3 January 2025

Corporate Monitor Limited issued a report on the proposed acquisition by Keppel Infrastructure Trust (KIT) of a 50% stake in Marina East Water (MEW), a desalination plant. CML expresses concern over the complex transaction structure, which keeps significant debt off the balance sheets of both KIT and Keppel, and the questionable independence of KIT’s board members, many of whom abstained from voting on the acquisition due to their affiliations with Keppel or Temasek Holdings. The report raises doubts about whether the acquisition is truly beneficial to KIT unitholders and calls for clear, sufficient and substantive information on the transaction and stricter corporate governance. Explore the full insights through the following reports:• Keppel Infrastructure Trust – Desalination plant disappears into murky Off Balance Sheet Waters• Keppel Infrastructure Trust – 浑浊的交易将海水淡化厂淡出财务报表

This report from Corporate Monitor Limited (CML) looks at Keppel Ltd.’s strategic transformation into a global asset manager, focusing on its Vision 2030 goal of reaching S$200 billion in funds under management (FUM). CML reiterates their concern over Keppel’s limited financial disclosures, hindering a comprehensive assessment of its asset management profitability and the achievability of its FUM target. The report compares its performance and transparency to global peers like Blackstone. CML advocates for increased transparency from Keppel to build investor confidence and accurately evaluate the success of its transformation strategy. The analysis includes a projected 2030 profit based on Keppel’s fee to FUM ratio, but cautions that this forecast relies on several assumptions and appears overly optimistic. Explore the full insights through the following reports:• Keppel: Strategic Transformation to Asset Manager (Report 3)• 吉宝的战略转型能否使吉宝重回巅峰? (Report 3)

This report from Corporate Monitor Limited analyses Keppel Corporation’s 2019 privatization of M1, a telecommunications company. The analysis questions Keppel’s claims of success, citing M1’s declining profitability and unmet return on equity targets despite Keppel’s significant investment. The report raises issues about Keppel’s financial reporting regarding M1’s performance and valuation. The report uses M1 as a case study, acknowledging its limitations but highlighting the importance of evaluating Keppel’s investment decisions. Explore the full insights through the following report:• Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2)

This report by Corporate Monitor Limited assesses the transparency of Keppel Ltd.’s financial disclosures as it transitions into a global asset manager. The report compares Keppel’s disclosures to those of leading global asset managers like TPG and Blackstone, revealing deficiencies in Keppel’s reporting of key performance indicators such as fund performance, fund size, fees, and expenses. This lack of disclosures hinders stakeholders’ ability to evaluate Keppel’s progress toward its ambitious S$200 billion fund management goal and its overall viability. The report concludes that increased disclosure is crucial for investor confidence and a successful transformation. Explore the full insights through the following reports:• Keppel: Study on Disclosure (Report 1)• 吉宝企业: 转型为全球资产管理公司 – 把股东蒙在鼓里？(Report 1)

Corporate Monitor Limited (CML) issued a critical report analyzing Singapore Post Ltd (SingPost), revealing significant challenges across its businesses. SingPost’s decade of underperformance, marked by unprofitable acquisitions and a weakened balance sheet, is highlighted, along with concerns about its strategic direction, high debt, and governance issues. CML questions the synergy between SingPost’s diverse business units and suggests a potential sale or restructuring is necessary to improve its financial health and regain investor confidence. The report emphasizes the importance of SingPost’s Australian logistics business, and its future is closely tied to the overall success or failure of the company. Explore the full insights through the following report:• Singapore Post: Analysis of its Strategic Transformation and Governance 2024

This report by Corporate Monitor Limited analyses ComfortDelgro (CDG)’s performance over the past decade, highlighting underperformance and declining profitability. It scrutinizes CDG’s acquisition strategy, questioning the return on significant investments in overseas expansion. Furthermore, the report assesses CDG’s corporate governance, including executive compensation and the company’s complex structure. Ultimately, the report concludes that CDG needs to improve its financial discipline, strategic clarity, and governance to enhance shareholder value. The analysis is based on CDG’s annual reports, attendance at its AGM, and a call with investor relations. Explore the full insights through the following reports:• ComfortDelgro: Analysis of Performance, Strategy & Governance 2024• ComfortDelgro: Performance, Strategy & Governance 2024 (Core Highlights)• 康福德高: 2024年表现、战略与治理的核心亮点