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Singapore infrastructure trust owning the town-gas distribution utility, waste-to-energy plants and water treatment assets.
Singapore infrastructure trust owning the town-gas distribution utility, waste-to-energy plants and water treatment assets.
City Gas earns a regulated tariff set by the Singapore authority, which lets it recover costs and make a permitted return; the water and waste-to-energy assets earn contracted payments from government agencies, often for availability and capacity regardless of volumes. Together they give distributions steadier than commodity-linked earnings. It is managed by the Keppel group.
In one line: A Singapore infrastructure trust owning gas distribution and waste/water treatment assets.
Moat: wide (regulatory licence, installed base). City Gas holds Singapore's sole town-gas distribution licence, a regulated monopoly.
Headquarters: Singapore · Founded: 2010
Size Keppel Infrastructure Trust (A7RU.SI) is a Singapore Utilities company (Gas Distributors) with a market value of $2.34B, the 45th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.49 on 6 Nov 2026.
Performance Over six months the shares fell 8.4%, against -12.4% for the median peer and -1.2% for the Singapore market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median +2.6%); the operating margin is 10.2% (peer median 7.7%).
Valuation It trades at 23.5× forward earnings against a peer median of 12.3× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.0 points below its cost of capital (5.0% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$2.43B | S$2.28B | S$2.21B | S$2.04B | S$2.01B |
| Revenue growth | — | +3% | +9% | +1% | — |
| Gross profit | S$389M | S$386M | S$354M | S$324M | S$318M |
| EBITDA | S$468M | S$462M | S$416M | S$401M | S$329M |
| Net income | S$54.5M | S$93.0M | S$61.5M | S$113M | S$868,000 |
| Free cash flow | S$135M | S$164M | S$186M | S$211M | S$173M |
| Capital expenditure | S$123M | S$136M | S$88.9M | S$54.8M | S$44.4M |
| Total debt | n/a | S$4.36B | S$4.17B | S$3.63B | S$3.83B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Keppel Infrastructure Trust A7RU.SI | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% |
| Sembcorp Industries U96.SI | $7.91B | -8% | +8% | 11% | 11.5× | n/a |
| SP Group A/S SPG.CO | $788M | +17% | +18% | 14% | 13.5× | -6.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | A7RU.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.0% | -0.7% | 9th lowest of 21 |
| 6-month return | -8.4% | -12.4% | 10th highest of 21 |
| Distance from 52-week high | -13.3% | -22.9% | 4th highest of 21 |
| Revenue growth (TTM) | +4.4% | +2.6% | 9th highest of 21 |
| Operating margin | 10.2% | 7.7% | 9th highest of 21 |
| Forward P/E | 23.5× | 12.3× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.7% | -2.2% | 4th most demanding of 15 |
| Growth delivered (Del g) | +8.7% | +11.5% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +0.0 pp | -10.4 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -1.0 pp | -0.6 pp | 9th lowest of 21 |
| EV / EBITDA | 15.1× | 9.9× | most expensive of 13 |
| Net debt / EBITDA | 8.0× | 4.0× | most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 16.6× | n/a | n/a |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 27.4× | n/a | n/a |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 17.7× | -2.9% | +7.8% |
| China Suntien Green Energy 0956.HK | Hong Kong | $3.37B | -15% | -8% | 13% | 6.6× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| Shanghai Dazhong Public Utilities (Group) 600635.SS | China | $1.59B | -23% | +3% | 4% | n/a | 10.6% | +4.5% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 11.1× | -8.4% | +12.3% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 7.1× | -17.3% | +11.7% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 7.5× | 6.3% | +10.3% |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 12.5× | -5.1% | +1.0% |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |