“While we remain confident in management, we believe the ongoing conflict in the Middle East, initially expected to be resolved quickly, may dampen investor expectations for funds-under-management (FUM) growth,” the JP Morgan report says.
On March 27, JP Morgan issued a report downgrading Keppel to neutral from overweight, cutting its end-2026 target of $13.10 to a June-2027 target of $12.00.
The eight-week extension for the M1-Simba completion and volatile geopolitical backdrop may point to delays in Keppel’s monetisation plans.
