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.

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