Earnings Review: Keppel Hit a 12-Year High While SGX Slipped, How to Trade?
This week, two earnings were out with mixed results. $Keppel(BN4.SI)$ surged 6%, reaching a 12-year high, while $SGX(S68.SI)$ despite posting its strongest half-year results ever — saw its share price dip 0.6%.
Both delivered solid performance, so why did the market react so differently?
Keppel: surprising numbers, dividends and super CEO announcement
1. Strong fundamentals
Net profit in the second half rose 27.2%, bringing full-year earnings to S$1.1 billion. Its infrastructure and connectivity segments performed exceptionally well, aligning perfectly with the current AI data-center boom.
2. Attractive dividends
Total dividend for the year reached S$0.47, including a special payout. In today’s environment, a ~4.3% yield combined with growth potential looks compelling.
3. High-profile leadership (key factor)
Former DBS CEO Piyush Gupta has been appointed chairman-designate. Having led DBS to global prominence, his move to Keppel has sparked speculation — could Keppel evolve into the “DBS of asset management”?
SGX: record revenue but “sell-the-news”?
SGX’s half-year report was objectively strong:
Revenue hit a record S$736 million, and adjusted profit rose 11.6%. Yet the stock edged down 0.6%. Three main reasons explain this:
1. Expectation gap
Despite record revenue, results slightly missed elevated analyst expectations. For a quasi-utility heavyweight like SGX, failing to beat expectations often triggers short-term profit-taking.
2. Moderate headline profit growth
Reported net profit increased only 0.8% to S$342.7 million. Adjusted numbers were better, but the headline figure appeared less impressive.
3. Market sentiment rotation
CEO Loh Boon Chye noted capital is rotating from STI blue chips into mid-caps (with the iEdge Singapore Next 50 showing strong performance). This liquidity shift may temporarily weaken exchange stocks’ relative appeal.
Discussion:
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How do you review SG earnings season?
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Keppel chase risk: After a 12-year high, has the Piyush Gupta effect already been priced in?
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SGX dip opportunity: Record revenue but a pullback — could this be a dividend investor’s entry point?
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How do you review SG earnings season?
Keppel chase risk: After a 12-year high, has the Piyush Gupta effect already been priced in?
SGX dip opportunity: Record revenue but a pullback — could this be a dividend investor’s entry point?
Keppel (SGX: BN4): The "Piyush Gupta Effect"
Keppel’s recent surge to a 12-year high of S$11.64 on 6 February 2026 suggests significant growth expectations are already reflected in its price.
SGX (SGX: S68): Dip Opportunity or Warning?
Despite posting its strongest half-year performance in 26 years, SGX shares pulled back to S$17.57 by 6 February 2026.
下半年净利润增长27.2%，全年盈利达到11亿新元。其基础设施和连接部门表现异常出色，与当前人工智能数据中心的繁荣完全一致。
2.有吸引力的股息
全年股息总额达到0.47新元，包括特别派息。在当今的环境下，约4.3%的收益率加上增长潜力看起来很有吸引力。
Keppel (BN4): Shares hit a 12-year high on the "Piyush Gupta effect" and a 39% jump in FY2025 profit. While the leadership news is largely priced in, analysts see further upside toward S$12.72+ as the company completes its pivot to a global asset manager.
SGX (S68): Despite record half-year revenue, a slight pullback occurred due to margin pressure from rising costs. This "dip" offers a defensive entry point for dividend seekers, supported by a committed 0.25 cent annual dividend hike through 2028.
Bottom Line: Investors are rewarding long-term structural shifts (Keppel) and sustainable yield growth (SGX), even as macro uncertainty keeps broad market gains in check.
另一方面， $新交所(S68.SI)$ 实现了创纪录的收入和稳健的调整后利润，但股价略有下跌。这似乎反映了预期的提高、总体利润的温和增长以及资本从海指蓝筹股向中型股的持续轮换。
对我来说，吉宝值得关注，但我会等待整合后再追逐进一步上涨。鉴于新交所持续的业绩和稳定的派息，其小幅下跌可能为注重股息的投资者提供一个良好的切入点。
@Tiger_comments @TigerClub @TigerStars @Tiger_SG
Keppel: After a 12-year high, much of the transformation and leadership confidence appears priced in. The re-rating reflects its asset-light pivot and recurring income visibility. Upside now likely depends on execution and earnings delivery rather than further multiple expansion. Chasing momentum at current levels carries higher risk unless new catalysts emerge.
SGX: Record revenue but share pullback looks macro-driven, mainly from falling rate expectations reducing interest income tailwinds. Core business remains strong with predictable cash flow and dividend visibility. For income investors, dips may represent gradual accumulation opportunities rather than a structural concern.
BN4 reached a 12-year high, driven by diversified growth and AI-powered data center demand, raising the question of whether the stock has already priced in the “Piyush Gupta effect” or if overvaluation risks are mounting after the rally
S68 posted record revenue from robust trading volumes and higher listing fees, but the share price dip presents a potential entry point for dividend investors seeking increased yield while remaining cautious of market volatility
BN4 benefits from new leadership and AI data center demand, while S68 offers dividend hunters an entry point amid price weakness; traders must weigh further upside against pullback risks, considering market trends and growth sustainability。。。
For Keppel, the sudden surge seems to be based on hype, but it is indeed a value buy, promising both dividends and growth potential.
2. Yes the piyush Gupta effect has been priced in with increases in prices broadly
3. SGX dip opportunity, yes there is an opportunity to purchase at lower prices due to the dip in pricing