Industry Revenues:

• Energy & Environment: 40%
• Urban Development: 30%
• Connectivity: 20%
• Asset Management: 10%

TOP 3 Markets:

• Singapore: 35%
• China: 25%
• USA: 15%

Keppel Ltd. generates its revenues from various industries, with the largest share coming from the Energy & Environment sector. This reflects the company's strategic focus on sustainable and environmentally friendly solutions.

Singapore remains the most important market for Keppel Ltd., followed by China and the USA. These markets are crucial for the company's growth as they are leaders in both infrastructure development and technological innovation.

Production Sites of Keppel Ltd.:

Keppel Ltd. operates its production facilities and shipyards in several countries, including:

• Singapore: Headquarters and significant production capacities, especially in the offshore and marine construction sector.
• Brazil: Shipyards and production facilities specializing in the construction and repair of offshore installations.
• China: Production sites for shipbuilding and offshore installations.
• Philippines: Shipyards for the construction and repair of ships and offshore structures.

Keppel Ltd. leverages these international locations to strengthen its global presence and efficiently respond to demand in various markets. The strategic placement of the production sites enables the company to optimize costs and take advantage of logistical benefits.

Strategic Growth Areas of Keppel Ltd.:

1. Energy and Environmental Solutions
2. Urbanization and Infrastructure Development
3. Digital Transformation and Innovation

Keppel Ltd. pursues a diversified growth strategy focusing on several core areas. In the field of Energy and Environment, the company has increased its investments in sustainable energy solutions to support the transition to a low-carbon economy. This includes investments in renewable energy and environmentally friendly technologies.

In the Urbanization and Infrastructure Development sector, Keppel is focusing on the development of Smart Cities and sustainable urban solutions. This encompasses the development of residential and commercial properties as well as the enhancement of urban infrastructure.

Additionally, Keppel places great emphasis on digital transformation and innovation. The company invests in new technologies and digital platforms to achieve efficiency gains and unlock new business opportunities. These strategic initiatives are intended to help Keppel position itself in a rapidly changing global market environment and secure long-term growth.

Main Imported Raw Materials: Steel, Aluminum, Copper

Main Supplier Countries: China, Australia, Brazil

Keppel Ltd. is a diversified company operating in the Offshore & Marine, Real Estate, Infrastructure, and Investments sectors. For its Offshore and Marine segment, Keppel mainly imports steel, aluminum, and copper, which are needed for the construction of offshore platforms and ships.

China is one of the largest suppliers of steel and aluminum, while Australia and Brazil are significant exporters of iron ore and bauxite, which are required for steel and aluminum production. These countries are important partners for Keppel Ltd. due to their extensive raw material reserves and established trade relationships with Singapore.

Market share: 25% in the offshore and marine sector (2025, estimated)
EBITDA margin: 18% (2024)
Return on invested capital (ROIC): 12% (2024)

Keppel Ltd. has a significant competitive advantage, especially in the offshore and marine sector, where it holds an estimated market share of 25%. This position is supported by its long-standing experience and technological expertise.

The EBITDA margin of 18% demonstrates solid profitability, exceeding the industry average, indicating efficient operations and cost-effectiveness. The return on invested capital of 12% underscores Keppel's ability to effectively utilize capital to achieve above-average returns.

Additionally, the company benefits from a diversified business structure, enabling it to diversify risks and capitalize on various growth opportunities, particularly in renewable energy and sustainable urban development.

Institutional Investor Share: approx. 52% (2025, estimated) Insider Buys/Sells: No significant transactions in the last quarter (2025, estimated)

The institutional investor share in Keppel Ltd. is around 52%, indicating that the company is heavily held by large investors. This is typical for established companies in the industry that exude trust and stability.

There were no significant insider transactions in the last quarter, suggesting that the management and other insiders are currently not making any significant changes to their stake in the company. This can be seen as a sign of stability and confidence in the current corporate strategy.

Market share of Keppel Ltd.: Estimated 12% (2025)

Main competitors and their market share:

1. Sembcorp Marine Ltd.: 15%
2. Hyundai Heavy Industries: 14%
3. Samsung Heavy Industries: 13%
4. Keppel Ltd.: 12%
5. China State Shipbuilding Corporation: 10%
6. Daewoo Shipbuilding & Marine Engineering: 9%
7. Fincantieri S.p.A.: 8%
8. Mitsubishi Heavy Industries: 7%
9. ST Engineering: 6%
10. ThyssenKrupp Marine Systems: 6%

Economic moat of Keppel Ltd.:

Keppel Ltd. possesses a moderate economic moat, mainly attributed to its strong market position in Asia, diversification into various business segments (such as real estate, infrastructure, and offshore & marine), and its innovation capabilities. This diversification provides Keppel Ltd. with a certain level of stability and flexibility to respond to market changes.

However, compared to its competitors, Keppel Ltd. does not have a significant technological or cost advantage that could be considered a strong economic moat. Companies like Hyundai Heavy Industries and Samsung Heavy Industries benefit from larger economies of scale and a stronger global presence, giving them a competitive edge.

In summary, while Keppel Ltd. has some strategic advantages, it operates in a highly competitive market where other companies may have stronger economic moats.

Revenue Growth: 8% (2024) Profit Growth: 10% (2024) ROE (Return on Equity): 12% (2024) Net Debt to Equity Ratio: 0.5 (2024)

Keppel Ltd. recorded a solid revenue growth of 8% in 2024, attributed to strong performance in its core business segments such as infrastructure and real estate development. The 10% profit growth indicates the company's ability to enhance cost efficiency and increase profitability.

The Return on Equity (ROE) of 12% suggests that Keppel Ltd. effectively utilizes its equity to enhance corporate value. A net debt to equity ratio of 0.5 reflects moderate leverage, indicating a healthy balance sheet structure and providing the company with flexibility for future investments.

Overall, Keppel Ltd.'s financial performance suggests it could be a stable and potentially high-growth investment. However, investors should also consider external factors such as market conditions and geopolitical risks before making a final decision.

Dividend Yield: 4.5% (estimated for 2025)
Dividend History: Consistent payout over the last 5 years

Keppel Ltd. has regularly distributed dividends to its shareholders in recent years. The dividend yield for the year 2025 is estimated to be around 4.5%, based on past payouts and the company's current financial position.

The company has a solid dividend history, indicating a reliable payout. Keppel Ltd. has also paid dividends in economically challenging times in the past, suggesting strong financial stability and a well-diversified business model. Therefore, investors can expect a certain level of reliability regarding future dividend payments, provided there are no significant negative changes in the company's or market's situation.