Broker: Lim & Tan Securities
Date of Report: 08 April 2026
Excerpt from Lim & Tan Securities report.
Report Summary
- Keppel Infrastructure Trust (KIT)
Call to Action: Accumulate
Target Price: S\$0.56 (7.7% upside)
Key Points:
- KIT marked its 10th anniversary with a decade-long total unitholder return of 96%.
- FY2025 distributable income rose 24.4% YoY to S\$249.5m, mainly from core assets like City Energy, Ixom, and Ventura.
- DPU stable at 3.94 cents, yield ~8%, total unitholder return 17.2% for the year.
- Assets under management at S\$9.1bn; active capital recycling generated S\$301m in proceeds for redeployment into higher quality assets.
- Portfolio: Defensive, cash-generating assets in energy transition, environmental services, distribution/storage, and digital infrastructure.
- KIT trades at 35x forward P/E, 2x P/B, and offers a 7.6% dividend yield, with cost pass-through mechanisms supporting high yield.
- Skylink Holdings Limited
Call to Action: Not explicitly stated, but consensus TP S\$0.47 (95.8% upside)
Key Points:
- Integrated commercial vehicle platform with recurring revenues and high operational resilience.
- Accelerated EV adoption, high fleet utilisation, and resilient business model.
- Capitalised at S\$50m, trades at 14x annualized P/E, 6.7x P/B.
above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website : https://www.limtan.com.sg
