13.17 and low of S$7.8.
- Consensus rating: “Buy” (roughly 12 Buy, 1 Sell, 0 Hold). [46]
- TipRanks (SG:BN4)
- 7 analysts over the past three months.
- Average price objective: S$10.95, with a high of S$12.50 and low of S$9.50, representing about 7% upside versus a last traded price of S$10.23. [47]
- Simply Wall St (OTC: KPEL.F)
- Projects earnings growth of about 7.2% per year, EPS growth of 8.1% and revenue growth of 0.5% per year, with forecast ROE of around 9.2% in three years. [48]
How to read the consensus
Putting this together:
- Fundamental analyst targets cluster mostly between S$11 and S$12.50, suggesting mid‑single‑digit to low‑20s percentage upside from current levels, depending on which dataset you use and when it was refreshed.
- Local SGX‑based consensus (Beansprout) is toward the higher end of that spectrum at S$12.455. [49]
- Forecasts assume sustained growth in recurring asset‑management and infrastructure earnings and successful reinvestment of asset‑monetisation proceeds.
None of these targets are guarantees, but they illustrate that Keppel is broadly viewed as a growth‑plus‑income stock with further upside, rather than a fully‑priced ex‑growth utility.
7. Technical outlook and near‑term trading setup
Short‑term traders and technically‑minded investors will note the following from StockInvest’s 5 December technical commentary:
- Keppel closed at S$10.23 on Friday, up 0.79% on the day on rising volume (~3 million shares, about S$27 million in value). [50]
- The stock is trading in the lower part of a rising short‑term trend channel, which the model interprets as a potentially attractive entry point so long as the trend holds. [51]
- Support is seen around S$10.19 (accumulated volume) and S$10.04 (long‑term moving average), with near‑term resistance close to S$10.24. [52]
- Using the 14‑day Average True Range, the system projects a possible intraday band of about S$10.15–S$10.31 for Monday, 8 December 2025, and labels Keppel a “buy candidate” within a broader positive trend, though there are also some short‑term sell signals (e.g., from MACD and a recent pivot top). [53]
For investors who focus on fundamentals, this simply underlines that the recent rally has been relatively orderly, with low day‑to‑day volatility and increasing liquidity — typical of a large‑cap name re‑rating on better earnings.
8. Key risks and what could go wrong
Despite the strong story, several risks could derail the bullish thesis.
A synthesis of Keppel’s own disclosures, MatrixBCG’s risk discussion and independent analysis points to at least six major areas: [54]
- Execution risk in scaling data centres and power projects
- AI‑grade data centres demand massive, reliable power and cooling. Delays or cost overruns in projects like the Keppel Sakra Cogen Plant, floating data centres or regional renewables could hurt returns.
- Regulatory and competition risk
- Telecommunications and infrastructure are heavily regulated. The M1–Simba deal still requires IMDA approval, and regulators globally are scrutinising data‑centre energy use and subsea cable routes more closely. [55]
- Real‑estate and macroeconomic exposure
- Keppel’s real‑estate segment operates in China, Singapore and Vietnam, markets exposed to property cycles and policy shifts. Reuters notes that the group monetised about S$830 million of real‑estate assets in the nine months to September 2025; slower demand could reduce divestment proceeds or fees. [56]
- Legacy assets and monetisation risk
- While the worst of the offshore & marine legacy appears ring‑fenced, MatrixBCG points out that legacy O&M assets worth ~S$3.6 billion still create drag and need to be gradually monetised. If market conditions worsen, this could take longer or require further write‑downs. [57]
- Funding conditions and interest‑rate sensitivity
- As an asset manager and infrastructure operator, Keppel relies on capital markets to raise funds. Higher interest rates or tighter credit conditions could affect returns on new projects, though lower leverage post‑M1 sale helps.
- Talent, technology and cyber risks
- Keppel is betting heavily on advanced AI, cloud and connectivity technologies, and its own risk disclosures note the difficulty of attracting and retaining skilled talent, as well as the need to manage cybersecurity, especially as it scales data‑centre and network operations. [58]
Investors have to weigh these risks against the potential rewards of Keppel’s transformation.
9. Is Keppel stock a buy on 8 December 2025?
Based on the latest information:
- Fundamentals:
- Balance sheet and capital allocation:
- Valuation and expected return:
- The stock trades near its 52‑week high and has already delivered ~58% share‑price appreciation in the past year, yet most analyst sets still see modest to meaningful upside (roughly 7–22%) over the next 12 months, depending on the target set used. [63]
- Strategic positioning:
- Keppel is tightly aligned with two structural themes – the energy transition and digital infrastructure / AI – through projects such as Bifrost, hydrogen‑ready power, floating data centres and expanded renewables portfolios. [64]
For long‑term investors, Keppel in December 2025 looks like:
- A core Singapore blue‑chip with a proven 10‑year track record of double‑digit total returns, [65]
- A growing stream of recurring, fee‑based income, and
- A pipeline of projects that could support earnings growth beyond 2026 if executed well.
For short‑term traders, the stock is in a rising trend with relatively low volatility, but is already near its 52‑week high, so entry timing around support zones (e.g., S$10.00–10.20) and broader market sentiment will be important. [66]
References
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