Obermatt

Flags

Financial distress

Keppel

SES:BN4 · SG1U68934629
Industrial ConglomeratesX-Large

360

2
EV / EBIT12
Price / Owner Earnings11
Owner Earnings Yield22
Dividend Yield79
Price/Sales11
EV / Gross Profit6
Price/Book20
Return on Capital14
Cash Return on Capital38
Return on Equity38
EBIT Margin51
Gross Profitability15
Cash Conversion17
Accruals43
Owner Earnings Margin56
Sales growth10
Profit Growth67
Long-Term EPS Growth44
Owner Earnings Growth9
Reinvestment31
Price momentum79
Debt load23
Refinancing41
Debt Payback14
Liquidity28
Analyst ratings23
Opinion Changes43
Price Target Upside43
Market mood90
Value Creation8/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

Keppel clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Profile

CountrySingapore
IndustryIndustrial Conglomerates
SizeX-Large
TypePublic Company
ExchangeSGX
Founded1968
Employees691
Websitekeppel.com
ISINSG1U68934629
Last UpdateApr 2, 2026
Themes
Energy EfficiencyPollution ControlData Centers and FacilitiesClimateTechClean EnergyEnergy ManagementCleanTechEnvironmental ConsultingEnvironmental EngineeringUtility Scale Solar

Description

Keppel Ltd., an investment holding company, engages in the infrastructure, real estate, and connectivity businesses. Business Segments The company operates through Infrastructure, Real Estate, and Connectivity segments. Infrastructure This segmen…

Analysis

Hope premium

Keppel Ltd. is priced well ahead of what the underlying numbers justify, a pattern we describe as a hope premium.

On valuation, the picture is expensive. The owner-earnings multiple stands at 44.3×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around 17% a year, against analyst forecasts of 3%. The market is pricing in far more than analysts expect: heroic expectations.

Growth is tepid; the safety picture is fragile. The company scores 8/20 on our value-creation score: creating some value. Analyst sentiment is cautious.

No flags apply to this company at this time: accounts, balance sheet, and cash quality all pass. A clean bill of health is meaningful, not just the absence of a warning. This analysis describes numbers; it is not investment advice.

360° rank · history

1007550250
16
2023202420252026

All-time high

93

Jan 2026

All-time low

7

Jan 2025

Average rank

34

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
11
9
3
7
Price/Earnings
20
37
37
39
Price/Book
20
65
40
57
Dividend Yield
79
81
88
94
Value (overall)
16
42
37
32

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →