KEPPEL CORPORATION LIMITED (BN4) Fair Value & Analysis
Industrials · SG · Market cap 20.9B SGD (≈ $16.4B) · ISIN SG1U68934629
Strengths
Risks
Fair value as of: Aug 21, 2026
From 11 valuation models · updated 7 days ago
Share price −1.6% over the past month.
Below-average quality, and trading another 195% above our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (6.49 SGD). The favourable scenario is already priced in.
- Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range 2.38 SGD – 12.82 SGD · fair‑value band 3.89 SGD – 6.49 SGD · the 11.47 SGD price screens above the 3.89 SGD fair value. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
KEPPEL CORPORATION LIMITED (BN4) currently trades at 11.47 SGD, while our model-based Fair Value estimate is 3.89 SGD, implying the stock looks roughly 66.1% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Industrials 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: high).
Over the trailing twelve months, KEPPEL CORPORATION LIMITED generated revenue of 6.0B SGD at a net margin of 13.4%. Revenue declined 5.2% year over year. It earns a return on equity of 9.0%. Net debt stands at 9.0B SGD. Fundamentals as of Aug 21, 2026
Our scenario range runs from 3.89 SGD (bear case) to 6.49 SGD (bull case); at 11.47 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 11% below its 52-week high and 70% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 11% fair-value upside, at -66%, BN4 screens richer 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.
All 11 models by family
Widest divergence: Multiples (7.55 SGD) versus Growth DCF (0.4900 SGD). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 45 · Market factors (momentum, volatility) 70
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Keppel Ltd., an investment holding company, engages in the infrastructure, real estate, and connectivity businesses in Singapore, China, Hong Kong, other Far East and ASEAN countries, and internationally.
Full company description
Keppel Ltd., an investment holding company, engages in the infrastructure, real estate, and connectivity businesses in Singapore, China, Hong Kong, other Far East and ASEAN countries, and internationally. The company manages private funds and listed real estate investment and business trusts in areas of infrastructure, real estate, and connectivity; provides energy and environmental solutions and services, including commercial power generation, renewables, environmental engineering and construction, and infrastructure operation and maintenance; sustainable and urban space solutions; sustainable urban renewal and senior living services; system integration solutions and services; and engages in the property development and investment, and master development activities. It also offers telecommunication services; leases, develops, operates, and manages data centres; trades and sells telecommunication and information technology equipment; and develops and operates golf club. In addition, the company engages in electricity, energy and power supply; general wholesale trading; purchase and sale of gaseous fuels; development of district heating and cooling system; environmental, technology, and engineering works and construction activities; solid waste treatment activities; design and construction of waste-to-energy and desalination plants; commercial power generation; ownership and operation of hotels; and renewable energy generation activities. The company was formerly known as Keppel Corporation and changed its name to Keppel Ltd. in January 2024. Keppel Ltd. Limited was incorporated in 1968 and is headquartered in Singapore.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
KEPPEL CORPORATION LIMITED reported revenue of 6.0B SGD in FY2025 versus 8.6B SGD in FY2021, a compound −8.7%/yr. Reported net income was 800M SGD in FY2025, compounding −6.0%/yr from FY2021.
BN4 screens 66% overvalued. Compare with ITOCHU Corporation →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Keppel Ltd (KPELF) (H1 2026) Earnings Call Highlights: Strong FUM Growth and Recurring Income ...
- Apollo and Singapore’s Keppel to Invest in New Offshore Energy Asset Fund
- KBR's PureSAF Technology Selected by Keppel and Aster for Licensing and FEED for Asia's First Commercial-Scale Ethanol-to-Jet Sustainable Av
- Midea and Keppel Partner to Collaborate on AI-Enabled Modular Cooling Solutions Opportunities across Asia
Peer Group
Conglomerates · 391 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.
Valuation Multiples vs Conglomerates median · lower = cheaper
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: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| ITOCHU Corporation ITOCHU19 | 7.20 THB | 14.40 THB | +100% |
| 3M Company MMM | $180.00 | $76.87 | -57% |
| Honeywell International Inc HON | $220.67 | $218.95 | -1% |
| CITIC Limited 0267 | HK$13.02 | HK$26.04 | +100% |
| Poste Italiane S.p.A PST | €27.65 | €7.65 | -72% |
| Swire Pacific Limited 0019 | HK$102.90 | HK$35.70 | -65% |
| SK Inc 034730 | 553,000 KRW | 615,077 KRW | +11% |
| PT Astra International Tbk, ASII | 4,790 IDR | 9,580 IDR | +100% |
| Jardine Matheson Holdings J36 | $59.10 | $79.11 | +34% |
| Kingboard Holdings 0148 | HK$45.52 | HK$32.91 | -28% |
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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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