Singapore, Jan 26, 2026, 15:23 SGT — Regular session
- Keppel shares slipped roughly 0.5% in afternoon trading, pulling back from last week’s record highs
- No new company announcements have come out since Jan. 20; attention now turns to the Feb. 5 earnings report
- Investors are closely monitoring if the data-centre “powerbank” will quickly translate into confirmed demand
Shares of Keppel Ltd slipped 0.5% to S$10.96 by 3:19 p.m. in Singapore on Monday, pulling back after a solid rally that pushed the stock close to all-time highs. Traders appeared eager to take profits. According to the company announcement list, there have been no new filings since Jan. 20.
Keppel’s full-year results are coming up, and expectations are running high. That means even a calm trading day can get volatile as investors adjust their positions and trim exposure.
The stock reached a record S$11.06 on Jan. 23, then retreated. Now, traders seem focused less on new developments and more on how much positive momentum is baked into the current price.
Keppel will release its second-half and full-year 2025 results on Feb. 5, before the market opens, according to a notice on its website. Its listed REITs report earlier that week, often seen by investors as a signal on funding costs and property valuations.
Keppel is ramping up its data centre ambitions. On Jan. 15, the company announced it secured a 123-hectare lease near Morwell, Victoria, with the potential to deliver up to 720 megawatts of gross power capacity. This pushes its Asia-Pacific data-centre “powerbank” past the 1-gigawatt mark. Manjot Singh Mann, Keppel’s head, noted they’re in “active discussions with hyperscalers and neoclouds” about expanding capacity. Deputy CIO Lee Hui Fang added that the Keppel Data Centre Fund III manages over S$2.7 billion. The firm also said this new development isn’t expected to significantly affect earnings per share or net tangible assets per share this fiscal year.
Keppel uses “Powerbank” as a catch-all for securing power, land, and connections upfront, then acting once customers commit. Investors focus heavily on how much of that pipeline actually converts into contracted, revenue-generating assets, rather than just the headline megawatts figure.
There’s a downside, though. If leasing talks stall, approvals drag out, or power costs spike against new builds, the pipeline can end up stuck longer than the market anticipates, locking up both attention and capital.
Keppel’s next major hurdle is the Feb. 5 earnings report, along with any guidance it provides — particularly around fundraising, asset disposals, and the speed at which new data-centre sites can be converted into signed capacity.
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