吉宝集团（Keppel）首席执行官卢振华向Jean-François Manzoni讲述，凭借大刀阔斧的重组、坚定的战略定力与长远的发展愿景，一家工业 集团如何蜕变为全球资产管理公司。 2014 年卢振华接任吉宝首席执行官时，这家企业正是亚洲常见的综合企业模式典型：业务横跨多领域，资产密集，收入依赖项目。其业务涵盖海上钻井 平台建造、造船厂、基础设施、房地产及电信等，长期为新加坡经济发展助力。 但到 2010 年代中期，投资者预期已然转变。市场愈发青睐回报率更高、可扩展的经常性收入稳定的专注型企业。而吉宝业务复杂，且依赖周期性行业， 导致其估值低于各业务板块价值之和。 此后十年间，卢振华引领了该地区最具雄心的企业转型 —— 将吉宝打造为全球另类资产管理公司及运营商，在可持续城市化与数字化领域积累了深厚专 业功底。这不仅是投资组合的调整，更是战略与文化的重新定位。、 从集团折价到战略清晰 吉宝多元化的业务曾 使其受益颇丰，可到 2018 年，这种模式开始承压。 "几十年来，作为综合企业我们颇为成功，但市场在变，" 卢振华解释道，"我们的经常性收入偏低，没能获得期望的增长倍数。更糟的是，市场还因'集团 折价'进一 ...

Financial Data and Key Metrics Changes - Keppel's earnings from the asset management business more than doubled year-on-year to $75 million in the first half of 2024, with funds under management rising 55% to $85 billion since December 2023 [3][10] - Net profit from continuing operations was $513 million in the first half of 2024, a 7% increase from $481 million in the same period of 2023 [5][20] - The annualized return on equity improved to 9.8% in the first half of 2024 from 8.7% in the first half of 2023 [6][20] - Total assets decreased to $27.7 billion as of June 2024 from $32.3 billion at the end of 2021 [7] - Recurring income rose 14% year-on-year to $388 million, making up about 76% of net profit compared to 71% in the first half of the previous year [8] Business Line Data and Key Metrics Changes - The infrastructure segment achieved a net profit of $363 million in the first half of 2024, a 25% increase from $291 million in the first half of 2023 [22] - The real estate segment recorded a net profit of $129 million, down 31% from $186 million in the first half of 2023 [23] - The connectivity segment's net profit more than doubled to $76 million from $37 million in the first half of 2023 [24] Market Data and Key Metrics Changes - The infrastructure division expanded its long-term technology solutions and energy services contracts, which grew over 20% to $5.2 billion by the end of June 2024 [9] - The asset management fees grew to $203 million, up by about 75% year-on-year, mainly due to improved performance of private funds and listed vehicles [10] Company Strategy and Development Direction - Keppel aims for an interim monetization target of $10 billion to $12 billion by the end of 2026, focusing on asset monetization as a key pillar of its Vision 2030 goals [4] - The company is pursuing growth initiatives in alternative real assets, particularly in infrastructure, connectivity, and private credit, which are expected to drive demand [18] - Keppel is enhancing its operating capabilities in data centers and is exploring new sectors such as education and living sectors for future growth [46] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging macro environment but expressed confidence in the company's growth trajectory and ability to capitalize on opportunities in alternative real assets [18][60] - The company is focused on improving operational efficiency and reliability in its integrated power business to navigate market volatility [31] Other Important Information - The Board of Directors approved an interim cash dividend of $0.15 per share for the first half of 2024, reflecting confidence in Keppel's growth trajectory [8] - The company has a combined dry powder of about $25 billion, positioning it well to seize attractive asset acquisition opportunities [10] Q&A Session Summary Question: Breakdown of losses from legacy O&M contracts - CFO provided a breakdown of the $209 million loss, with approximately $67 million from Seatrium shares, $34 million from Floatel and Dyna-Mac, and $108 million from vendor notes [27][28] Question: Future dynamics of the integrated power business - Management highlighted that 60% of contracted capacity is secured for over three years, providing predictability in cash flow [30] Question: Profitability of asset management revenue - Management noted that Aermont contributed about $30 million in revenue for three months, with profitability affected by amortization [33] Question: Size and growth ambitions for data centers - The company aims to raise a third fund with a target size of $2 billion, with existing funds having an AUM of about $5 billion [34] Question: Strategy in China - Management acknowledged challenges in China but emphasized a revised playbook focusing on energy transition and data centers [43][44] Question: EBITDA growth target for decarbonization solutions - Management indicated that secured contracts for decarbonization solutions have grown to $5.3 billion, targeting over $100 million in EBITDA by 2027 [55] Question: Sustainability of dividends - Management expressed confidence in maintaining the interim dividend, supported by increasing recurring income [58][60]

Financial Data and Key Metrics Changes - For the full year 2023, Keppel achieved a record net profit of approximately S$4.1 billion, more than quadrupling the profit from financial year 2022, which was attributed to gains from the divestment of the offshore and marine business [7][34] - Return on equity (ROE) for financial year 2023 was 37.9%, significantly higher than 8.1% in the previous year [7][35] - Net profit from continuing operations was S$996 million, a 19% increase from S$839 million in financial year 2022 [7][35] - Free cash outflow was S$384 million, slightly improved from S$408 million in the previous year [39] Business Segment Data and Key Metrics Changes - The Infrastructure segment reported a net profit of S$699 million for financial year 2023, a 135% increase from S$297 million in 2022, driven by strong operating income growth [36][43] - The Real Estate segment contributed S$426 million in net earnings, despite challenging market conditions in China, representing a decline compared to the previous year [37][46] - The Connectivity segment's net profit increased by 30% year-on-year to S$127 million, supported by higher recurring income and gains from capital recycling [50] Market Data and Key Metrics Changes - The company has monetized over S$3 billion of assets in China since 2017, with total profits exceeding S$1 billion [16] - As of the end of 2023, the adjusted net debt to EBITDA ratio was 4.6 times, indicating improved financial health [13][38] - The company raised S$2.3 billion in equity and completed S$2.5 billion worth of acquisitions during the year [20][22] Company Strategy and Development Direction - Keppel is transitioning from a conglomerate structure to a global asset manager and operator, with a focus on recurring income and asset-light operations [3][4] - The proposed acquisition of Aermont Capital is expected to enhance Keppel's growth as a global asset manager [4][27] - The company aims to achieve a funds under management (FUM) target of S$200 billion by 2030, with a current FUM of S$55 billion [22][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, despite external challenges, and emphasized the importance of focusing on recurring income [6][25] - The company anticipates increased fundraising and deal-making activities as inflation eases and interest rates stabilize [25] - Management highlighted the importance of sustainability and digitalization trends in driving demand for Keppel's solutions [25][26] Other Important Information - The board proposed a final cash dividend of S$0.19 per share for financial year 2023, higher than the previous year's final dividend [11] - The company has secured S$1 billion in sustainability-linked revolving credit facilities for general corporate purposes and business opportunities in sustainability [14] Q&A Session Summary Question: Growth expectations and divestment targets for 2024 - Management noted that while 2023 set a high benchmark, they expect to continue improving and are focused on recurring income and asset-light operations [55][57] Question: Details on dry powder for funds and asset classes - Management indicated that they are actively pursuing opportunities in the market and expect to see a faster pace of investments in 2024 [64][66] Question: Sustainability of infrastructure operating earnings - Management expressed confidence in the sustainability of infrastructure earnings due to long-term contracts and strategic partnerships [60][70] Question: Power purchase agreements and profitability - Management highlighted that their contracts are fully hedged or indexed pass-through, reducing fuel volatility risk [78] Question: Plans for platform deals and focus on Aermont acquisition - Management confirmed they are open to other platform deals but emphasized the rarity of finding the right fit [82] Question: Risks of impairments in China assets - Management acknowledged the challenging market in China but expressed confidence in their unique capabilities to improve asset values [86][87]

| --- | --- | --- | --- | --- | |-----------------|-------------------|-------|-------|-------| | | | | | | | | | | | | | 2H23 & FY23 | Financial Results | | | | | 1 February 2024 | | | | | | | | | | | CONTENTS 01 Address by CEO 02 Financial highlights 03 Appendices 2 Keppel Address by CEO 3 Transformed for growth Delivered on strategy with strong shareholder returns. | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|----------------------|------------- ...

Financial Data and Key Metrics Changes - Keppel Corporation reported a net profit of S$927 million for FY 2022, a decrease of 9% from S$1.02 billion in FY 2021, primarily due to lower earnings in Urban Development and provisions for specific projects at Keppel O&M's yard in the US [16][17][41] - Return on Equity (ROE) was 8.1% for FY 2022, down from 9.1% in FY 2021 [18][41] - Free cash outflow was S$408 million in FY 2022, compared to an inflow of S$1.76 billion in FY 2021, mainly due to lower divestment proceeds [18][45] - Net gearing remained stable at 0.78x as of December 2022, compared to 0.79x in September 2022 [18][19] Business Line Data and Key Metrics Changes - The Asset Management segment delivered improved earnings of S$311 million in FY 2022, compared to S$301 million in FY 2021, making it the largest contributor to the Group's net profit [26][41] - Energy & Environment's net profit was S$241 million, more than doubling year-on-year, driven by higher contributions from electricity and gas sales [29][41] - Connectivity segment, led by M1, saw earnings grow 32% year-on-year to S$75 million, supported by its transformation into a cloud-native connectivity platform [34][41] - Urban Development's net profit declined to S$282 million, mainly due to reduced contributions from China property trading projects [58][41] Market Data and Key Metrics Changes - Keppel O&M achieved annual revenue of S$2.8 billion, its highest in six years, with a net order book of S$11.0 billion at the end of 2022, the highest level since 2007 [7][54] - The announced portfolio of renewable energy assets more than doubled to 2.6 GW, on track towards a target of 7.0 GW by 2030 [31][41] - M1's enterprise business grew steadily, making up about 33% of its revenue in 2022, up from 20% in 2020 [34][41] Company Strategy and Development Direction - Keppel Corporation is focusing on its Vision 2030 transformation, moving towards an asset-light model and growing recurring income [5][15] - The company plans to continue its asset monetization program, aiming to exceed S$5 billion by the end of 2023 [24][41] - The proposed combination of Keppel Offshore & Marine with Sembcorp Marine is expected to create a stronger global player in the energy transition [6][102] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenging global economic environment in 2022, marked by geopolitical tensions and inflation [4][39] - The company remains optimistic about the recovery of the Chinese economy post-zero COVID policy, which is expected to boost domestic demand [33][49] - Management expressed confidence in achieving a targeted ROE of 15% by Vision 2030 through improved quality and absolute earnings [72][76] Other Important Information - The Board of Directors proposed a final cash dividend of 18.0 cents per share for FY 2022, maintaining a total cash dividend of S$0.33 per share, the same as in 2021 [20][41] - The company has made significant investments in energy and environment projects, including renewable energy and sustainable urban renewal-related investments [25][46] Q&A Session Summary Question: Can you elaborate on Keppel's NTA rising and falling after the Sembcorp Marine transaction? - Management clarified that upon completion of the transaction, NTA would initially rise due to significant gains, followed by a decrease after the distribution of shares to shareholders [67][70] Question: Why is the final dividend lower despite increased recurring income? - Management explained that the final dividend reflects a payout of 50% to 60% of earnings, and while recurring income has increased, net profit was lower than the previous year [72][74] Question: What was the impact of the fine on dividend distribution? - Management stated that the fines had no material impact on earnings or the decision regarding dividend distribution [78][79] Question: What are the earnings contributions from new energy and environment investments? - Management indicated that while investments were made, material returns are not expected in the short term, but they will contribute to recurring income over time [80][82] Question: What are the key drivers for electricity spreads in Singapore for 2023? - Management noted that electricity spreads were influenced by global energy prices and local maintenance activities, with a cautious outlook for 2023 [97][99] Question: What is the outlook for residential launches in China? - Management expressed optimism about the recovery in the Chinese property market and plans to launch projects based on market conditions [100][101]

Keppel Corporation (OTCPK:KPELF) Q2 2022 Results Conference Call July 28, 2022 5:30 AM ET Company Participants Loh Chin Hua - CEO Chan Hon Chew - CFO Christina Tan - CEO, Keppel Capital Joo Ling Lim - CEO, Keppel Infrastructure Leng Yeow Ong - CEO, Keppel Offshore & Marine Lu-yi Lim - CEO, Keppel Land Manjot Singh Mann - CEO, M1 Thieng Hwi Pang - CEO, Keppel Telecommunications & Transportation Operator Good evening, ladies and gentlemen. Welcome to the Conference for Keppel Corporation's First Half Financia ...

2H & FY21 Financial Results 27 January 2022 Content 1. Address by CEO 2. Financial highlights 3. Appendices 1. Address by CEO Keppel Corporation 3 / Accelerating Vision 2030 execution Keppel made strong progress in executing Vision 2030, despite volatile market conditions and operational challenges imposed by COVID-19. Driving business transformation & earnings growth Good progress in asset monetisation Making sustainability our business Driving integration & harnessing synergies Corporation 4 Driving busin ...

Keppel Corporation Limited (OTCPK:KPELF) Q4 2021 Earnings Conference Call January 27, 2022 4:30 AM ET Company Participants Manjot Singh Mann - Chief Executive Officer, M1 Cindy Lim - Chief Executive Officer, Keppel Infrastructure Chris Ong - Chief Executive Officer, Keppel Offshore & Marine Tok Soo Hwa - General Manager, Group Control and Accounts Loh Chin Hua - Chief Executive Officer Christina Tan - Chief Executive Officer, Keppel Capital Louis Lim - Chief Executive Officer, Keppel Land Thomas Pang - Chie ...

Keppel Corporation Limited (OTCPK:KPELF) Q4 2020 Earnings Conference Call January 28, 2021 4:30 AM ET Company Participants Loh Chin Hua - Chief Executive Officer, Keppel Corporation Limited Chan Hon Chew - Chief Financial Officer, Keppel Corporation Limited Chris Ong - Chief Executive Officer, Keppel O&M Thomas Pang - Chief Executive Officer, Keppel T&T Christina Tan - Chief Executive Officer, Keppel Capital Tan Swee Yiow - Chief Executive Officer, Keppel Land Manjot Singh Mann - Chief Executive Officer, M1 ...

2H & FY 2020 Financial Results 28 January 2021 Scope of Briefing • Address by CEO • Group Financial Highlights by CFO 2 Address by CEO Keppel Corporation 3 V Executing Vision 2030 100day plan Achieved good progress on our 100-day plan launched at end-Sep 2020, and will continue to accelerate execution of Vision 2030 to create value. Transformation office • Established to drive the Group's transformation and delivery of Vision 2030 goals, and serve as change catalyst to build greater agility and discipline • ...