Keppel Ltd.

SGX:BN4 Stock Report

Market Cap: S$12.4b

Keppel Valuation

Is BN4 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BN4 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BN4 (SGD6.84) is trading above our estimate of fair value (SGD4.4)

Significantly Below Fair Value: BN4 is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BN4?

Key metric: As BN4 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BN4. This is calculated by dividing BN4's market cap by their current earnings.
What is BN4's PE Ratio?
PE Ratio16.6x
EarningsS$744.42m
Market CapS$12.35b

Price to Earnings Ratio vs Peers

How does BN4's PE Ratio compare to its peers?

The above table shows the PE ratio for BN4 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average48.7x
J36 Jardine Matheson Holdings
152.6x44.5%US$12.2b
C07 Jardine Cycle & Carriage
7.9x2.9%S$11.2b
S63 Singapore Technologies Engineering
22.4x11.9%S$14.4b
BS6 Yangzijiang Shipbuilding (Holdings)
11.6x15.2%S$11.7b
BN4 Keppel
16.6x11.6%S$12.4b

Price-To-Earnings vs Peers: BN4 is good value based on its Price-To-Earnings Ratio (16.6x) compared to the peer average (48.7x).

Price to Earnings Ratio vs Industry

How does BN4's PE Ratio compare vs other companies in the Asian Industrials Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
BN4 16.6xIndustry Avg. 12.7xNo. of Companies18PE01020304050+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BN4 is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the Asian Industrials industry average (12.7x).

Price to Earnings Ratio vs Fair Ratio

What is BN4's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BN4 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio16.6x
Fair PE Ratio15.7x

Price-To-Earnings vs Fair Ratio: BN4 is expensive based on its Price-To-Earnings Ratio (16.6x) compared to the estimated Fair Price-To-Earnings Ratio (15.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BN4 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$6.84
S$8.17
+19.5%
11.9%S$9.40S$6.05n/a12
Dec ’25S$6.73
S$8.18
+21.5%
11.9%S$9.40S$6.05n/a12
Nov ’25S$6.40
S$8.02
+25.3%
11.0%S$9.25S$6.05n/a12
Oct ’25S$6.64
S$7.97
+20.0%
10.8%S$9.00S$6.05n/a12
Sep ’25S$6.17
S$7.96
+29.1%
10.8%S$9.00S$6.05n/a12
Aug ’25S$6.33
S$8.16
+29.0%
10.3%S$9.00S$6.05n/a11
Jul ’25S$6.44
S$8.18
+27.0%
10.2%S$9.00S$6.05n/a11
Jun ’25S$6.72
S$8.10
+20.5%
9.9%S$9.00S$6.05n/a11
May ’25S$6.88
S$8.10
+17.7%
9.9%S$9.00S$6.05n/a11
Apr ’25S$7.36
S$8.08
+9.8%
9.8%S$9.00S$6.05n/a11
Mar ’25S$7.17
S$8.08
+12.7%
9.8%S$9.00S$6.05n/a11
Feb ’25S$7.15
S$7.78
+8.9%
11.9%S$9.09S$6.05n/a11
Jan ’25S$7.07
S$7.81
+10.5%
11.4%S$9.09S$6.15n/a10
Dec ’24S$6.85
S$7.74
+13.0%
11.6%S$9.09S$6.15S$6.7310
Nov ’24S$6.19
S$7.57
+22.2%
13.5%S$9.09S$5.80S$6.4011
Oct ’24S$6.80
S$7.68
+13.0%
13.5%S$9.09S$5.80S$6.6411
Sep ’24S$6.94
S$7.68
+10.7%
13.5%S$9.09S$5.80S$6.1711
Aug ’24S$7.39
S$7.68
+4.0%
13.5%S$9.09S$5.80S$6.3311
Jul ’24S$6.71
S$7.20
+7.3%
16.7%S$9.09S$5.35S$6.4411
Jun ’24S$6.26
S$7.20
+15.1%
16.7%S$9.09S$5.35S$6.7211
May ’24S$6.17
S$7.20
+16.7%
16.7%S$9.09S$5.35S$6.8811
Apr ’24S$5.63
S$7.19
+27.8%
24.7%S$10.04S$5.11S$7.3610
Mar ’24S$5.48
S$7.59
+38.6%
28.1%S$10.04S$5.11S$7.178
Feb ’24S$7.64
S$8.63
+13.0%
14.2%S$10.11S$5.80S$7.159
Jan ’24S$7.26
S$8.63
+18.9%
14.2%S$10.11S$5.80S$7.079
Dec ’23S$7.58
S$8.63
+13.9%
14.2%S$10.11S$5.80S$6.859

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/30 19:38
End of Day Share Price 2024/12/30 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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 here.

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 .

Analyst Sources

Keppel Ltd. is covered by 39 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Khir GohAmInvestment Bank Berhad
Clement ChenBarclays
H. YoonBNP Paribas Securities (Asia)