Keppel Ltd Stock (SGX:BN4) in Focus: Share Buybacks, “New Keppel” Earnings Momentum, and Analyst Targets as of 13 Dec 2025

Keppel Ltd shares closed at S$10.22 on 12 Dec 2025 as the group continues steady on-market buybacks. Here’s the latest on corporate filings, the “New Keppel” transformation, and where analysts see upside heading into 2026.

Keppel Ltd (SGX:BN4) heads into the weekend with its share price hovering near fresh highs, supported by a steady drumbeat of on-market share repurchases and a 2025 narrative that has increasingly shifted from “conglomerate discount” to “asset-light cash engine.”

As of the last trading session before 13 December 2025, Keppel shares were indicated at S$10.22, up about 1.9% on the day, with trading between S$10.12 and S$10.23 and volume around 4.0 million shares. ^[1]

Below is what’s driving the Keppel Ltd stock conversation right now—what’s new, what analysts are forecasting, and what investors are watching into early 2026.

Keppel share price today: buybacks stay in the spotlight

Keppel’s most immediate “headline driver” is simple and mechanical: it has been consistently buying back stock in the market.

In its latest SGXNet filing, Keppel disclosed that it repurchased 50,000 shares on 12 Dec 2025, paying between S$10.12 and S$10.22 per share for total consideration of about S$509,737. The filing also shows cumulative repurchases to date of 12.62 million shares (about 0.695% of issued shares excluding treasury shares, per the filing’s calculation), with 18.30 million treasury shares held after the purchase. ^[2]

That kind of recurring, disclosed demand doesn’t guarantee price gains—but it does tend to tighten supply and keeps the “capital returns” storyline front and center.

Latest Keppel news: dormant subsidiaries placed into voluntary liquidation

The other fresh corporate update is administrative rather than operational—but still worth noting for completeness.

Keppel announced that several dormant wholly-owned subsidiaries—Keppel Fels Power Pte Ltd, KRE Anchorage Pte. Ltd., and KRE Australia Pte. Ltd.—were placed under members’ voluntary liquidation, with Keppel stating the move is not expected to have any material impact on net tangible assets or earnings per share for the financial year ending 31 December 2025. ^[3]

Investors typically read these clean-up actions as part of balance-sheet housekeeping during a multi-year restructuring, rather than as a change in core business momentum.

The bigger driver: “New Keppel” transformation and recurring income

The reason Keppel’s stock has been able to hold attention beyond buybacks is that the underlying business mix has been evolving—toward recurring fee income, operating cash flow, and capital recycling.

Reuters reported in late October that Keppel posted more than 25% growth in net profit for the first nine months of 2025 (on a basis excluding its non-core portfolio for divestment and certain discontinued/divesting businesses), alongside a near 15% increase in recurring income for the nine months. Reuters also highlighted Keppel’s asset monetisation program, noting about S$14 billion monetised since the program’s 2020 launch and a target of another S$500 million+ in the coming months (as of that report). ^[4]

This “sell mature assets, recycle capital, earn fees, repeat” loop is central to how the company wants the market to value it.

Why recurring income matters for Keppel’s valuation

Keppel’s investment pitch increasingly resembles a hybrid of:

an asset manager (earning fees on funds under management and performance), and
an operator (infrastructure, real estate operations, connectivity/digital infrastructure)

That’s a meaningful shift from older “lumpy project profits” perceptions—especially in a market that tends to reward visibility and repeatability.

Analyst forecasts for Keppel stock: price targets point to upside

Analyst expectations into 2026 revolve around three themes: (1) scaling asset management, (2) monetisation/dividends/buybacks, and (3) new operating income streams coming online.

Consensus price target: about S$12.46 (as of 13 Dec 2025)

A market data compilation referencing SGX consensus estimates puts Keppel’s consensus share price target at S$12.455 as of 13 Dec 2025, implying roughly ~22% upside from S$10.22. ^[5]

Consensus targets vary by provider and time window, but the direction is clear: multiple research houses are framing Keppel as an “upside with catalysts” name heading into 2026.

Broker targets and key assumptions

Phillip Securities (9M25 update): target S$12.20, Buy
An excerpted Phillip Securities note maintained a BUY and raised its target price to S$12.20, citing faster recurring income growth, stronger equity raised, and a pipeline of future operating contributions (including power capacity expansion and subsea cable-related income). ^[6]

OCBC Investment Research: fair value raised to S$11.90
OCBC’s excerpt raised its SOTP-based fair value estimate to S$11.90, pointing to ongoing monetisation momentum, improving prospects for asset management fees (including from announced acquisitions), and continued shareholder returns. ^[7]

UOB Kay Hian: target raised to S$11.70, Buy
UOB’s excerpt maintained BUY and increased its target price to S$11.70, arguing the market could be underappreciating dividend upside and noting that additional monetisation and a potentially higher final dividend (plus a possible special dividend) could surprise to the upside when full-year results are released. ^[8]

Taken together, recent broker targets cluster around S$11.70 to S$12.20, with consensus estimates extending slightly higher depending on the dataset. ^[9]

Key catalysts investors are tracking into 2026

Several named projects and milestones repeatedly show up in current research commentary.

1) Keppel Sakra Cogen Plant: step-up in recurring income

Keppel has stated its 600 MW Keppel Sakra Cogen Plant is set to start operations in 1H 2026 and is already “substantially contracted,” positioning it as a potential contributor to recurring income rather than a speculative bet. ^[10]

2) Subsea cables: Bifrost moves from build story to operating story

Keppel announced in October that the Bifrost Cable System achieved Ready-for-Service status, with commercial traffic expected to follow. Analysts are focused less on the headline and more on how this translates into operations and maintenance income and potential monetisation of additional fibre pairs. ^[11]

3) Decarbonisation and waste-to-energy: order book and follow-through

Phillip’s note flagged a 26% year-on-year jump in the decarbonisation and sustainability solutions order book to S$6.8 billion, with momentum attributed to more integrated waste-to-energy projects—an area that could contribute multi-year operating income once projects are completed and running. ^[12]

4) Monetisation + buybacks + dividends: the “shareholder return flywheel”

A recurring theme across research is that monetisation proceeds, operating cash flow, and (potentially) lower interest costs could keep funding:

continued share repurchases, and/or
higher dividends (including the possibility of special dividends, depending on board decisions)

UOB explicitly flagged the possibility of dividend surprise around end-Jan 2026 when Keppel reports full-year 2025 results (timing referenced in its excerpt). ^[13]

Keppel-linked market watch: Keppel REIT’s MBFC Tower 3 deal

While not a direct Keppel Ltd corporate action, Keppel-linked vehicles can influence sentiment around its real estate and fund-management ecosystem.

The Business Times reported that Keppel REIT agreed to acquire an additional one-third interest in Marina Bay Financial Centre (MBFC) Tower 3 for an agreed property value of S$1.45 billion, alongside a S$886.3 million rights issue (with a stated entitlement of 23 units for every 100 at S$0.96 each). ^[14]

For Keppel Ltd investors, the relevance is indirect: transactions across the “Keppel platform” can feed the broader narrative of AUM growth, fee income, and capital recycling—though the financial impact depends on specific management and ownership arrangements.

Risks to keep in view (because markets love plot twists)

No stock narrative is complete without the parts that can go sideways:

Execution risk: New operating income streams (power assets, cable systems, decarbonisation projects) must transition from “planned/commissioning” to stable delivery. ^[15]
Real estate cycle sensitivity: Analysts have noted weaker progress in some real estate monetisation areas relative to other segments, and regional property conditions can remain a swing factor. ^[16]
Deal timing and approvals: The proposed sale of Keppel’s stake in M1’s telco business has been positioned as aligned with the asset-light strategy, but completion timelines and regulatory approvals matter to capital return plans. ^[17]
Rate and credit conditions: Research commentary explicitly links falling rates to potential finance cost relief and dividend support—but macro can change, and refinancing conditions matter. ^[18]

Bottom line for Keppel Ltd stock on 13 Dec 2025

Keppel Ltd stock is currently being priced as a capital recycling + recurring income story—with near-term support from ongoing share buybacks and medium-term upside framed around new operating cash flows (power, connectivity) and asset management scale.

With the stock around S$10.22 heading into 13 Dec 2025 and multiple broker targets sitting roughly in the S$11.70–S$12.20 range (and some consensus datasets nearer S$12.46), the market is effectively debating one question: how much of “New Keppel” deserves to be valued like a scaled, repeatable platform rather than a traditional conglomerate? ^[19]