Financials Keppel Infrastructure Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:06:05 2024-04-26 am EDT			5-day change	1st Jan Change
0.47 ^SGD	-3.09%		-2.08%	-6.00%

Apr. 01	Singapore Shares Up on Positive Global Cues; Pollux Properties Surges 12%	MT
Apr. 01	Keppel Unit, Keppel Infrastructure Trust Propose Extension of Capacity Tolling Deal for Gas Turbine Plant	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024
Capitalization ¹	2,697	2,720	2,720	2,696	2,813	2,645
Enterprise Value (EV) ¹	4,339	4,300	3,716	2,696	5,047	4,996
P/E ratio	65.9 x	-79 x	-21.1 x	96.3 x	27.9 x	28.1 x
Yield	6.89%	6.83%	6.94%	7.07%	12.4%	8.51%
Capitalization / Revenue	1.72 x	1.75 x	1.73 x	1.34 x	1.38 x	1.28 x
EV / Revenue	2.77 x	2.77 x	2.36 x	1.34 x	2.48 x	2.42 x
EV / EBITDA	15.1 x	14.7 x	11.7 x	6.71 x	11.3 x	12.4 x
EV / FCF	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-
Price to Book	2.04 x	2.38 x	2.44 x	2.8 x	3.23 x	2.96 x
Nbr of stocks (in thousands)	4,994,391	4,990,438	4,991,263	4,991,790	5,625,786	5,626,719
Reference price ²	0.5400	0.5450	0.5450	0.5400	0.5000	0.4700
Announcement Date	1/20/20	1/27/21	1/26/22	1/30/23	1/30/24	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024
Net sales ¹	1,567	1,552	1,575	2,006	2,036	2,064
EBITDA ¹	286.7	291.6	317.6	402	447.6	404
EBIT ¹	113.7	113.4	140.6	245.3	242.5	190
Operating Margin	7.25%	7.31%	8.93%	12.23%	11.91%	9.21%
Earnings before Tax (EBT) ¹	16.83	-31.27	39.76	-	112.8	116
Net income ¹	38.58	-34.35	-125.9	28.02	123.9	94.1
Net margin	2.46%	-2.21%	-7.99%	1.4%	6.09%	4.56%
EPS ²	0.008200	-0.006900	-0.0258	0.005610	0.0179	0.0167
Free Cash Flow	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-
Dividend per Share ²	0.0372	0.0372	0.0378	0.0382	0.0619	0.0400
Announcement Date	1/20/20	1/27/21	1/26/22	1/30/23	1/30/24	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024
Net Debt ¹	1,642	1,580	996	-	2,234	2,351
Net Cash position ¹	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.725 x	5.42 x	3.136 x	-	4.992 x	5.819 x
Free Cash Flow	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.25%	3.88%	3.9%	1.71%	8.17%	9.8%
ROA (Net income/ Total Assets)	0.88%	1.2%	1.3%	-	2.14%	1.7%
Assets ¹	4,404	-2,874	-9,666	-	5,782	5,535
Book Value Per Share ²	0.2700	0.2300	0.2200	0.1900	0.1600	0.1600
Cash Flow per Share ²	0.0700	0.0700	0.0500	0.0600	0.0500	0.0400
Capex ¹	33.4	29	275	-	54.8	25
Capex / Sales	2.13%	1.87%	17.46%	-	2.69%	1.21%
Announcement Date	1/20/20	1/27/21	1/26/22	1/30/23	1/30/24	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

0.47 SGD

Average target price

0.57 SGD

Spread / Average Target

+21.28%

	1st Jan change	Capi.
KEPPEL INFRASTRUCTURE TRUST	-6.00%	1.94B
SHIN-ETSU CHEMICAL CO., LTD.	-0.19%	74.89B
BASF SE	+0.09%	46.52B
DUPONT DE NEMOURS, INC.	-4.19%	30.82B
PIDILITE INDUSTRIES LIMITED	+9.85%	18.19B
BRENNTAG SE	-10.05%	11.54B
EASTMAN CHEMICAL COMPANY	+6.39%	11.24B
SYENSQO SA/NV	-8.09%	9.73B
ASAHI KASEI CORPORATION	+2.79%	9.4B
SRF LIMITED	+6.35%	9.37B