Broker Name: Morgan Quayle (MQ)
Date of Report: (Date not specified in the document; inferred to be from 2024)
Excerpt from Morgan Quayle report.
Report Summary
- Morgan Quayle (MQ) believes Keppel Corp’s stated S\$14.4 billion non-core portfolio is realistically valued and expects it to be monetised over 2026-2030.
- Divestment proceeds are expected to support special dividends, raising yield to 4.5%.
- MQ revises its target price for Keppel Corp to S\$13.25, reflecting higher expected asset monetisation and dividend payouts.
- Challenges remain in the Offshore & Marine segment, but proceeds from asset sales will help reduce debt.
- Main catalysts include higher dividend payouts and quicker growth in funds under management.
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