‘New Keppel’ shows promise; M1 sale and green projects could stir more excitement
But whether Keppel’s valuation can rise to the likes of KKR, Blackstone remains to be seen
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[SINGAPORE] Once the world’s largest offshore rig builder, Keppel is doubling down on efforts to transform into an asset manager – most recently with its plans to divest a S$14.4 billion portfolio of non-core assets.
The move carries the promise of a more streamlined focus and resilient earnings growth. Further catalysts that investors can look out for include the potential sale of M1’s consumer mobile business, as well as Keppel’s green energy projects, riding on the momentum of the Asean power grid. M1 is a subsidiary of Keppel.
But whether investors will eventually re-rate Keppel to trade at the richer valuations of global asset managers – such as KKR and Blackstone – remains to be seen.
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