Singapore, February 7, 2026, 15:11 SGT — Market closed.
- Keppel shares closed at S$11.64 on Friday, inching up 0.17%. That move followed a strong rally the previous day after its results.
- Capital returns are front and center again, thanks to the group’s FY2025 profit gain and a fatter payout package.
- Keppel repurchased 151,400 shares on Friday, a filing disclosed.
Keppel Ltd (SGX:BN4) closed out Friday at S$11.64, ticking up 0.17%. With the weekend break in play, traders are watching to see if momentum from its results sticks when trading resumes. According to a filing, Keppel repurchased 151,400 shares on Feb. 6, paying between S$11.38 and S$11.55 a share, for a total outlay of about S$1.74 million with costs factored in. 1
Shares jumped 6.1% Thursday, finishing at S$11.62—Keppel’s best close in over a dozen years—as the company posted stronger FY2025 earnings and promised a heftier distribution. That rally set the tone. On Friday, the stock mostly just kept those gains. 2
What’s in focus: Investors are sizing up just how much cash Keppel can keep delivering as it shifts harder toward fee-based earnings and trims down its balance sheet. The special dividend setup throws a choice at some holders — stick with the REIT’s unit price, or reduce exposure once it hits their accounts.
Keppel posted a 29% jump in full-year profit from continuing operations, reaching S$1.02 billion, as recurring income climbed on better results in infrastructure, real estate, and connectivity. CEO Loh Chin Hua cited the “increasing digitalisation and the AI wave” as tailwinds for the group. Funds under management climbed to S$95 billion; Keppel aims to hit S$100 billion by the end of 2026. 3
This is a sizable payout for Singapore blue chips. Keppel announced a total FY2025 distribution around 47 Singapore cents per share—made up of a 19-cent final cash dividend and a special dividend of roughly 13 cents. That special dividend is split between cash and an in-specie portion: shareholders get one Keppel REIT unit for every nine Keppel shares they own, instead of straight cash. 4
Brokers wasted no time crunching fresh figures. UOB Kay Hian’s Adrian Loh bumped his target up to S$13.23 from S$11.70, describing the results as “strong” and pointing to the special dividend policy as a sign more payouts could follow once non-core assets are cleared off. “Sharing is caring,” Loh quipped. 5
Keppel managed to hold its ground on Friday, even as the Straits Times Index slipped 0.8% to 4,934.41. The benchmark’s brief record run ended, with more stocks finishing lower than higher. 6
Still, plenty could trip up this trade. Keppel took an accounting loss on its books thanks to the planned M1 telco sale, a deal that’s still waiting on the green light from regulators. Power segment profits are another wild card, with earnings at the mercy of swings in “spark spreads”—that’s the gap between electricity prices and natural gas costs. Plus, those in-specie REIT units included with the special dividend don’t come without risk: their market value could shift dramatically before shareholders actually get their hands on them. 7
Now the focus shifts to Keppel and whether new buyers step in when Singapore trading resumes Monday. Investors will also be eyeing its dividend schedule — Keppel’s investor relations page still shows April 28 as the book-closure date and May 8 for the next payout. 8
