Broker: Lim & Tan Securities
Date of Report: 29 July 2026
Excerpt from Lim & Tan Securities report.
Report Summary
Keppel Ltd (SGX: BN4)
Keppel has exceeded its interim 2026 funds under management (FUM) target of S\$100 billion ahead of schedule, with strong fundraising momentum driven by new capital commitments from global partners. The company’s integrated asset manager and operator model, especially in digital infrastructure and data centres, is a key differentiator.
– Key Action: BUY
– Target Price: S\$12.73 (9.2% upside from current share price S\$11.66)
– Valuation: Trades at 20x PE, 2x PB, 3% dividend yield
– Implication: Despite a ~12% correction from peak and slightly lofty valuations, Keppel’s continued growth in FUM and execution of its 2030 vision are seen as catalysts for improved earnings. The recommendation is maintained at BUY as projects are expected to further enhance earnings profile.
Hongkong Land (HKL)
Hongkong Land delivered double-digit underlying profit and EPS growth in 1H2026, supported by capital recycling and portfolio optimisation. Its focus is on recurring high-quality income and asset monetisation, aligned with Strategic Vision 2035.
– Key Action: Accumulate
– Target Price: S\$10.30 (30% upside from current share price US\$7.89)
– Valuation: Trades at 13x PE, 0.5x PB, 3-4% dividend yield
– Implication: HKL’s undemanding valuations, continued asset monetisation, and growing fund management capabilities are expected to be catalysts for re-rating. The report recommends an “Accumulate” rating given its positive outlook and strong balance sheet.
Dividend Highlights
Several Singapore-listed companies are announcing dividends and special distributions in August, including Mapletree Industrial Trust, Suntec REIT, Singtel, SIA, and others.
Share Buybacks
Keppel Ltd, HK Land, Jardine Matheson, Nanofilm, SGX, and others have conducted notable share buybacks in July, indicating management confidence in their respective companies.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can access the full research report from the broker’s website.
