Looking ahead, Mak expects Keppel to see improvement in its earnings for the FY2024, which is likely to be derived from higher fund management fee income.
PhillipCapital analyst Peggy Mak is keeping her “accumulate” call on Keppel after the group’s business update for the 1QFY2024 ended March 31. Little financial details were revealed, though the group reported a quarterly revenue for continuing operations of $1.5 billion, 6.25% lower y-o-y.
In her report dated April 26, Mak notes that the pace of asset monetisation slowed in the 1QFY2024 as well, with only $169.9 million achieved. The number includes the divestment of the landback in Wuxi, China, for $161 million. For the FY2023, Keppel achieved total asset monetisation of $947.4 million.
