Keppel Ltd. (BN4.SI) stock analysis

In our weekly check, Keppel Ltd. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 14 pass, warnings: 4, red flags: 7.

About Keppel Ltd.

Keppel Ltd. is an Industrials company (Conglomerates) based in Singapore, listed on SES as BN4.SI.

What our checks show for BN4.SI

Red flags

• Net debt is 6.6x a year of EBITDA (debt/equity 1.07). That limits room in a downturn and raises refinancing risk.
• The gross margin fell by 7.3 points, to 15.8%: costs are rising faster than prices.
• Revenue fell 3.3% a year over the last 3 years.
• The dividend takes 100% of profit: little cushion if profit falls.
• The stock has fallen as much as 75% from a peak. Would you have held through that?
• Recovering from its deepest fall took about 16.3 years.
• Return on capital (ROCE) is only 2.3%.

Warning signs

• Operating profit covers interest only 2.1 times: a weak year could make the payments hard.
• The net margin fell by 2.3 points over 5 years, to 13.2%: the company keeps less of each sale as profit.
• Earnings per share fell 6.1% a year over the last 3 years.
• Net profit fell 5.6% a year over the last 3 years.

Strengths

• Operating cash flow is 1.39x net profit: the profit arrives as real cash.
• Analysts expect earnings per share to grow about 13% a year over the next years.
• A large company: market value $14.09 billion.
• Beta 0.53: the stock usually moves less than the market.
• Actively traded: about 4.1 million shares a day.
• Pay in shares is only 0% of free cash flow.

Next earnings report: 2026-10-29

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Questions

What grade does Keppel Ltd. (BN4.SI) have?

In our weekly check, Keppel Ltd. is graded C (A to F). Of 25 checks on debt, profit, cash flow and trend: 14 pass, warnings: 4, red flags: 7. The grade is a risk check, not a buy or sell recommendation.

What are the main risks of BN4.SI stock?

This week's biggest flags for Keppel Ltd.: High debt, Gross margin falling, Weak revenue growth. In total 11 of 25 checks show a warning or a red flag.

What does Keppel Ltd. do?

Keppel Ltd. is an Industrials company (Conglomerates) based in Singapore, listed on SES as BN4.SI.

When does Keppel Ltd. report earnings next?

The next earnings report is expected on 2026-10-29. We re-run the checks every week, so the grade can change after it.

The grade is a risk check, not a price forecast, and not investment advice. In our 10-year test (S&P 500, 2016-2026), stocks we graded A or B fell more than 30% 2-3 times less often than D or F, without a lower average return.

Updated 2026-10-24

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