吉宝企业（BN4）：穿越迷雾

Investment Rating - The report maintains a positive outlook on Keppel Corporation, indicating a favorable investment rating based on the alignment with the views of Citic Lyon Research [4]. Core Insights - Keppel Corporation is expected to face challenges in its performance for the second half of 2025 due to weak thermal power price differentials and delays in the sale of M1, which may impact capital returns. However, the mid-term leverage factors show significant improvement, and management is incentivized to achieve 2026 targets, supporting a positive view on the power/data center theme and shareholder-friendly positioning [4][5]. Summary by Sections Company Overview - Keppel Corporation is the largest integrated enterprise in Singapore, focusing on real estate, asset management, and data centers after restructuring by divesting its offshore and marine business. The company is positioned to provide end-to-end energy transition solutions and sustainable development capabilities, while also developing and operating high-efficiency data centers to meet the growing demand driven by big data and IoT [11]. Financial Performance - The infrastructure segment contributes 69.9% to the company's revenue, with the telecommunications business at 20.4% and real estate at 9.7%. The majority of revenue is generated in Asia, accounting for 99.3% [12]. Earnings Outlook - The average energy price for 2025 is projected to be SGD 117 per megawatt-hour, significantly lower than the range of SGD 163-294 per megawatt-hour from 2022 to 2024, indicating a continued oversupply in the market. However, with the completion of the 600 MW Sakra power plant and potential sales of additional fiber pairs, earnings visibility is expected to improve in the first half of 2026 [5]. Asset Management and Disclosure - The fund management platform of Keppel is expanding, but the modeling of this segment is limited by disclosure constraints. Enhanced disclosure regarding operating profits, expense breakdowns, and allocation of management fees could significantly improve growth narratives [7]. Catalysts for Growth - Key catalysts include the active sale of non-core assets, significant interest rate declines, and the execution of power and data center development pipelines [8].