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Keppel Infrastructure Trust (A7RU) Fair Value & Analysis

Basic Materials · SG · Market cap 3.2B SGD

KI Keppel Infrastructure Trust A7RU · SG
Price0.5200 SGD
Fair Value0.3100 SGD
Upside-40.4%
Quality45/100
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Healthy Growth
Thin margins · 5.6% net margin
Moderate debt · generates free cash flow
7.29% dividend yield
Mixed vs. peers (6/15)
Narrow moat 36/100
Evidence: Medium Range 0.2200 SGD – 0.4500 SGD Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 4 days ago

Share price −1.9% over the past month.

Below-average quality, and screening another 40% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (0.4500 SGD). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (0.2200 SGD to 0.4500 SGD) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

0.5650 SGD 0.3372 SGD Fair Value 0.3100 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range 0.3372 SGD – 0.5650 SGD · fair‑value band 0.2200 SGD – 0.4500 SGD · the 0.5200 SGD price screens above the 0.3100 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Keppel Infrastructure Trust (A7RU) currently trades at 0.5200 SGD, while our model-based Fair Value estimate is 0.3100 SGD, implying the stock looks roughly 40.4% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Basic Materials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Keppel Infrastructure Trust generated revenue of 2.3B SGD at a net margin of 5.6%. Revenue declined 3.2% year over year. It earns a return on equity of 4.2%. Net debt stands at 2.8B SGD. Fundamentals as of Aug 13, 2026

Our scenario range runs from 0.2200 SGD (bear case) to 0.4500 SGD (bull case); at 0.5200 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -68% fair-value upside, at -40%, A7RU screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 0.0900 SGD 0.3600 SGD 0.7900 SGD 80
Residual Income 0.2200 SGD 0.2300 SGD 0.2600 SGD 76
Rev-Margin DCF 0.0900 SGD 0.3600 SGD 0.7200 SGD 74
All 24 models by family
DCF Models
FCF DCF 0.1000 SGD 0.3900 SGD 0.9000 SGD 38
Owner Earnings 0.1600 SGD 0.5100 SGD 1.11 SGD 31
5Y Revenue Exit 0.0900 SGD 0.3700 SGD 0.7600 SGD 39
5Y EBITDA Exit 0.2000 SGD 0.6100 SGD 1.12 SGD 41
5Y P/E Exit 0.0200 SGD 0.2200 SGD 0.4600 SGD 38
10Y Revenue Exit 0.0700 SGD 0.3400 SGD 0.7600 SGD 36
10Y EBITDA Exit 0.1600 SGD 0.5100 SGD 1.06 SGD 37
10Y P/E Exit 0.0400 SGD 0.2400 SGD 0.5100 SGD 35
Earnings-Based
Graham-Dodd 0.1500 SGD 0.7000 SGD 0.9600 SGD 54
Lynch FV 0.1900 SGD 0.2700 SGD 0.3500 SGD 50
PEG = 1.0 0.1900 SGD 0.2700 SGD 0.3500 SGD 46
EPV 0.0500 SGD 0.1000 SGD 0.1400 SGD 59
Multiples
P/E Multiple 0.2700 SGD 0.3600 SGD 0.4500 SGD 63
P/S Multiple 0.2700 SGD 0.3600 SGD 0.4500 SGD 58
P/B Multiple 0.2700 SGD 0.3600 SGD 0.4500 SGD 55
EV/EBIT 0.1400 SGD 0.2800 SGD 0.4200 SGD 53
EV/EBITDA 0.2900 SGD 0.4800 SGD 0.6700 SGD 54
EV/Revenue 0.0800 SGD 0.2400 SGD 0.3900 SGD 43
Asset-Based
NCAV (Graham) 0.1300 SGD 0.1800 SGD 0.2600 SGD 50
Growth DCF
Growth DCF 0.0900 SGD 0.3600 SGD 0.7900 SGD 80
Rev-Margin DCF 0.0900 SGD 0.3600 SGD 0.7200 SGD 74
Economic Profit
Residual Income 0.2200 SGD 0.2300 SGD 0.2600 SGD 76
ROIC Compounder 0.0500 SGD 0.1000 SGD 0.1400 SGD 72
Growth Earnings
Growth-Adj P/E 0.2600 SGD 0.3700 SGD 0.4900 SGD 68

Widest divergence: DCF Models (0.3700 SGD) versus Economic Profit (0.1000 SGD). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.3B SGD
Revenue growth (YoY) -3.2%
Net margin 5.6%
Return on equity 4.2%
Free cash flow 182M SGD FY2025
P/E ratio 26.0
More key figures
Operating margin 14.5%
EPS (TTM) 0.0200 SGD
Dividend yield 7.3%
EPS growth (YoY) -62.5%
Net debt 2.8B SGD FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 43 · Market factors (momentum, volatility) 68

Profitability 30
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 95
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 45
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Keppel Infrastructure Trust infrastructure services in Singapore, Australia, New Zealand, South Korea, and internationally. The company operates in four segments: Energy Transition; Environmental Services; Distribution & Storage; and Digital Infrastructure.

Full company description

Keppel Infrastructure Trust infrastructure services in Singapore, Australia, New Zealand, South Korea, and internationally. The company operates in four segments: Energy Transition; Environmental Services; Distribution & Storage; and Digital Infrastructure. The company produces and retails town gas and natural gas, as well as electricity produced by wind turbines and rooftop solar systems. It offers desalination plants, water treatment plants, recycling and waste-to-energy plants. In addition, the company supplies and distributes water treatment chemicals, industrial and specialty chemicals, storage of petroleum products, and provision of essential bus services. Further, it provides subsea cable solutions operating a fleet of specialised vessels, equipped for installation, maintenance and repair of fibre-optic cable. Keppel Infrastructure Trust was incorporated in 2007 and is based in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Keppel Infrastructure Trust reported revenue of 2.3B SGD in FY2025 versus 1.6B SGD in FY2021, a compound +9.7%/yr. Reported net income was 130M SGD in FY2025.

Growth Quality 71/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.3B SGD
Latest YoY
+2.9%
Avg. growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.3%
Avg. growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Avg. growth/yr (19Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+24.7%
Revenue +9.7%/yr
FY21 1.6B SGD
FY22 2.0B SGD
FY23 2.0B SGD
FY24 2.2B SGD
FY25 2.3B SGD
Net income
FY21 −107M SGD
FY22 28.0M SGD
FY23 140M SGD
FY24 92.8M SGD
FY25 130M SGD

A7RU screens 40% overvalued. Compare with Linde plc →

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Cite: Fair Value Calculator (2026). "Keppel Infrastructure Trust Fair Value". https://www.fairvalue-calculator.com/stock/A7RU

Peer Group

Specialty Chemicals · 672 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 45 · Below median
Fair Value upside −40% · Below median
Return on equity (TTM) 4% · Below median
Return on assets 3% · Below median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 14% · Top 25%
Revenue growth -3% · Below median
Dividend yield (TTM) 7.3% · Top 25%
Debt / equity 1.50× · Higher than 75% of peers

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 26.0× · Pricier than median
P/B 1.58× · Cheaper than median
P/S (TTM) 1.08× · Cheaper than median
P/FCF 13.9× · Pricier than 75% of peers
EV/EBITDA 8.4× · Cheaper than median
PEG 1.71× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 0
FUTURE 0 · sector 18
PAST 17 · sector 23
HEALTH 25 · sector 95
DIVIDEND 100 · sector 31

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Linde plc LIN $479.43 $222.03 -54%
Wanhua Chemical Group 600309 ¥75.06 ¥68.03 -9%
Novozymes A/S NSISB kr 416.10 kr 170.02 -59%
Asian Paints Limited ASIANPAINT ₹2,756 ₹664.51 -76%
Solar Industries India Limited SOLARINDS ₹18,730 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,702 ₹351.84 -79%
PT Chandra Asri Pacific Tbk TPIA 2,160 IDR 2,322 IDR +8%
Berger Paints India Limited BERGEPAINT ₹559.80 ₹154.46 -72%
Gujarat Fluorochemicals Limited FLUOROCHEM ₹4,566 ₹836.47 -82%
Himadri Speciality Chemical Limited HSCL ₹778.15 ₹248.63 -68%

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Frequently asked questions

Is Keppel Infrastructure Trust (A7RU) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of 0.3100 SGD versus a price of 0.5200 SGD, about −40% (overvalued).
What is the fair value of A7RU?
Our model-based fair value for Keppel Infrastructure Trust is 0.3100 SGD (as of Aug 13, 2026), built from audited fundamentals. The current price is 0.5200 SGD.
What is the quality score of A7RU?
Keppel Infrastructure Trust has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Keppel Infrastructure Trust (A7RU)?
Keppel Infrastructure Trust reported trailing-twelve-month revenue of about 2.3B SGD (latest available figure, as of Aug 13, 2026).
What is the net profit margin of A7RU?
The net profit margin of Keppel Infrastructure Trust is about 5.6%, meaning it keeps roughly 5.6% of revenue as net income. Based on the latest reported figures.
Does Keppel Infrastructure Trust pay a dividend?
Keppel Infrastructure Trust currently shows a dividend yield of about 7.29% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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