0450 GMT - Keppel seems to be on track to meet its target of S$10 billion-S$12 billion in asset monetization by 2026, supported by opportunities such as telco M1 and rigs, CGS International analysts Lim Siew Khee and Kenneth Tan say in a note. Keppel's cumulative asset monetization since October 2020 is near S$7 billion, including S$1.5 billion in 2024, the analysts note. The company's 2024 net profit was in line with CGS and consensus forecasts. The brokerage raises its target to S$9.28 from S$8.78 after rolling forward its valuation. CGS maintains an add rating as it reckons Keppel is transitioning into a streamlined, asset-light global asset manager. The growth potential of Keppel's new business engines, including its data-center portfolio, also looks attractive to CGS. Shares are up 1.8% at S$6.80. (hoishan.chan@wsj.com)
(END) Dow Jones Newswires
February 05, 2025 23:50 ET (04:50 GMT)
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