Keppel Ltd: FUM Surpasses S$100bn Ahead of Schedule

Research evidence excerpt

Keppel Ltd: FUM Surpasses S$100bn Ahead of Schedule

J P M O R G A N Asia Pacific Equity Research

28 July 2026

Keppel Ltd Overweight

KPLM.SI, KEP SP

FUM Surpasses S$100bn Ahead of Schedule Price (27 Jul 26):S$11.35

Price Target (Jun-27):S$12.05

KEP announced that it has exceeded its end-2026 interim FUM target of S$100bn, Singapore/ASEAN Property and

achieving the milestone ahead of schedule after adding approximately S$13.5bn REITs

of new FUM YTD26 across its Infrastructure, Real Estate and Connectivity private Mervin Song, CFA AC

funds. The increase was supported by S$7.8bn of new LP commitments, including (65) 6882-7829

capital raised for Aermont Fund VI, Keppel Education Asset Fund II, Keppel mervin.song@jpmorgan.com

Private Credit Fund III, Keppel Offshore Fund, a data centre opportunity and a Terence M Khi

sovereign wealth fund Separately Managed Account (SMA) focused on (65) 6882-1518

infrastructure and digital infrastructure opportunities. Management highlighted terence.ml.khi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

particularly strong investor appetite for its integrated infrastructure and digital J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

ecosystem strategy, with private infrastructure strategies now having secured S Morgan Broking (Hong Kong) Limited

$7.7bn of equity commitments to date and supporting an acquisition pipeline

exceeding S$22bn. Importantly, KEP reiterated that FUM growth creates a

positive earnings flywheel through higher recurring asset management fees,

operating income and returns from sponsor stakes and co-investments.

The update represents a meaningful acceleration from KEP’s 1Q26 business

update, where management reported only S$0.4bn of FUM additions and was in