SlideShare a Scribd company logo
Briefing for Retail
Shareholders
Hosted by Securities Investors
Association (Singapore)
17 August 2023
Keppel has been transforming to create value
2
• Privatised Keppel
Land and
consolidated asset
managers under
Keppel Capital
• Privatised M1
and Keppel T&T
• Divested logistics and O&M businesses
• Removed conglomerate structure and
reorganised Keppel as one
integrated company
2015~2016 2018~2019 2022~2023
Creating solutions for a sustainable world
One Keppel, One Purpose
A GLOBAL ASSET MANAGER & OPERATOR
Comprising three horizontally-integrated platforms:
Fund
Management
Platform
1
Operating
Platform
3
Investment
Platform
2
with deep operating capabilities in Infrastructure,
Real Estate and Connectivity
3
Investors increasing
allocation to real assets
Energy transition &
climate change
Rapid urbanisation &
ageing populations
Digitalisation
4.0 4.6 5.5 6.3 6.8 7.2 7.6 8.5 9.0 10.1
11.7
13.3
23.2
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2026F
Alternatives AUM
(US$ trillion)
1 2
3
4
5.8x
We are in the right space, at the right time, seizing
opportunities amidst macrotrends
Source: Preqin
4
Strong results for 1H23
5
NET PROFIT RECURRING INCOME ASSET MONETISATION
$3.6b 76% >$4.8b
Highest on record
in 55 years
of net profit from
continuing operations,
vs 48% in 1H22
announced since Oct 2020;
Target to reach $10~12b by
2026 and $17.5b eventually
6
STI:
9.62%
Keppel:
118.0%
STI Keppel
i The figure of $2.19 is rounded to the nearest two decimal places; calculated based on a division of (a) the cash equivalent amount of the dividend declared
by the Company of $3,845,164,646.11, by (b) the Company's issued and paid-up share capital as at the Record Date of 1,751,959,918 KCL Shares (excluding
treasury shares).
ii The final value of the dividend in-specie will be based on the price of Keppel REIT units on the date the Proposed Distribution is completed, which is subject
to the approval of Keppel Corporation’s shareholders at an EGM to be held in due course.
Significantly outperformed Straits Times
Index over the 18-month period from
1 Jan 2022 to 30 Jun 2023
>12x
FY22 final cash
dividend of
18.0 cts/share
paid in May’23
1H23 interim cash
dividend of
15.0 cts/share to be
paid on 18 Aug’23
Keppel
Cash:
~4.6% cash dividend yield
based on Keppel’s closing
share price of $7.11
on 11 Aug 2023
$2.19i worth of SCM shares
distributed in-specie in Mar’23 for every
Keppel share held
Superior returns
Total distributions in 2023 Total shareholder return
1 KREIT unitii for every 5 Keppel
shares held
• Part of Keppel’s capital
management initiatives
• KREIT will benefit from larger
public float, wider investor base
and higher liquidity
55th Anniversary
Proposed Special Dividend in-Specie
In-Specie:
33.0 cts/share
Source: Bloomberg
The Keppel difference
7
Deep capabilities in engineering, developing, owning and operating specialised real assets as part
of Keppel’s DNA
Established asset manager with over 20 years of track record, seasoned management team and
established LP network
17% IRR / 1.8x
equity multiple
average deal returns
since 2002
$53.2b
As at end-Jun 2023
Returns achieved FUM
Capital deployed
Funds raised
$17.6b
Investments completed
over 3 years
(2020-2022)
$9.5b
Capital raised
over 3 years
(2020-2022)
Infrastructure Real Estate Connectivity
I
II
Connecting investors with Keppel’s proprietary assets
Providing exclusive access to high-quality, strategic infrastructure, real estate and connectivity assets that
produce strong inflation-protected cash flows, leveraging Keppel’s deep operating capabilities.
8
Keppel Data
Centre Campus
at Genting Lane
First two buildings
fully contracted;
planning for more
capacity
Keppel Sakra
Cogen Plant
Singapore’s first
hydrogen-ready and
most efficient
power plant
Bifrost Subsea
Cable System
World’s largest
capacity high-speed
optical cable across
the Pacific Ocean
Keppel South
Central
Next-generation smart,
super low energy
commercial building
in Singapore’s CBD
Park Avenue
Central
Prime office and retail
development in the
heart of downtown
Shanghai
Accelerating growth in asset management
9
i Includes carrying values of identified assets on the balance sheet, as well as gross asset values of certain identified underlying assets held in joint
ventures, that can be potentially converted into fee-bearing Funds Under Management (FUM). Notes receivables (vendor notes issued by Asset Co)
amounting to c.$4.3b is included.
>$13b
of asset and M&A deals currently
being pursued across Infrastructure,
Real Estate and Connectivity
Infrastructure
25%
Real Estate
62%
Connectivity
13%
End-Jun 2023
$65.6b
Infrastructure
22%
Real Estate
62%
Connectivity
16%
End-Jun 2023
$53.2b
AUMi FUM
Includes ~$10b of dry powder
Includes $12.4b of assets on
Keppel’s balance sheet that can be
potentially converted into future FUM
>5
new funds for infrastructure, SUR,
education, data centres and debt,
etc., being raised and planned for
launch in next 2 years
Laser-focused to grow FUM to $100b by 2026 and $200b by 2030
With an established track record as an asset
manager and the deep domain knowledge of an
operator, Keppel is a preferred partner to our LPs.
As we grow our recurring income and achieve our
FUM and monetisation targets, Keppel aims to
continue delivering superior returns to our
shareholders.
10
Disclaimer
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY
JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF
THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION,
INCLUDING IN THE UNITED STATES.
This presentation is for information purposes only and does not have regard to your specific investment
objectives, financial situation or your particular needs. Any information in this presentation is not to be
construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any
offer to acquire, purchase or subscribe for securities or other financial instruments in Keppel Corporation
Limited (“Keppel”). The past performance of Keppel is not indicative of the future performance of Keppel.
You should exercise judgment in your own financial decisions. If in doubt, please consult with your
professional advisers.
Unless explicitly indicated otherwise, all monetary values denoted as ‘$’ within this presentation are to be
interpreted as referring to Singapore dollars.
11

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SIAS-Keppel Briefing to Retail Shareholders 2023.pdf

  • 1. Briefing for Retail Shareholders Hosted by Securities Investors Association (Singapore) 17 August 2023
  • 2. Keppel has been transforming to create value 2 • Privatised Keppel Land and consolidated asset managers under Keppel Capital • Privatised M1 and Keppel T&T • Divested logistics and O&M businesses • Removed conglomerate structure and reorganised Keppel as one integrated company 2015~2016 2018~2019 2022~2023
  • 3. Creating solutions for a sustainable world One Keppel, One Purpose A GLOBAL ASSET MANAGER & OPERATOR Comprising three horizontally-integrated platforms: Fund Management Platform 1 Operating Platform 3 Investment Platform 2 with deep operating capabilities in Infrastructure, Real Estate and Connectivity 3
  • 4. Investors increasing allocation to real assets Energy transition & climate change Rapid urbanisation & ageing populations Digitalisation 4.0 4.6 5.5 6.3 6.8 7.2 7.6 8.5 9.0 10.1 11.7 13.3 23.2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2026F Alternatives AUM (US$ trillion) 1 2 3 4 5.8x We are in the right space, at the right time, seizing opportunities amidst macrotrends Source: Preqin 4
  • 5. Strong results for 1H23 5 NET PROFIT RECURRING INCOME ASSET MONETISATION $3.6b 76% >$4.8b Highest on record in 55 years of net profit from continuing operations, vs 48% in 1H22 announced since Oct 2020; Target to reach $10~12b by 2026 and $17.5b eventually
  • 6. 6 STI: 9.62% Keppel: 118.0% STI Keppel i The figure of $2.19 is rounded to the nearest two decimal places; calculated based on a division of (a) the cash equivalent amount of the dividend declared by the Company of $3,845,164,646.11, by (b) the Company's issued and paid-up share capital as at the Record Date of 1,751,959,918 KCL Shares (excluding treasury shares). ii The final value of the dividend in-specie will be based on the price of Keppel REIT units on the date the Proposed Distribution is completed, which is subject to the approval of Keppel Corporation’s shareholders at an EGM to be held in due course. Significantly outperformed Straits Times Index over the 18-month period from 1 Jan 2022 to 30 Jun 2023 >12x FY22 final cash dividend of 18.0 cts/share paid in May’23 1H23 interim cash dividend of 15.0 cts/share to be paid on 18 Aug’23 Keppel Cash: ~4.6% cash dividend yield based on Keppel’s closing share price of $7.11 on 11 Aug 2023 $2.19i worth of SCM shares distributed in-specie in Mar’23 for every Keppel share held Superior returns Total distributions in 2023 Total shareholder return 1 KREIT unitii for every 5 Keppel shares held • Part of Keppel’s capital management initiatives • KREIT will benefit from larger public float, wider investor base and higher liquidity 55th Anniversary Proposed Special Dividend in-Specie In-Specie: 33.0 cts/share Source: Bloomberg
  • 7. The Keppel difference 7 Deep capabilities in engineering, developing, owning and operating specialised real assets as part of Keppel’s DNA Established asset manager with over 20 years of track record, seasoned management team and established LP network 17% IRR / 1.8x equity multiple average deal returns since 2002 $53.2b As at end-Jun 2023 Returns achieved FUM Capital deployed Funds raised $17.6b Investments completed over 3 years (2020-2022) $9.5b Capital raised over 3 years (2020-2022) Infrastructure Real Estate Connectivity I II
  • 8. Connecting investors with Keppel’s proprietary assets Providing exclusive access to high-quality, strategic infrastructure, real estate and connectivity assets that produce strong inflation-protected cash flows, leveraging Keppel’s deep operating capabilities. 8 Keppel Data Centre Campus at Genting Lane First two buildings fully contracted; planning for more capacity Keppel Sakra Cogen Plant Singapore’s first hydrogen-ready and most efficient power plant Bifrost Subsea Cable System World’s largest capacity high-speed optical cable across the Pacific Ocean Keppel South Central Next-generation smart, super low energy commercial building in Singapore’s CBD Park Avenue Central Prime office and retail development in the heart of downtown Shanghai
  • 9. Accelerating growth in asset management 9 i Includes carrying values of identified assets on the balance sheet, as well as gross asset values of certain identified underlying assets held in joint ventures, that can be potentially converted into fee-bearing Funds Under Management (FUM). Notes receivables (vendor notes issued by Asset Co) amounting to c.$4.3b is included. >$13b of asset and M&A deals currently being pursued across Infrastructure, Real Estate and Connectivity Infrastructure 25% Real Estate 62% Connectivity 13% End-Jun 2023 $65.6b Infrastructure 22% Real Estate 62% Connectivity 16% End-Jun 2023 $53.2b AUMi FUM Includes ~$10b of dry powder Includes $12.4b of assets on Keppel’s balance sheet that can be potentially converted into future FUM >5 new funds for infrastructure, SUR, education, data centres and debt, etc., being raised and planned for launch in next 2 years Laser-focused to grow FUM to $100b by 2026 and $200b by 2030
  • 10. With an established track record as an asset manager and the deep domain knowledge of an operator, Keppel is a preferred partner to our LPs. As we grow our recurring income and achieve our FUM and monetisation targets, Keppel aims to continue delivering superior returns to our shareholders. 10
  • 11. Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. THIS PRESENTATION SHALL NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL, SUBSCRIBE FOR OR BUY SECURITIES IN ANY JURISDICTION, INCLUDING IN THE UNITED STATES. This presentation is for information purposes only and does not have regard to your specific investment objectives, financial situation or your particular needs. Any information in this presentation is not to be construed as investment or financial advice and does not constitute an invitation, offer or solicitation of any offer to acquire, purchase or subscribe for securities or other financial instruments in Keppel Corporation Limited (“Keppel”). The past performance of Keppel is not indicative of the future performance of Keppel. You should exercise judgment in your own financial decisions. If in doubt, please consult with your professional advisers. Unless explicitly indicated otherwise, all monetary values denoted as ‘$’ within this presentation are to be interpreted as referring to Singapore dollars. 11