Broker: Lim & Tan Securities
Date of Report: 8 April 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Keppel Infrastructure Trust (KIT):
  • Action: Accumulate (Recommended)
  • Target Price: S\$0.56 (7.7% upside from current share price)
  • Key Highlights:
    • High yield of 7.6% with stable DPU (Distribution Per Unit) at 3.94 cents.
    • Strong FY2025 performance: Distributable Income up 24.4% to \$249.5 million, supported by core assets and strategic acquisitions/divestments.
    • Portfolio focused on essential infrastructure in developed markets, with disciplined capital recycling and exposure to growth areas like Digital Infrastructure.
    • Assets under management increased to \$9.1 billion.
    • Cost pass-through mechanisms and defensive cash-generating assets provide resilience.
  • Implication: KIT is recommended for accumulation due to its high yield, stable cash flows, and capital recycling strategy targeting quality assets.
• Skylink Holdings Limited:
  • Action: Not explicitly rated, but consensus target price highlighted
  • Target Price: S\$0.47 (95.8% potential upside)
  • Key Highlights:
    • Integrated business model in commercial vehicle leasing, financing, and engineering, with a focus on EV adoption.
    • Diversified SME customer base, minimal concentration risk, and resilient business volume despite market volatility.
    • Recent expansion in commercial EV fleet and robust pipeline of contracts.
  • Implication: High potential upside with strong EV growth momentum and recurring revenues; investors should monitor for further developments.

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