Core Insights - Keppel Ltd. has experienced a 29% year-to-date increase in share price due to strong business execution and a strategic shift from a conglomerate model to an asset-light global alternative real asset manager focusing on digital and green energy infrastructure [1][2] Business Transformation - The company is divesting legacy businesses and assets, reallocating proceeds into recurring income-generating assets such as data centers, renewables, and sustainable infrastructure, which aligns with long-term growth trends [2] - Keppel's urban development projects span multiple countries, providing a long-term pipeline for growth [9] Financial Performance - In 1H2025, Keppel reported a 5% year-on-year decrease in revenue to S$3.06 billion, while net profit surged 24% year-on-year to S$378 million [3] - Recurring income (excluding non-core portfolio for divestment) increased by 7.2% year-on-year to S$444 million [3] - The Real Estate segment saw a 45% year-on-year revenue increase to S$95 million, with net profit of S$98 million due to higher asset management fees and lower costs [4] - Infrastructure revenue declined 12% year-on-year to S$2.0 billion, accounting for 65.7% of total revenue, while net profit decreased 5% year-on-year to S$346 million [5] - Connectivity revenue increased 14% year-on-year to S$743 million, but net profit fell 19% year-on-year to S$57 million due to lower valuation gains [6] Growth Drivers - Singapore's Green Plan 2030 aims for 80% green buildings and increased solar energy, indicating a growing demand for green energy infrastructure [7] - As of 1H2025, Keppel has S$91 billion in funds under management, with S$25 billion undeployed, and secured an additional S$2.3 billion from institutional investors for investment in data centers and sustainable urban renewal [8] Debt and Dividends - Keppel's net debt stood at S$9.9 billion as of June 30, 2025, with a net gearing ratio of 0.9 times [13] - A dividend of S$0.15 per share was declared for 1H2025, translating to a yield of approximately 3.9% at the current share price of S$8.82 [13] Market Outlook - The company's successful transition and execution are critical for maintaining share price momentum, with current valuation at 17.8 times trailing earnings [14] - Continuous execution is necessary for Keppel to compound value in its new growth pillars [15]

Core Points - Nu E Power Corp. has entered into an amended and restated share purchase agreement to acquire 100% of Blu Dot Systems Inc. in an all-share deal [1][2] - The acquisition involves the issuance of 29,500,000 common shares of Nu E, allocated based on each Blu Dot shareholder's proportionate interest [2] - The acquisition is expected to close around July 15, 2025, subject to certain conditions including Blu Dot having a positive working capital balance of $500,000 [2] Company Overview - Blu Dot is a technical construction company operating in the solar and renewable energy sector in western Canada, which will enable Nu E to become a vertically integrated solar company [3] - The acquisition is anticipated to enhance Nu E's growth and cash flow, with Blu Dot currently negotiating contracts that will contribute to this growth in 2025 and 2026 [3][4] - Nu E Power Corp. focuses on developing, constructing, and operating clean and renewable energy infrastructure across North America [8]