Keppel (BN4) Stock Overview
An investment holding company, engages in the infrastructure, real estate, and connectivity businesses in Singapore, China, Hong Kong, other Far East and ASEAN countries, and internationally. More details
| Snowflake Score | |
|---|---|
| Valuation | 1/6 |
| Future Growth | 2/6 |
| Past Performance | 4/6 |
| Financial Health | 2/6 |
| Dividends | 2/6 |
BN4 Community Fair Values
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Analyst Price Targets
Keppel Ltd. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | S$11.23 |
| 52 Week High | S$13.25 |
| 52 Week Low | S$7.35 |
| Beta | 0.51 |
| 1 Month Change | 3.60% |
| 3 Month Change | -5.63% |
| 1 Year Change | 52.17% |
| 3 Year Change | 68.37% |
| 5 Year Change | 107.58% |
| Change since IPO | 276.62% |
Recent News & Updates
Analysis Article • Jun 16
Keppel (SGX:BN4) Stock Could Be 9% Undervalued After Its S$325,000,000 Perpetual Securities Sale
How Keppel’s new perpetual securities frame the latest stock move Keppel (SGX:BN4) recently priced S$325,000,000 of fixed rate subordinated perpetual securities, an event that gives investors fresh context for assessing the stock after recent trading swings and changing earnings expectations. The Series 018 perpetuals offer a 3.30% annual distribution from June 11, 2026 to June 11, 2029, with subsequent resets tied to the prevailing 3 year SORA OIS plus an initial spread of 1.62% and a 1.00%...
Narrative Update • Jun 06
BN4: Special Dividend Package Will Support Returns Despite Recent Downgrade
Analysts have trimmed their Keppel price target slightly from SGD 12.65 to SGD 12.32, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E following recent research, including the JPMorgan downgrade. What's in the News Keppel terminated its proposed divestment of M1 after the Infocomm Media Development Authority halted regulatory assessment of the deal, and the sale and purchase agreement with Simba Telecom has ceased to have effect, according to The Business Times.Narrative Update • May 03
BN4: Special Dividend Returns Are Expected To Offset JPMorgan Downgrade
Keppel's analyst price target has been trimmed slightly from SGD 12.89 to SGD 12.65, as analysts factor in updated assumptions on the discount rate, revenue growth, profit margin and future P/E following recent research that included a downgrade by JPMorgan. Analyst Commentary Recent research, including the downgrade by JPMorgan, has led to more cautious assumptions on discount rates, revenue growth, profit margins and future P/E multiples for Keppel.Narrative Update • Apr 18
BN4: Fair Outlook Balances JPMorgan Downgrade With Special Dividend Returns
Analysts have kept Keppel's fair value unchanged at SGD 12.89, with only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions following the recent downgrade highlighted in Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the unchanged fair value of SGD 12.89 as a sign that the recent downgrade is more about adjusting risk assumptions than a fundamental shift in Keppel's long term outlook.Recent updates
Analysis Article • Jun 16
Keppel (SGX:BN4) Stock Could Be 9% Undervalued After Its S$325,000,000 Perpetual Securities Sale
How Keppel’s new perpetual securities frame the latest stock move Keppel (SGX:BN4) recently priced S$325,000,000 of fixed rate subordinated perpetual securities, an event that gives investors fresh context for assessing the stock after recent trading swings and changing earnings expectations. The Series 018 perpetuals offer a 3.30% annual distribution from June 11, 2026 to June 11, 2029, with subsequent resets tied to the prevailing 3 year SORA OIS plus an initial spread of 1.62% and a 1.00%...Narrative Update • Jun 06
BN4: Special Dividend Package Will Support Returns Despite Recent Downgrade
Analysts have trimmed their Keppel price target slightly from SGD 12.65 to SGD 12.32, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E following recent research, including the JPMorgan downgrade. What's in the News Keppel terminated its proposed divestment of M1 after the Infocomm Media Development Authority halted regulatory assessment of the deal, and the sale and purchase agreement with Simba Telecom has ceased to have effect, according to The Business Times.Narrative Update • May 03
BN4: Special Dividend Returns Are Expected To Offset JPMorgan Downgrade
Keppel's analyst price target has been trimmed slightly from SGD 12.89 to SGD 12.65, as analysts factor in updated assumptions on the discount rate, revenue growth, profit margin and future P/E following recent research that included a downgrade by JPMorgan. Analyst Commentary Recent research, including the downgrade by JPMorgan, has led to more cautious assumptions on discount rates, revenue growth, profit margins and future P/E multiples for Keppel.Narrative Update • Apr 18
BN4: Fair Outlook Balances JPMorgan Downgrade With Special Dividend Returns
Analysts have kept Keppel's fair value unchanged at SGD 12.89, with only marginal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions following the recent downgrade highlighted in Street research. Analyst Commentary Bullish Takeaways Bullish analysts point to the unchanged fair value of SGD 12.89 as a sign that the recent downgrade is more about adjusting risk assumptions than a fundamental shift in Keppel's long term outlook.Narrative Update • Apr 03
BN4: Fair Outlook Will Rely On Data Centre Expansion And Downgrade Risks
Analysts have trimmed their SGD price target for Keppel by SGD0.19 to reflect a slightly higher discount rate, modestly lower profit margin assumptions and a marginally reduced forward P/E multiple, even as projected revenue growth is adjusted higher. Analyst Commentary Recent research, including a downgrade from JPMorgan, highlights a mix of optimism and caution around Keppel, with views clustered around how the revised assumptions feed into valuation, execution risk and growth expectations.Narrative Update • Mar 20
BN4: Fair Outlook Will Rely On Expanding Asia Pacific Data Centre Pipeline
Analysts have raised their SGD fair value estimate for Keppel from SGD 12.44 to SGD 13.08. This reflects updated assumptions for slightly lower discount rates, marginally higher revenue growth, firmer profit margins, and a modestly higher future P/E.Narrative Update • Mar 04
BN4: Fair Outlook Will Hinge On Asia Pacific Data Centre Expansion
Analysts have increased their fair value estimate for Keppel to SGD 12.44 from SGD 12.16, citing updated assumptions regarding the discount rate, revenue growth, profit margins, and forward P/E multiples. What's in the News Keppel announced a proposed special dividend of SGD 0.02 per share in cash, to be paid out of retained profits, with a record date of 5.00 pm on 28 April 2026, subject to conditions being met (company announcement).Narrative Update • Feb 18
BN4: Fair Outlook Will Rely On Expanding Asia Pacific Data Centre Pipeline
Analysts have lifted their fair value estimate for Keppel from SGD 11.26 to SGD 12.16, citing updated assumptions for revenue growth, profit margins and future P/E, along with a slightly lower discount rate. What's in the News Keppel expanded its data centre powerbank pipeline in Asia Pacific from more than 300 MW to over 1.0 GW of gross power capacity.Analysis Article • Feb 11
Keppel's (SGX:BN4) Profits Appear To Have Quality Issues
The market for Keppel Ltd.'s ( SGX:BN4 ) stock was strong after it released a healthy earnings report last week...Narrative Update • Feb 04
BN4: Fair Outlook Will Rely On Expanding Asia Pacific Data Centre Power
Analysts have kept their fair value estimate for Keppel broadly unchanged at $11.26, with only marginal tweaks to the discount rate and future P/E assumptions. This reflects fine tuning of their models rather than a shift in conviction.Narrative Update • Jan 19
BN4: Fair Outlook Will Depend On Expanding Data Centre Power Capacity
Analysts have raised their fair value estimate for Keppel from $10.99 to $11.26, citing slightly lower discount rate assumptions, a modestly higher profit margin outlook and an adjusted future P/E expectation. What's in the News Keppel expanded its data centre powerbank pipeline in Asia Pacific from more than 300 MW to over 1.0 GW of gross power capacity, positioning the business to scale its data centre portfolio more quickly in key markets (Key Developments).Narrative Update • Jan 05
BN4: Fair Outlook Will Rely On Data Centre Lease Extension
Analysts have kept their price target for Keppel broadly steady around $10.99, as only minor adjustments to discount rate, revenue growth assumptions, profit margin and future P/E feed into a largely unchanged valuation view. What's in the News Relevant authorities granted conditional approval for a 10-year land tenure lease extension to 15 July 2050 for the Keppel Data Centre Campus at Genting Lane in Singapore, tied to a previously announced transaction.Analysis Article • Dec 29
Is Keppel (SGX:BN4) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...Narrative Update • Dec 13
BN4 Will Maintain Fair Outlook As Earnings Assumptions Remain Largely Unchanged
Narrative Update on Keppel Analysts have modestly revised their price target on Keppel to reflect essentially unchanged fair value at approximately $11.00, supported by only marginal tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions. Valuation Changes Fair Value: Maintained at approximately SGD 11.00 per share, with no change in the modelled intrinsic value.Narrative Update • Nov 29
BN4: Updated Discount Rate And Margins Will Support Fair Valuation Outlook
Analysts have raised Keppel's fair value estimate from $10.61 to $10.99, citing updated forecasts and adjustments in their valuation model. Valuation Changes The Fair Value Estimate has increased slightly from SGD 10.61 to SGD 10.99.Analysis Article • Nov 18
Keppel Ltd.'s (SGX:BN4) Business Is Trailing The Market But Its Shares Aren't
With a price-to-earnings (or "P/E") ratio of 19.9x Keppel Ltd. ( SGX:BN4 ) may be sending bearish signals at the...Narrative Update • Nov 15
BN4: Operational Metrics And Discount Rate Will Support Stable Outlook
Keppel's analyst price target has been reaffirmed at $10.61, with analysts maintaining their outlook based on unchanged fair value estimates, minor adjustments to the discount rate, and consistent forecasts for operational metrics. Valuation Changes Fair Value Estimate remains unchanged at SGD 10.61 per share.Narrative Update • Oct 31
BN4: Profit Margins And Discount Rate Improvements Will Support Urban Decarbonization
Keppel's analyst price target has been revised upward from $10.15 to $10.61. This reflects analysts' increased confidence based on strengthening profit margins and a modest reduction in the discount rate, despite softer revenue growth expectations.Narrative Update • Oct 17
Digital Infrastructure And Decarbonization Will Transform Urban Landscapes
Analysts have raised their price target for Keppel from $9.94 to $10.15. They cite expected improvements in profit margin, even though revenue growth projections are lower and there is a slightly reduced discount rate.Narrative Update • Oct 03
Digital Infrastructure And Decarbonization Will Transform Urban Landscapes
Analysts have raised their price target for Keppel, updating it from $9.84 to $9.94. This reflects improved fair value estimates despite only modest adjustments to growth and profitability forecasts.Narrative Update • Sep 18
Digital Infrastructure And Decarbonization Will Transform Urban Landscapes
Keppel’s latest valuation update shows virtually unchanged future P/E and revenue growth forecasts, supporting a marginally higher consensus analyst price target, up from SGD9.71 to SGD9.84. What's in the News Keppel commenced a share buyback program authorized to repurchase up to 90,741,740 shares (5% of issued capital).Analysis Article • Aug 04
Keppel's (SGX:BN4) Dividend Will Be SGD0.15
Keppel Ltd. ( SGX:BN4 ) has announced that it will pay a dividend of SGD0.15 per share on the 21st of August. The...Analysis Article • Jul 31
Returns At Keppel (SGX:BN4) Are On The Way Up
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'd want to...
New Narrative • Feb 09
Focus On Energy Transition, Digitalization, And AI Will Open New Opportunities
Keppel's strategic shift towards asset management and focus on energy transition, digitalization, and AI offers growth potential through service diversification.Shareholder Returns
| BN4 | SG Industrials | SG Market | |
|---|---|---|---|
| 7D | -0.4% | 0.5% | 0.2% |
| 1Y | 52.2% | 28.9% | 29.1% |
Return vs Industry: BN4 exceeded the SG Industrials industry which returned 28.9% over the past year.
Return vs Market: BN4 exceeded the SG Market which returned 29.1% over the past year.
Price Volatility
| BN4 volatility | |
|---|---|
| BN4 Average Weekly Movement | 3.5% |
| Industrials Industry Average Movement | 4.9% |
| Market Average Movement | 5.6% |
| 10% most volatile stocks in SG Market | 13.3% |
| 10% least volatile stocks in SG Market | 2.4% |
Stable Share Price: BN4 has not had significant price volatility in the past 3 months compared to the SG market.
Volatility Over Time: BN4's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1968 | 4,964 | Loh Chin Hua | www.keppel.com |
Keppel Ltd., an investment holding company, engages in the infrastructure, real estate, and connectivity businesses in Singapore, China, Hong Kong, other Far East and ASEAN countries, and internationally. The company manages private funds and listed real estate investment and business trusts in areas of infrastructure, real estate, and connectivity; provides energy and environmental solutions and services, including commercial power generation, renewables, environmental engineering and construction, and infrastructure operation and maintenance; sustainable and urban space solutions; sustainable urban renewal and senior living services; system integration solutions and services; and engages in the property development and investment, and master development activities. It also offers telecommunication services; leases, develops, operates, and manages data centres; trades and sells telecommunication and information technology equipment; and develops and operates golf club.
Keppel Ltd. Fundamentals Summary
| BN4 fundamental statistics | |
|---|---|
| Market cap | S$20.24b |
| Earnings (TTM) | S$1.06b |
| Revenue (TTM) | S$5.98b |
19.2x
P/E Ratio3.4x
P/S RatioIs BN4 overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| BN4 income statement (TTM) | |
|---|---|
| Revenue | S$5.98b |
| Cost of Revenue | S$4.26b |
| Gross Profit | S$1.72b |
| Other Expenses | S$660.14m |
| Earnings | S$1.06b |
Last Reported Earnings
Dec 31, 2025
Next Earnings Date
Jul 30, 2026
| Earnings per share (EPS) | 0.59 |
| Gross Margin | 28.73% |
| Net Profit Margin | 17.69% |
| Debt/Equity Ratio | 103.2% |
How did BN4 perform over the long term?
See historical performance and comparisonDividends
3.0%
Current Dividend Yield58%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/25 15:26 |
| End of Day Share Price | 2026/06/25 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Keppel Ltd. is covered by 30 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Khir Goh | AmInvestment Bank Berhad |
| Clement Chen | Barclays |
| Yu Jie Lo | BofA Global Research |