Energy Security + Powering AI = Capital Creation

Research evidence excerpt

Energy Security + Powering AI = Capital Creation

Update

July 29, 2026 01:57 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MKeppel Ltd | Asia Pacific Mayank Maheshwari

Equity Analyst

Energy Security + Powering AI = Mayank.Maheshwari@morganstanley.comRyan M Heng +65 6834-6719

Ryan.Heng@morganstanley.com +65 6834-6465

Capital Creation Vivek Rajamani

Vivek.Rajamani@morganstanley.com +65 6834-6740

Key Takeaways Morgan Stanley India Company Private Limited+

Pranitha Shetty

Energy Security and Powering AI are key to capital creation for Keppel, Research Associate

positioning the company at the intersection of two themes via infa development Pranitha.Shetty@morganstanley.com +91 22 6118-3022

and capital deployment. Hinal Choudhary

Research Associate

With S$13bn+ raised in 1H26, we estimate half will be deployed into AI infra, Hinal.Choudhary@morganstanley.com +91 22 6118-2044

including Aermont Fund 6, while$3.9bn could be deployed into offshore oil rigs

by 2028.

Keppel earns ~50bps in mgmt fees on these funds, while value creation from

asset ownership and management supports earnings growth.

We estimate that Asia will require US$5+ trillion of investments by 2030 for Keppel Ltd (KPLM.SI, KEP SP)

energy security and power AI-related infra as countries seek to secure their ASEAN Energy and Materials | Singapore

future energy needs. Stock Rating Overweight

Industry View Attractive

MS is hosting an Energy Security and Powering AI field trip in Sept-26 across Price target S$16.00

Up/downside to price target (%) 37

Singapore, Thailand, and India including visits to power generation assets and fuel Shr price, close (Jul 28, 2026) S$11.66

refineries. 52-Week Range S$13.11-8.01

Sh out, dil, curr (mn) 1,836

Mkt cap, curr (mn) S$21,410