Broker Name: Lim & Tan Securities
Date of Report: 19 May 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Keppel Ltd (BN4):
  • Action: Maintain Accumulate on weakness
  • Target Price: S\$12.65 (21.9% upside)
  • Key Idea: The proposed M1 divestment to SIMBA was halted after IMDA suspended its assessment. Keppel will retain M1, execute a 90-day transformation plan to improve efficiency and EBITDA, and focus on internal cost optimisation, automation, and organisational restructuring. M1 remains a non-core asset targeted for eventual divestment. The failed transaction delays a potential special dividend but does not derail Keppel’s S\$2-3 billion monetisation target for 2026. Special dividends are deferred, not cancelled.
• Frencken Group:
  • Action: Hold
  • Consensus Target Price: S\$3.10-3.20 (around current price level)
  • Key Idea: Despite a weak 1Q26, management expects a strong 2H26 rebound and FY26 profit growth of 20%. Valuations are high with a forward PE of 30x and dividend yield of 1%. Investors are advised to await a better entry level.

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 : www.limtan.com.sg