Are Keppel’s dividends truly unsustainable – or just misunderstood?
The company’s shares have rallied over the past year, generating a total shareholder return of 58.5% in 2025
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[SINGAPORE] The recent clash between Keppel and activist research firm Corporate Monitor highlights a vital question for investors: Are the dividends from the restructured Keppel truly sustainable?
The activist report pulled no punches. It argued that Keppel’s payouts are a mirage, funded by selling off assets rather than by generating operating cash flow.
Pointing to a gap between reported profits and operating cash flow, Corporate Monitor painted a picture of a heavy balance sheet masking underlying weakness.
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