Keppel

$Keppel(BN4.SG)

Context: After six consecutive red days, Keppel finally registered a green day. The stock remains around the price level where I bought my second batch of shares, so I’m comfortable holding here. That said, its forward P/E remains elevated, so I’m still cautious at these levels.

My trade: Holding my position for now. If we see further declines to the $10 range, I’ll likely look to add to the position.

Takeaway: Further declines will bring Keppel to levels I’m comfortable accumulating at, but the elevated forward P/E means I don’t want to chase. That said, my longer-term view remains unchanged, so further weakness would be an opportunity to add.

$Keppel(BN4.SG)

Context: Keppel closed at S$11.20, with the move likely reflecting some profit-taking alongside broader jitters in the bond market. In this environment, I think there could also be a flight to quality, which could support more defensive blue-chip names.

My trade: Still holding my position. If Keppel continues to weaken towards the 200DMA at S$11.03, I may look to add to my position.

Takeaway: The pullback doesn’t change my broader view on Keppel. If it reaches the 200DMA, I’d see the technical weakness as a potential opportunity to add.

$Keppel(BN4.SG)

Context: Keppel fell 2.8% today to S$11.47. The pullback looks somewhat overdone to me, especially without a specific price catalyst behind the move. Broader markets have also been cautious amid higher oil prices and yields.

My trade: Still holding my position. If Keppel falls further, I’ll start thinking about adding to my position given my longer-term bullish view on the stock.

Takeaway: I see this as more of a pullback than a change in the underlying story. If weakness continues, I’d be looking to use it as an opportunity to add.

$OCBC Bank(O39.SG) Iggy's Journal: When Analysts Say Buy and My Ledger Says Something Else

7 September 2026, PM

Podcast Release

New podcast video's up, and it's built around something that looks like a contradiction until you sit with it for a second. Two names on UOB Kay Hian's Alpha Picks list, OCBC and Keppel, are both sitting in my Red Zone. OCBC rallied close to 10% in August, but its ordinary yield actually fell to 2.79% because the dividend never moved while the price did. Keppel's in a similar spot at 2.91%, and it's also trading roughly 12% above what InvestingPro's models say it's actually worth.

Here's the thing that isn't a contradiction. UOBKH is picking these for what might happen to the share price over the next few months. My Ledger is checking whether the dividend still holds up over the next few decades. Watch the podcast to find out more.

My Personal Take

Not going to pretend this doesn't put me in an awkward spot next to a well-regarded house view. But my framework isn't built to chase the next few months, it's built to protect the next few decades, and those are genuinely different jobs. Two respected calls, two different questions being answered. Worth watching if you've been tempted to follow an Alpha Pick into either of these without checking what the yield's actually doing underneath the price move.

📺 YouTube: https://youtu.be/MilLSfsbAHY

📩 Substack: https://investingiguana.com/p/two-of-uobkhs-alpha-picks-are-sitting

Not financial advice. Iggy's Forensic Compliance Standards apply.

Cheers, Iggy 🦖

$Keppel(BN4.SG)

Context: From a technical basis, Keppel continues to look good, with the 14-day RSI at 54. I want to see whether RSI can sustain its bounce back above 50, signalling that buying pressure is building.

My trade: Holding my position and watching whether sustained momentum can push the stock towards another leg higher.

Takeaway: Technicals remain constructive, further bolstered by capital flows into Singapore equities. I’m watching for sustained buying pressure to take Keppel higher.

Iggy's Journal: Maybank Just Put a $13 Target on Keppel, Betting the Old Conglomerate Story Is Over

2 September 2026, AM

Analyst Rating

Maybank Research has initiated coverage on Keppel Ltd (BN4) at Buy with a S$13.00 target price. The case rests on Keppel's shift away from a traditional conglomerate model toward asset management and infrastructure operations, spanning power generation, data centres, cooling, and subsea connectivity. Maybank's thesis is that this produces more recurring, capital-light earnings than the old business mix, supported by ongoing asset recycling that frees up capital for growth.

The numbers behind the call: FY25 to FY28 earnings growth of 10% to S$1.37 billion, asset management fees rising 17%, recurring income growing at a 12% CAGR, and core ROE improving from 19% to 23%. Maybank's sum of the parts splits value 52% operating businesses, 40% asset management, the remainder non-core. Forecast dividends are 42, 45, and 49 cents for FY26E, FY27E, and FY28E. Maybank flags slower asset recycling, weaker power spreads, softer digital demand, and non renewal of concessions as the key risks. Worth repeating, these are broker forecasts, not Keppel's own guidance.

My Personal Take

The dividend forecast is the number that actually catches my eye here, not the target price. My own numbers currently have Keppel sitting in my most cautious tier purely on distribution, the trailing payout still falls well short of what I look for. Maybank's 42 cent forecast for next year would be a real step up from that. If it lands, it changes the picture. If it doesn't, the capital light story still has to prove itself in the dividend, not just in the earnings growth line.

Not financial advice. Iggy's Forensic Compliance Standards apply.

Cheers, Iggy 🦖

$Keppel(BN4.SG)

Context: Keppel surged to close at S$11.60 as Singapore equities continued to attract inflows due to the Fed’s hawkish signals. The strength in Singapore’s blue-chip names, particularly banks, helped lift the broader market and benefited stocks like Keppel.

My trade: Holding my position and letting the broader market momentum play out.

Takeaway: Blue-chip quality continues to provide some resilience when market sentiment shifts.

$Keppel(BN4.SG)

Context: Keppel at S$11.35 remains technically constructive, with the 50MA at S$11.12 above the 200MA at S$10.90, keeping the golden cross intact.

My trade: Holding my position and watching whether the 20MA at S$11.26 continues to provide support.

Takeaway: I expect the broader trend to remain upward, with the technical setup supporting my view on Keppel.