SINGAPORE (Dec 22, 2025) — Keppel Ltd shares (SGX: BN4; Reuters: KPLM.SI) were trading around S$10.16–S$10.17 on Monday, hovering near recent highs as investors weighed a steady drumbeat of asset monetisation updates, ongoing share buybacks, and a pipeline of listed-vehicle deals that could expand Keppel’s fee-earning base into 2026. [1]
Keppel has been repositioning itself from a legacy conglomerate into what it calls a global asset manager and operator spanning Infrastructure, Real Estate and Connectivity—and the stock’s 2025 rerating reflects how seriously the market is taking that shift. [2]
Keppel share price today (Dec 22, 2025): where the stock is trading
As of Dec 22, Keppel stock was quoted at roughly S$10.16 (with live trackers showing S$10.17), up about +1.3% on the day in some market feeds. The session’s day range was approximately S$10.11 to S$10.21, with volume around ~1.48 million shares reported by Investing.com. [3]
Zooming out, Keppel’s 52‑week range has stretched from roughly S$5.61 to S$10.38, underlining just how far the stock has travelled over the last year. [4]
One more helpful bit of context: the company is listed on SGX under BN4 and is “previously listed as Keppel Corporation Limited” on some market databases—useful when you’re cross-checking older research notes and filings. [5]
What’s moving Keppel stock right now: the late‑December news flow
Keppel’s December narrative isn’t about a single blockbuster headline. It’s more like a series of small, investor-friendly signals: recycling capital, tightening the corporate structure, and using buybacks to reinforce shareholder returns—while continuing to build a higher-recurring-income earnings mix.
Here are the key developments investors are digesting as of Dec 22, 2025:
1) Keppel to sell remaining stakes in two Singapore data centres to Keppel DC REIT
On Dec 16, 2025, Keppel announced it had agreed to sell its remaining 10% interest in Keppel DC Singapore 3 and 1% interest in Keppel DC Singapore 4 to Keppel DC REIT for a total cash consideration of S$50.5 million, with completion expected by 1Q 2026. [6]
Keppel framed the deal as part of its broader asset monetisation programme, saying it would lift announced monetisation year-to-date to over S$2.4 billion. That matters for the stock because Keppel has been explicit that capital recycling is meant to both fund growth and support shareholder returns. [7]
2) PUB concession extension supports cash-flow visibility at Keppel’s infrastructure platform
On Dec 15, 2025, Keppel said Singapore’s national water agency PUB extended the concession agreement for the SingSpring Desalination Plant (under Keppel Infrastructure Trust) by three years to 2028, and Keppel’s Infrastructure Division will continue as the operations and maintenance provider for another three years. [8]
For Keppel watchers, this lands as a “boring in a good way” update: longer concessions and O&M contracts can mean more predictable operating income, which is exactly the kind of earnings quality the market tends to reward in an asset-manager/operator model. [9]
3) Share buybacks continue (and investors are counting the receipts)
Keppel has been active in the market with buybacks. In an SGX filing dated Dec 19, 2025, the company disclosed it bought back 50,000 shares at prices between S$10.01 and S$10.09, for a total consideration of about S$503,458, and held them as treasury shares. [10]
The same filing shows 12.87 million shares purchased cumulatively since the daily buyback mandate start date (listed as 21/04/2025). [11]
At the strategic level, Keppel’s own communications tie buybacks directly to its shareholder-return framework. In its 9M 2025 business update materials, Keppel highlighted a S$500 million Share Buyback Programme (launched 31 July 2025) and disclosed that S$92.6 million had been repurchased as at end‑September 2025. [12]
4) Corporate housekeeping: voluntary liquidations of subsidiaries
Keppel also disclosed the members’ voluntary liquidation of several wholly-owned subsidiaries in December. The company stated these liquidations were not expected to have any material impact on net tangible assets or earnings per share for FY2025. [13]
Local coverage added colour on the rationale: entities that previously provided shared administrative services became dormant as Keppel streamlined and centralised functions during its transformation. [14]
The bigger driver: Keppel’s 2025 earnings momentum and “asset‑light” transformation
The late‑December headlines sit on top of a broader 2025 operating story.
In its 9M 2025 business update (released Oct 30, 2025), Keppel reported that the “New Keppel’s” net profit rose by over 25% year-on-year, supported by earnings growth across Infrastructure, Real Estate and Connectivity. Keppel also said recurring income grew by close to 15% year-on-year, driven by higher asset management and operating income contributions. [15]
Reuters coverage of the same update noted Keppel had announced about S$14 billion in monetisation since it launched its programme in October 2020, and was targeting another over S$500 million in monetisation deals over the following months. [16]
This is the core reason analysts keep bringing the conversation back to fees and recurring income: it’s not just about one quarter’s profit—it’s about whether Keppel can keep shifting its earnings mix toward steadier, re-rateable cash flows.
Analyst forecasts and price targets: what brokers and consensus are saying (as of Dec 22, 2025)
Analyst views on Keppel are broadly constructive, but there’s meaningful spread in target prices—partly because different analysts weight Keppel’s asset management, operating platforms, and remaining non-core exposures differently.
A snapshot of recent targets and ratings
A compilation of brokerage notes tracked by SGinvestors shows multiple “Buy” calls, including target prices such as:
- DBS Research: BUY, target price S$10.00
- OCBC Investment: BUY, target price S$11.90
- UOB Kay Hian: BUY, target price S$11.70
- Phillip Securities: BUY, target price S$12.20 [17]
DBS’s house view describes Keppel as a “rising global asset manager with developer and operator capabilities,” projecting core earnings growth driven by expanding funds under management, while flagging risks such as slower-than-expected AUM/FUM growth and non-core asset issues. [18]
Phillip Securities’ research (via POEMS) points to potential stronger recurring earnings growth into FY26, highlighting drivers such as contributions from operating assets/projects and rising funds under management, and also calls out the role of monetisation and buybacks in supporting dividends and valuation. [19]
What “consensus” data feeds are implying
Market-data platforms also publish aggregated analyst targets. For example, Investing.com lists an average 12‑month price target around S$10.99 (with a “Buy” skew in its analyst breakdown). [20]
The practical takeaway for investors reading these numbers on Dec 22: with Keppel trading around S$10.16, some consensus sets imply modest upside, while the more bullish brokerage notes imply meaningful upside—but only if Keppel continues to execute on monetisation, fee growth, and earnings quality. [21]
What to watch next: catalysts into early 2026
A few upcoming milestones are likely to shape how Keppel stock trades from here:
- FY2025 results date: Keppel’s financial calendar lists the announcement of 2025 full-year results on 5 February 2026. [22]
- Completion timing for the data centre stake sale: Keppel expects the SGP 3 and SGP 4 stake transactions to complete by 1Q 2026. [23]
- Pace of buybacks: Investors will keep tracking SGX daily buyback disclosures for signals about capital management intensity and price discipline. [24]
- Further monetisation announcements: Reuters has highlighted Keppel’s target for additional monetisation deals following the 9M update. More asset sales (or clearer redeployment into fee-earning platforms) can move sentiment quickly. [25]
The bull case vs the risk case for Keppel stock (in plain English)
Why bulls like it: Keppel is trying to become the kind of company markets tend to pay up for—an “asset manager + operator” with repeatable fee streams, visible operating income, and a track record of recycling capital rather than hoarding it. The recent data-centre and infrastructure updates fit that playbook, while buybacks can provide an extra bid under the stock when execution stays on track. [26]
What could go wrong: The strategy depends on consistent execution—growing funds under management, monetising assets at acceptable prices, and avoiding nasty surprises in legacy/non-core exposures. Analysts explicitly flag slower AUM/FUM growth and non-core asset risks as downside factors. [27]
Keppel stock on Dec 22, 2025 is basically the market asking one big question in a dozen small ways: Can Keppel keep turning monetisation and platforms into durable, compounding recurring income? The next few quarters—and especially the Feb 5, 2026 full‑year results—will likely sharpen that answer. [28]
References
1. www.investing.com, 2. www.keppel.com, 3. www.investing.com, 4. sginvestors.io, 5. sginvestors.io, 6. www.keppel.com, 7. www.keppel.com, 8. www.keppel.com, 9. www.keppel.com, 10. links.sgx.com, 11. links.sgx.com, 12. www.keppel.com, 13. links.sgx.com, 14. www.businesstimes.com.sg, 15. www.keppel.com, 16. www.reuters.com, 17. sginvestors.io, 18. www.dbs.com.sg, 19. www.poems.com.sg, 20. www.investing.com, 21. www.investing.com, 22. www.keppel.com, 23. www.keppel.com, 24. links.sgx.com, 25. www.reuters.com, 26. www.keppel.com, 27. www.dbs.com.sg, 28. www.keppel.com
