Core Viewpoint - Crude oil prices have surpassed US$100, but Keppel Corporation's focus has shifted away from the offshore and marine (O&M) industry, which is now considered a legacy business [1][4][17] Business Evolution - Keppel's results were historically correlated with oil prices, with O&M contributing 61% of total revenue and 32% of net profit in 2015 [2] - The company experienced a significant decline in revenue and net profit in 2016, with a 34% drop in revenue and a 49% fall in net profit [3] - Keppel's strategic decision to move away from the oil business has been reinforced by the merger of its O&M assets with Sembcorp Marine, forming Seatrium [4] Financial Snapshot - Keppel's current share price is S$12.30, reflecting an 82% increase over the past year, driven by its non-legacy business performance [9] - In 2025, net profit from New Keppel reached S$1.1 billion, with the infrastructure segment contributing S$803 million (73%) [10] - The company paid out total dividends of S$0.47 per share in 2025, a 38% increase from 2024, resulting in a distribution yield of 3.8% [11] Growth Drivers Beyond Oil - Keppel aims to achieve S$200 billion in funds under management (FUM) by 2030, with FUM at S$95 billion by the end of 2025, requiring a compound annual growth rate of around 16% [12] - The company is actively raising capital for various funds and has made strategic acquisitions, such as a 50% stake in Aermont Capital [13] - Future growth will be driven by segments like digitalisation and AI, rather than oil prices [14]