Singapore, Feb 2, 2026, 15:26 SGT — Regular session
- Keppel slipped 2.3% to S$10.68 during afternoon trading, underperforming the wider market
- Investors are positioning themselves ahead of Keppel’s second-half and full-year 2025 results, set for release on Feb 5
- The STI dropped roughly 0.8%, following its recent streak of gains
Keppel shares dropped 2.3% to S$10.68 by 3:26 p.m. in Singapore Monday, after finishing at S$10.93 on Friday. The Straits Times Index slipped roughly 0.8%, while Keppel has gained around 58% over the last year. (Trading Economics)
The dip comes just days ahead of Keppel’s earnings, leaving the stock on traders’ radars—especially those focused on Singapore blue chips and their dividend appeal.
Keppel will release its financial results for the second half and full year of 2025 ahead of the market open on Feb. 5. Its listed REITs are reporting around the same time: Keppel Pacific Oak US REIT on Feb. 3, Keppel REIT on Feb. 4, and Keppel DC REIT already reported on Jan. 30. (Keppel)
The headline figure matters less than the breakdown in the release. Investors want to see updates on fee income and capital recycling, and especially how much profit stems from recurring operations versus one-time gains.
Keppel, a global asset manager and operator, runs businesses across infrastructure, real estate, and connectivity, per its filings with the Singapore Exchange. The company has operations in over 20 countries. (SGX Links)
Chief Executive Officer Loh Chin Hua stated in a January message that Keppel plans to “substantially monetise” its non-core portfolio by 2030 and targets more than S$100 billion in funds under management by the end of 2026. Funds under management, or FUM, refers to the total assets an investment firm oversees on behalf of clients. (Keppel)
The market has been holding up well. Last week, the STI broke past the 4,900 mark, prompting JPMorgan analysts to raise their 2026 target for the index to 6,000. Their call leans on expected earnings growth, a strong Singapore dollar, and steady dividends, The Straits Times reported. DBS, UOL, and Keppel made their list of favored stocks. (The Straits Times)
The bar has definitely risen. Following a strong rally over the last year, even good earnings can trigger selling if the outlook feels cautious or cash returns fall short.
Traders will keep an eye on any changes in the tone around funding costs and asset values, particularly in real estate and data-centre assets where prices can swing quickly as rates and risk appetite shift.
Keppel’s Feb. 5 results, due before the open, stand as the next major catalyst. Investors will be watching closely for any hints on dividends and capital recycling, which could steer the stock’s direction into next week.
