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Singapore conglomerate transitioning from offshore/marine into asset management, infrastructure and urban development.
Singapore conglomerate transitioning from offshore/marine into asset management, infrastructure and urban development.
Earns fees for managing money in funds and listed trusts, profit from developing and selling property, and returns on assets it holds directly, including infrastructure and data centres. Combining its offshore and marine yard with Sembcorp Marine in 2023 to form Seatrium ended its shipyard era. Temasek is its largest shareholder.
In one line: A Singaporean Brookfield-style asset manager/developer hybrid.
Moat: narrow (scale, installed base). Established fund management platform and project pipeline in Asia infrastructure/real estate.
Headquarters: Singapore · Founded: 1968 · Employees: 4,964
Size Keppel (BN4.SI) is a Singapore Utilities company (Electric Utilities) with a market value of $13.0B, the 13th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$9.45 on 6 Nov 2026.
Performance Over six months the shares fell 13.4%, against -2.1% for the median peer and -1.2% for the Singapore market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 10.7% over the last twelve months (peer median +2.5%); the operating margin is 10.7% (peer median 14.0%).
Valuation It trades at 18.9× forward earnings against a peer median of 16.7× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +17 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 2.8 points below its cost of capital (5.8% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$7.12B | S$5.98B | S$5.78B | S$6.97B | S$6.62B |
| Revenue growth | — | +3% | -17% | +5% | — |
| Gross profit | S$913M | S$975M | S$829M | S$1.07B | S$598M |
| EBITDA | S$1.06B | S$900M | S$790M | S$1.05B | S$572M |
| Net income | S$566M | S$789M | S$940M | S$4.07B | S$927M |
| Free cash flow | S$526M | S$586M | -S$60.6M | -S$599M | -S$117M |
| Capital expenditure | S$449M | S$514M | S$611M | S$921M | S$696M |
| Total debt | n/a | S$12.2B | S$12.9B | S$11.9B | S$11.1B |
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 BN4.SI | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% |
| CapitaLand Investment 9CI.SI | $9.22B | -11% | -15% | 29% | 19.3× | n/a |
| Brookfield Asset Management BAM | $86.7B | +6% | +120% | 62% | 26.6× | n/a |
| Sembcorp Industries U96.SI | $7.91B | -8% | +8% | 11% | 11.5× | n/a |
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 | BN4.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.9% | +0.8% | 4th lowest of 21 |
| 6-month return | -13.4% | -2.1% | 4th lowest of 21 |
| Distance from 52-week high | -28.7% | -17.4% | 5th lowest of 21 |
| Revenue growth (TTM) | +10.7% | +2.5% | 6th highest of 21 |
| Operating margin | 10.7% | 14.0% | 7th lowest of 21 |
| Forward P/E | 18.9× | 16.7× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 14.8% | 3.2% | 2nd most demanding of 11 |
| Growth delivered (Del g) | -1.9% | +7.3% | lowest of 11 |
| Hurdle (Req g minus delivered) | +16.7 pp | -2.9 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -2.8 pp | -1.2 pp | 4th lowest of 21 |
| EV / EBITDA | 25.5× | 11.4× | most expensive of 13 |
| Net debt / EBITDA | 9.6× | 5.4× | most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| China Res Power 0836.HK | Hong Kong | $13.5B | +6% | +2% | 18% | 9.0× | n/a | n/a |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| Datang International Power Generation 601991.SS | China | $10.8B | +14% | 0% | 12% | 12.2× | -2.3% | +4.9% |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| Huaneng Power International 0902.HK | Hong Kong | $16.2B | -6% | -3% | 12% | 9.3× | n/a | n/a |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |