Keppel’s New Chairman: Piyush Gupta Inherits A "Two-Face" Balance Sheet | 🦖EP1553

The Investing Iguana

Keppel’s New Chairman: Piyush Gupta Inherits A "Two-Face" Balance Sheet | 🦖EP1553

Keppel's net profit is up 39% and management is calling it a New Keppel — but strip out the special dividend and your ordinary yield is 2.8%, which sits below the CPF Ordinary Account floor. The forensic audit reveals an 82% group gearing figure that the "New Keppel" marketing slides quietly replace with a cleaner 2.0x Net Debt/EBITDA, and a S$13.5b non-core portfolio that must find buyers before 2030 or your special dividend disappears entirely.

For a 55-year-old SRS investor in a 5,000-point STI era, the question is not whether Keppel is improving — it is whether you are being paid enough to hold the legacy balance sheet while you wait. With Singapore T-Bills at 1.37%, my 3.2% forensic floor still stands, and the 4.7% hurdle — floor plus 150 basis points of mandatory risk premium — remains uncleared. That gap is not a technicality; it is the price of your capital being tied to a 2030 divestment programme

📺 YouTube: https://youtu.be/ShEOGyHOQTo

📩 Substack: https://investingiguana.com/publish/posts/detail/194379372/share-center?alreadyPublished=true

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That gap is not a technicality; it is the price of your capital being tied to a 2030 divestment programme</p>\n<p>📺 YouTube: https://youtu.be/ShEOGyHOQTo</p>\n<p>📩 Substack: https://investingiguana.com/publish/posts/detail/194379372/share-center?alreadyPublished=true</p></body></html>","text":"Keppel’s New Chairman: Piyush Gupta Inherits A \"Two-Face\" Balance Sheet | 🦖EP1553 Keppel's net profit is up 39% and management is calling it a New Keppel — but strip out the special dividend and your ordinary yield is 2.8%, which sits below the CPF Ordinary Account floor. The forensic audit reveals an 82% group gearing figure that the \"New Keppel\" marketing slides quietly replace with a cleaner 2.0x Net Debt/EBITDA, and a S$13.5b non-core portfolio that must find buyers before 2030 or your special dividend disappears entirely. 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