Keppel

Iggy's Journal: Keppel's Core Profit Rose Over 20% and Group Profit Fell 40%. What the Dividend Rests On

Sat 7 Nov 2026 | Afternoon

The Numbers

Keppel's core profit rose over 20%, while group profit fell 40%. Gross asset value fell 4%. The trailing ordinary dividend is S$0.34, which is a 3.37% yield at S$10.09 (as at [date]). Two sales are still to complete: the six-rig sale, targeted for end-2026, and Keppel South Central, targeted for the second quarter of 2027. $Keppel(BN4.SG) 

My Personal Take

If the ordinary dividend follows the earnings that rose, why should a shareholder care about the profit that fell 40%? That is the uncomfortable question I started with. It leaves me with two more. Are the ordinary payout and any special payout funded from the same place, and what has to happen before the two sales above are done? I am not putting a verdict on the shares here. The free video and the Substack piece walk through it, and the Members Edition goes further.

📺 Free YouTube: https://youtu.be/A7-tmX2xEwE

⭐ Members Edition YouTube: https://youtu.be/hPetNc0r54Y

📩 Substack: https://investingiguana.com/p/ep1901-keppels-core-profit-rose-over

Cheers,

Iggy 🦖

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

$Keppel(BN4.SG)The worst GLC stock. The CEO should be fired!

$Keppel(BN4.SG)

Keppel has been battered recently, with headline earnings weighed down by legacy rig impairments, the fallout from the failed M1 divestment and probably broader profit taking in SGX. However, the underlying business remains more resilient, with recurring income and core earnings still growing. As a shareholder, I’m staying patient. The transition towards an asset-light, fee-generating business remains intact, and I’m looking for the market to eventually recognise that progress.

S$150 Million for AI Materials, 24 Companies Named: What Changes for a Company You Own?

🔍 The Angle

The S$150 million does not go to the listed companies named in the announcement. It funds Marvel-AI, a materials research platform, while the 24 Champions of AI companies are named for a programme with no funding or revenue figures stated. A company joining a government programme is evidence of participation, not evidence of money received.

💰 What It Means For You

If you own OCBC, UOB, Singtel, Seatrium, Sembcorp Industries, Keppel, CapitaLand Investment, Singapore Airlines or ST Engineering, do not treat the name on the list as a result. The one company figure mentioned is UOB’s previously announced S$900 million AI economic-value target by 2030, and the report does not tie it to this programme. Check the next results for a spending number, a productivity or savings number, and a target with a measure and a date.

📺 YouTube: https://youtu.be/Cd6PR9ddkWM

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

$StarHub(CC3.SG)

Singapore Telcos: Is Consolidation the Next Investment Opportunity?

For StarHub, the acquisition brings more customers, but the real test is whether they translate into sustainable earnings. With mobile plans competing aggressively on price, subscriber growth alone is not enough. Investors should watch customer retention, integration costs and profit margins.

Singtel remains the more diversified option. Beyond mobile services, it has exposure to regional associates, digital services and data-centre infrastructure. These businesses offer additional growth drivers, although investors should distinguish recurring earnings from one-off gains and special dividends.

StarHub offers a more direct play on consolidation and operational improvements. Its enterprise business and cost-saving initiatives could support a recovery, but investors need to see stronger earnings before assuming the turnaround is on track.

Keppel, meanwhile, offers indirect exposure to M1 through its broader portfolio. Any restructuring could unlock value, but a potential sale remains uncertain.

For long-term investors, Singtel deserves closer attention for its diversified earnings and regional exposure. StarHub may appeal to those willing to take on more execution risk in exchange for potential upside.

The MyRepublic deal is not a game changer. The bigger opportunity lies in whether Singapore’s telcos can turn consolidation into better margins, stronger cash flow and sustainable dividends.

The investment approach: Focus on earnings quality and valuation rather than subscriber numbers or takeover speculation. Even a good business can be a poor investment if the price is too high.

For discussion purposes only. Not financial advice.

???????@Longbridge Singapore

What is your favourite and current strategy for consistent income generation and on what type of stocks/etf/index ?

keep it simply is the best now.

Good Morning Options Puppy.

Do you have a minimum risk-reward ratio (20%, 30%..) in mind before placing a trade?

Thanks for sharing