Keppel (KPLM.SI): Pace of Asset Monetization & Asset Management Business Accelerates

Keppel Ltd's (KEP) 3Q/9M26 business updates highlighted the accelerating pace of its asset monetization (doubled QoQ to S$3.7b) and asset management business (fees in 3Q26 alone surged 67% QoQ), while expected completion of ~S$1.5b of monetized assets is likely to result in 9-13 Scts of special DPS, with better-than-expected performance in two major operating segments (Infrastructure and Connectivity) serving as potential upside drivers to normalized DPS of 33-34 Scts. 3Q26 overall net profit rose 20% YoY with a similar ~15% improvement at "New Keppel", and 9M26 "New Keppel" net profit rose more than 20%. Assets monetized doubled QoQ to S$3.7b, helped by Keppel South Central (S$1.6b) and a 40% stake in Empire City (S$0.3b);