Why did Keppel shares hit a 12-year high?

Stronger H2 FY2025 results, a proposed S$0.13 special dividend from asset monetisation, and Keppel analyst upgrades boosted sentiment. Investors expect better ROE and more distributions ahead. Higher trading volumes and a firm trend also supported price action as Singapore funds rotated toward asset-light, returns-focused names.

Will the S$0.13 Keppel special dividend include the M1 sale?

No. Management indicated the special dividend does not yet include proceeds from the S$1.43 billion M1 divestment. If the deal secures regulatory approval, it is expected to count toward 2026 monetisation, which could provide room for further distributions or balance sheet strengthening thereafter.

Is the stock expensive at current levels?

On trailing numbers, the PE is about 58.7x, with price-to-sales near 7.1x and price-to-book around 2.15x. ROE is modest. These metrics suggest high expectations are priced in. Future upside likely depends on closing the M1 deal, delivering cash-backed earnings, and maintaining prudent leverage and dividend cover.

What are the key risks to watch?

Delays in the M1 approval, weaker-than-expected monetisation proceeds, or softer operating cash flow could pressure dividends and valuation. Rising funding costs in Singapore and any earnings miss are additional risks. Watch payout guidance, leverage metrics, and upcoming results for confirmation of the capital return story.

Global Market Insights

BN4.SI Stock Today: February 10 – 12-Year High on Dividend, Upgrades

ByDanny Kontos February 10, 2026February 10, 2026

The keppel share price surged to a 12-year high as investors cheered strong H2 FY2025 results and a proposed S$0.13 special dividend from asset monetisation. Analysts raised targets after the update, adding fresh momentum. With the S$1.43 billion M1 divestment still awaiting approval, the market is eyeing more capital return in 2026. On SGX, BN4.SI remains in focus for income and asset-light growth. We break down drivers, valuation, technicals, and next catalysts for Singapore investors.