SG Property Intelligence

研报英文原文证据摘录

SG Property Intelligence

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

30 July 2026

New Keppel exceeds expectations

Keppel Ltd - First Take: New Keppel exceeds expectations. 1H26 “New Singapore/ASEAN Property and

Keppel” net profit was up 25% YoY to S$530m, driven by higher sponsor stakes REITs

and co-investments (SSCI) of S$175m (1H25: S$18m) and higher recurring Terence M Khi AC

income. Infrastructure and Connectivity earnings both grew more than 50%. “New (65) 6882-1518

Keppel” 1H26 earnings represent ~51–52% of our own and Bloomberg consensus terence.ml.khi@jpmorgan.com

FY26 PATMI forecasts, ahead of expectations, with annualised ROE rising to Mervin Song, CFA AC

15.0% from 14.7% in 1H25. Headline 1H26 PATMI was weaker at S$155m due (65) 6882-7829

to a larger non-core loss of S$375m (1H25: S$46m loss), mainly related to rig mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

impairments and M1. FUM rose to S$106bn, exceeding S$100bn and above our J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

FY26 estimate of S$99.5bn, supported by S$13bn raised YTD. KEP declared Morgan Broking (Hong Kong) Limited

1H26 DPS of 15.0 Scts (flat YoY). Link (Source: J.P. Morgan)

CDL Hospitality Trusts - First Take: Bounce in 1H26 DPU but below

expectations. 1H26 DPU rose 8.6% YoY to 2.15 Scts, representing 42% of our/

Bloomberg consensus FY26 estimates and tracking below the typical 1H seasonal

split. Growth was driven by lower funding costs, stronger contributions from New

Zealand, Australia, and UK living assets, and resilient Singapore operations. This

was partly offset by weakness in the Maldives and softer performance in Japan and

Germany. The miss versus our estimates appears to be mainly due to weaker-than-