Should I buy Keppel stock in 2025?

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At HelloSafe, our expert has been monitoring Keppel’s performance for over three years. Every month, thousands of users in Singapore rely on us to interpret market trends and highlight the best investment opportunities. Our analyses are provided for informational purposes only and do not constitute investment advice. In line with our ethical charter, we have never been, and will never be, paid by Keppel.

What is Keppel?

How much is Keppel stock?

The price of Keppel stock is rising this week. As of today, Keppel is trading at SGD 6.75, showing a slight gain of +0.45% over the past 24 hours and a positive weekly change of +2.1%. The company’s market capitalization stands at SGD 12.27 billion, with an average three-month trading volume of about 3.4 million shares. Keppel’s P/E ratio is 11.5, and it offers a strong dividend yield of 5.04%, while its beta is 1.47, reflecting moderate volatility. These figures highlight Keppel’s appealing combination of stability and growth potential for Singapore investors.

Our full analysis on Keppel stock

Having meticulously reviewed Keppel’s latest financial results and analyzed its stock performance over the past three years, our proprietary approach aggregates financial metrics, technical signals, market trends, and peer benchmarks to deliver an incisive perspective. By integrating both quantitative indicators and qualitative drivers from diverse sources, we identify where Keppel stands in the competitive landscape. So, why might Keppel stock once again become a strategic entry point into the infrastructure-led asset management sector in 2025?

Recent Performance and Market Context

Keppel’s share price has displayed substantial resilience and a notable uptick, trading at SGD 6.75 as of May 9, 2025, firmly within its 52-week range of SGD 5.61 to SGD 7.03. Over the past three years, Keppel stock has steadily recovered from pandemic-driven lows, demonstrating relative outperformance compared to sector indices. The stock’s beta of 1.47 signals strong trader interest and offers ample liquidity, while its stable upward trend provides further grounds for confidence.

Several recent corporate developments reinforce the case for positive sentiment. The standout Q1 2025 results revealed net profit growth above 25% year-on-year (excluding legacy O&M assets), with over 80% of net profit now derived from robust, recurring income streams. This is a strategic evolution for Keppel, as recurring income provides insulation from market volatility – a distinguishing characteristic among Singapore-listed infrastructure and real asset giants.

From a macroeconomic perspective, Singapore remains a magnet for capital flows in Asia, with government incentives underpinning the continued growth of green infrastructure, sustainable energy, and digital assets. These sector tailwinds provide a constructive market context for Keppel, as the company’s refreshed business model is exceptionally aligned to these national and regional priorities. The asset monetization programme, which has unlocked SGD 7.2 billion since October 2020, further demonstrates discipline and a focus on value creation.

Technical Analysis

Technical momentum for Keppel is building in a manner that typically precedes new bullish phases for large-cap Singaporean stocks. The Relative Strength Index (RSI) of 54.85 is neutral, leaving significant room for upside before overbought territory is reached. The MACD indicator currently issues a buy signal (0.02), confirming positive short-term sentiment.

Looking at moving average crossovers, the recent stock price hovers above the 20-, 50-, 100-, and 200-day moving averages—each trending upward. While the MA5 and MA10 show “sell” signals, these are largely a factor of short-term consolidation and healthy profit-taking after Keppel’s advance from early 2024 lows. Strong support is evident at SGD 6.50–6.64, anchoring the current price zone and indicating buyers are entering on dips.

Resistance appears at SDR 6.78–6.86; a decisive break above this could catalyze renewed institutional and retail interest, adding to favorable market liquidity. The technical structure suggests any retracement is likely to unfold within the context of a broader uptrend, and the risk-reward profile is slanted positively for tactically minded entries.

Information summary

In summary: The technical setup seems to favor investors seeking an ideal entry, whether at current levels or upon minor pullbacks, and supports the thesis that Keppel shares may be re-entering a new bullish cycle.

Fundamental Analysis

Growth and Profitability

Keppel’s transformation is reflected in its financial results. In FY2024, net profit from continuing operations reached SGD 1.064 billion (up 5% year-on-year), while return on equity rose to 10.1%. The recurring income proportion is especially striking, constituting 72–80% of net profit and cementing a foundation of stability. These impressive recurring earnings offer visibility rarely matched among peers, and the trend shows further acceleration in early 2025.

The firm’s funds under management expanded rapidly, closing 2024 at SGD 88 billion (up 60% year-on-year), with new capital commitments of SGD 2 billion in flagship funds. This underscores Keppel’s successful pivot toward asset-light, fund-driven models—both increasing fee-based revenue and reducing balance-sheet risk.

Valuation

At a share price of SGD 6.75, Keppel trades at a justified valuation considering its sector leadership:

• P/E ratio: 12.14 (2024 EPS: ~SGD 0.56)
• Dividend yield: 5.04%, comfortably ahead of the market average
• Price/Sales ratio: Fair, in line with or below leading SGX real asset managers

Given recurring net income, a rising FUM base, visible cost savings, and sustainable payout ratios, valuation multiples do not appear stretched. The PEG ratio (P/E divided by earnings growth rate) points to continuing value, especially since recurring income growth is expected to outperform topline GDP and sector averages over the coming years.

Structural Strengths

• Innovation: Expansion into renewables and digital connectivity (e.g., Bifrost Cable System nearing completion)
• Brand and Market Share: Established reputation as an infrastructure leader with Temasek as a substantial shareholder (over 20% stake)
• Resilience: Asset-light strategy and disciplined asset monetization enhance free cash flow and reduce operational risks

Fundamentals thus clearly justify renewed interest – Keppel has evolved where peers are only beginning their transition.

Volume and Liquidity

Keppel’s average daily trading volume remains robust, further bolstering its reputation as one of SGX’s most liquid large-caps. This sustained turnover reflects enduring confidence from both institutional and retail segments. The actively traded float, underpinned by Temasek’s anchor stake, means Keppel is well-positioned for dynamic valuation re-rating whenever catalysts materialize.

High volume also affords investors the flexibility to scale in or out, an attractive feature for both short-term and long-term entrants. Liquidity at key support and resistance zones provides conviction that technical signals will reliably materialize in price action.

Catalysts and Positive Outlook

A host of company-specific and sector-wide catalysts reinforce the favorable outlook for Keppel in 2025 and beyond:

• Infrastructure Expansion: The commissioning of the Keppel Sakra Cogen Plant (operations from 1H 2026) is likely to generate new recurring EBITDA streams of SGD 100 million+ annually.
• Digital & Connectivity Assets: Completion of the Bifrost Cable System (2H 2025) positions Keppel to tap Southeast Asia’s booming digital infrastructure and AI-driven demand.
• M1’s Tech Stack Upgrade: Moving to a new digital core reduces costs and supports growth in higher-margin digital services.
• ESG Leadership: Keppel’s shift towards decarbonization, sustainable urban renewal, and renewables aligns perfectly with both investor and regulatory imperatives.
• Asset Management Fee Growth: Ongoing growth in FUM and rising asset management fees provide annuity-style earnings streams.
• Cost Optimization: Achieved SGD 70 million annual savings early; target raised to SGD 120 million by end-2026.
• Dividend Appeal: Stable or rising dividend with healthy payout ratios, currently yielding above market average, augments total return profiles.

Externally, Singapore’s ambitious infrastructure blueprint and growing appetite for sustainable finance work synergistically with Keppel’s strengths. The regulatory and innovation context only increases the likelihood of positive re-ratings when these projects come online.

Investment Strategies

• Short-Term: Technical support at SGD 6.50–6.64 minimizes downside risk for tactical buyers. The RSI and MACD alignment, along with above-average liquidity, creates a conducive setting for traders seeking near-term strength amid catalyst anticipation in digital and power infrastructure.
• Medium-Term: Anticipated operational milestones—such as the Bifrost Cable System launch and recurring EBITDA ramp-up from new plant operations—should re-rate cash flow forecasts. As these milestones approach in the next 6–12 months, further gains for investors positioning now seem likely, all else equal.
• Long-Term: Keppel’s comprehensive transformation into a modern asset manager with a focus on global sustainability and digital connectivity trends marks it as a prime vehicle for long-horizon growth and income. Its resilient recurring earnings, proven management team, and leading dividend yield serve long-term investors in search of both stability and high-conviction upside, especially in the context of Singapore’s and Asia’s infrastructure boom.

• Bullet Point Summary:
• Technical levels argue for a timely entry at or near current prices
• Catalysts from project completion and asset monetization loom on the horizon
• Dividend yield remains uniquely attractive
• Long-term macrotrends favour the firm’s asset mix and sectoral allocation

Is It the Right Time to Buy Keppel?

Keppel embodies a potent blend of defensive stability and growth-driven upside, underpinned by its sector transformation, stellar cash generation, and forward-looking asset focus. The convergence of neutral-to-bullish technicals, best-in-class liquidity, a healthy dividend, and decisive progress toward strategic milestones collectively suggest that Keppel stock seems to represent an excellent opportunity for investors evaluating their exposure to Singapore’s asset management and infrastructure sector. For those seeking both income security and capital appreciation potential, the fundamentals justify renewed interest in Keppel as the company may well be entering a new bullish phase aligned with macroeconomic, regulatory, and sectoral tailwinds.

In an environment where quality and resilience are being rewarded, Keppel stands out as a well-governed, future-ready leader at a technically favourable juncture—a compelling prospect for those looking to position themselves at the forefront of Singapore’s infrastructure and asset management renaissance.

How to buy Keppel stock in Singapore?

Buying Keppel shares online is a straightforward and secure process for investors in Singapore, especially when you use a regulated broker. You have two main ways to invest: spot buying (also known as cash buying), where you own the actual shares, and trading via contracts for difference (CFDs), which allows you to speculate on the stock’s price movements with leverage. Thanks to modern platforms, both methods can be accessed easily from your computer or mobile device, offering safety and transparency. To help you choose, you’ll find a comprehensive broker comparison further down this page.

Cash buying

Buying Keppel shares with cash means purchasing the actual shares on the Singapore Exchange (SGX) and becoming a shareholder of Keppel Ltd. This is the most common and straightforward method. Typically, Singaporean brokers charge a fixed commission per order, which can range from about SGD 5 to SGD 25, depending on the platform and order size.

Important example

Let’s say Keppel’s share price is SGD 6.75. If you invest SGD 1,000 (including an estimated brokerage fee of SGD 5), you can buy around 147 shares (SGD 1,000 - SGD 5 = SGD 995 / SGD 6.75 ≈ 147 shares).

Gain scenario:
If the share price rises by 10% to SGD 7.43, your shares are now worth approximately SGD 1,092.
Result: That’s a SGD 100 gross gain, or +10% on your initial investment (excluding dividend income).

Trading via CFD

CFD (Contract for Difference) trading on Keppel shares lets you speculate on price movements without actually owning the stock. One major advantage is leverage, allowing you to amplify your potential profits (and losses) by committing only a fraction of the full trade value. Fees typically involve a spread (the difference between buy and sell prices) and may include overnight financing if you keep your position open longer than a day.

Important example

For example, with a SGD 1,000 margin and 5× leverage, you control a SGD 5,000 exposure to Keppel shares.

Gain scenario:
If Keppel’s share price rises by 8%, your position rises 8% × 5 = 40%.
Result: That’s a SGD 400 gross gain on your SGD 1,000 outlay (not including spreads or overnight fees).

Final advice

Before investing, it’s important to compare brokers’ fees, platform features, and the kind of access you want (cash ownership vs. leveraged trading). Your choice should match your investment goals: direct share purchase is best for long-term investing and collecting dividends, while CFDs may suit those seeking short-term trading opportunities with higher risk. To make an informed decision, consult the detailed broker comparison further down the page and select the approach that’s right for you.

Our 7 tips for buying Keppel stock

The latest news about Keppel

Keppel reports over 25% net profit growth in Q1 2025, driven by recurring income and asset management. In its most recent quarterly results, Keppel delivered robust net profit growth exceeding 25% year-on-year (excluding legacy Offshore & Marine assets), underscoring the strength of its underlying business transformation. This strong performance was supported by recurring income streams that accounted for more than 80% of net profit, highlighting income stability even amid global market volatility. Asset management fees also continued to climb, rising 9% year-on-year to SGD 96 million, and the sustained momentum in asset monetization—amounting to SGD 347 million year-to-date—demonstrates the ongoing effectiveness of Keppel’s asset-light, capital recycling strategy.

Keppel’s infrastructure and connectivity segments record major progress on flagship projects. Keppel’s infrastructure division, responsible for 63% of FY2024’s net profit, continues to secure long-term revenue with 66% of power capacity contracted for three years or longer. The Keppel Sakra Cogen Plant, one of Singapore’s most advanced power generation facilities, has achieved commissioning readiness and remains on schedule for commercial operations in the first half of 2026. In digital infrastructure, the Bifrost Cable System—a project of regional strategic significance for connectivity—is 92% complete and set for service in the second half of 2025, bolstering Singapore’s high-speed data backbone in partnership with hyperscalers.

Dividend yield remains highly attractive, with payment reinforcing capital return to Singapore investors. Keppel’s continued commitment to shareholder returns is affirmed by its declared final dividend of SGD 0.19 per share for FY2024, bringing the total annual payout to SGD 0.34 per share and supporting a yield of 5.04%. This latest dividend was distributed on May 9, 2025, following the April 28 ex-dividend date. The consistently high yield, well above market average, underlines Keppel’s financial resilience and is of particular interest to Singapore-based income investors amid a low-interest rate environment.

Surge in funds under management and capital raised highlights Keppel’s asset management transformation. The company’s shift to a global asset manager model is yielding tangible results, as evidenced by funds under management rising 60% year-on-year to SGD 88 billion by end-2024. Keppel has secured SGD 2.0 billion in new capital commitments for flagship private funds and raised roughly SGD 1.6 billion in equity year-to-date—a notable increase that indicates growing confidence from institutional partners and supports large-scale project development and further asset-light growth.

Technical indicators and market sentiment in Singapore signal cautiously optimistic outlook. On the Singapore Exchange, Keppel’s price action has remained robust, closing at SGD 6.75 on May 9, with technical signals largely positive. Most medium- and long-term moving averages (from MA20 through MA200) support a buy signal, with only short-term averages indicating some caution. The stock sits comfortably in the upper region of its recent trend range, with strong support levels at SGD 6.64 and SGD 6.50, and resistance at SGD 6.78 and SGD 6.86. Together with a neutral RSI and a favorable MACD buy signal, these technicals reflect market confidence in Keppel’s strategic direction, though short-term consolidation is possible.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.