# Corporate Monitor


## Posts

- [Correction: Valuation for ComfortDelGro's Acquisition of Addison Lee](https://corporate-monitor.org/correction-valuation-for-comfortdelgros-acquisition-of-addison-lee/)
- [Keppel Infrastructure Trust (KIT) - Global Marine Group Acquisition: A Case for Rejection](https://corporate-monitor.org/keppel-infrastructure-trust-kit-global-marine-group-acquisition-a-case-for-rejection/)
- [ComfortDelgro: Chasing Growth, Missing Returns?](https://corporate-monitor.org/comfortdelgro-chasing-growth-missing-returns/)
- [VICOM LTD. - When less is more](https://corporate-monitor.org/vicom-ltd-when-less-is-more/)
- [KEPPEL LTD. - M1: From privatisation to divestment, what has Keppel achieved?](https://corporate-monitor.org/keppel-ltd-m1-from-privatisation-to-divestment-what-has-keppel-achieved/)
- [Starhub Ltd 星和电讯 – 股东回报与公司治理分析](https://corporate-monitor.org/starhub-ltd-%e6%98%9f%e5%92%8c%e7%94%b5%e8%ae%af-%e8%82%a1%e4%b8%9c%e5%9b%9e%e6%8a%a5%e4%b8%8e%e5%85%ac%e5%8f%b8%e6%b2%bb%e7%90%86%e5%88%86%e6%9e%90/)
- [STARHUB LTD. - AN ANALYSIS OF THE RETURNS TO SHAREHOLDERS AND GOVERNANCE](https://corporate-monitor.org/starhub-ltd-an-analysis-of-the-returns-to-shareholders-and-governance/)
- [昇菘集团—面临转折点](https://corporate-monitor.org/%e6%98%87%e8%8f%98%e9%9b%86%e5%9b%a2-%e9%9d%a2%e4%b8%b4%e8%bd%ac%e6%8a%98%e7%82%b9/)
- [SHENG SIONG GROUP LTD. - INFLECTION POINT FOR A GREAT PERFORMER](https://corporate-monitor.org/sheng-siong-group-ltd-inflection-point-for-a-great-performer/)
- [转型中的新翔集团（SATS）：环美航务（WFS）收购的前景与代价](https://corporate-monitor.org/%e8%bd%ac%e5%9e%8b%e4%b8%ad%e7%9a%84%e6%96%b0%e7%bf%94%e9%9b%86%e5%9b%a2%ef%bc%88sats%ef%bc%89%ef%bc%9a%e7%8e%af%e7%be%8e%e8%88%aa%e5%8a%a1%ef%bc%88wfs%ef%bc%89%e6%94%b6%e8%b4%ad%e7%9a%84%e5%89%8d/)
- [Keppel Infrastructure Trust 吉宝基础设施信托 – An Erosion of Trust](https://corporate-monitor.org/keppel-infrastructure-trust-%e5%90%89%e5%ae%9d%e5%9f%ba%e7%a1%80%e8%ae%be%e6%96%bd%e4%bf%a1%e6%89%98-an-erosion-of-trust/)
- [Keppel Infrastructure Trust (KIT) - An Erosion of Trust](https://corporate-monitor.org/keppel-infrastructure-trust-an-erosion-of-trust/): This report issued by CML critically examines the external management structure prevalent in Singapore’s REIT and Business Trust sector, specifically focusing on Keppel Infrastructure Trust (KIT) and its manager, Keppel Infrastructure Fund Management (KIFM). The analysis highlights the inherent conflicts of interest arising from this model, where the manager’s fees may not align with unitholder returns, exemplified by KIT’s revised fee structure that led to significantly higher fees for KIFM despite declining organic business performance. The report questions the accretiveness of acquisitions, the use of debt to fund distributions, and the lack of a high watermark in the performance fee,
- [Keppel Infrastructure Trust (KIT) - An Erosion of Trust](https://corporate-monitor.org/keppel-infrastructure-trust-kit-an-erosion-of-trust/)
- [SATS: Integrating WFS –Key to Acquisition Success](https://corporate-monitor.org/sats-integrating-wfs-key-to-acquisition-success/)
- [Keppel Ltd: Part V - Transforming into a Global Asset Manager. Is Keppel's Fund-Raising Strategy Sustainable in the Long Run?](https://corporate-monitor.org/keppel-ltd-part-v-is-keppels-fund-raising-strategy-sustainable-in-the-long-run/)
- [Keppel Ltd: Part V 通往2000亿的道路转型为全球资产管理公司 - 吉宝的募资策略是否可持续？](https://corporate-monitor.org/keppel-ltd-part-v-%e9%80%9a%e5%be%802000%e4%ba%bf%e7%9a%84%e9%81%93%e8%b7%af%e8%bd%ac%e5%9e%8b%e4%b8%ba%e5%85%a8%e7%90%83%e8%b5%84%e4%ba%a7%e7%ae%a1%e7%90%86%e5%85%ac%e5%8f%b8-%e5%90%89%e5%ae%9d/): 吉宝的募资策略是否可持续？
- [Keppel Ltd: Part V - Transforming into a Global Asset Manager. Is Keppel's Fund-Raising Strategy Sustainable in the Long Run?](https://corporate-monitor.org/keppel-report-5-transforming-into-a-global-asset-manager/)
- [Keppel Ltd: Part IV – Is there more to the Keppel O&M deal than meets the Eye?](https://corporate-monitor.org/keppel-ltd-part-iv-is-there-more-to-the-keppel-om-deal-than-meets-the-eye/): This report from Corporate Monitor Limited scrutinises Keppel Corporation’s 2023 divestment of its Offshore & Marine (O&M) division’s legacy rigs to AssetCo, a transaction valued at S$4.4 billion. The report questions the deal’s structure, particularly the generous financing terms granted to AssetCo and the involvement of Argyle Street Management (ASM) and its affiliates. Concerns are raised regarding AssetCo’s financial performance, the lack of independent valuations, and Keppel’s subsequent decision to repurchase AssetCo less than two years later. The report ultimately seeks greater transparency from Keppel regarding this complex and potentially problematic transaction. Explore the full insights through the following reports:• Keppel
- [Keppel - 吉宝海事（O&M）交易是否另有隐情？](https://corporate-monitor.org/keppel-%e5%90%89%e5%ae%9d%e6%b5%b7%e4%ba%8b%ef%bc%88om%ef%bc%89%e4%ba%a4%e6%98%93%e6%98%af%e5%90%a6%e5%8f%a6%e6%9c%89%e9%9a%90%e6%83%85%ef%bc%9f/)
- [Keppel - Is there more to the Keppel O&M deal than meets the eye?](https://corporate-monitor.org/keppel-is-there-more-to-the-keppel-om-deal-than-meets-the-eye/)
- [Keppel Infrastructure Trust – Desalination plant disappears into murky Off Balance Sheet Waters](https://corporate-monitor.org/keppel-infrastructure-trust-desalination-plant-disappears-into-murky-off-balance-sheet-waters-2/): 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
- [Keppel Ltd: Part III – Strategic Transformation to Asset Manager](https://corporate-monitor.org/keppel-ltd-part-iii-strategic-transformation-to-asset-manager/): 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
- [Keppel Ltd: Part II - Does M1 reveal an Investor-Operator Advantage?](https://corporate-monitor.org/keppel-ltd-part-ii-does-m1-reveal-an-investor-operator-advantage/): 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)
- [Keppel Ltd: Part I -  Disclosure Deficiency: A Comparative Analysis](https://corporate-monitor.org/keppel-ltd-part-i-disclosure-deficiency-a-comparative-analysis/): 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
- [Singapore Post – Analysis of its Strategic Transformation and Governance 2024](https://corporate-monitor.org/singapore-post-analysis-of-its-strategic-transformation-and-governance-2024/): 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
- [ComfortDelgro: A Decade of Underperformance](https://corporate-monitor.org/comfortdelgro-a-decade-of-underperformance/): 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,
- [Keppel Infrastructure Trust - 浑浊的交易将海水淡化厂淡出财务报表](https://corporate-monitor.org/keppel-infrastructure-truest-%e6%b5%91%e6%b5%8a%e7%9a%84%e4%ba%a4%e6%98%93%e5%b0%86%e6%b5%b7%e6%b0%b4%e6%b7%a1%e5%8c%96%e5%8e%82%e6%b7%a1%e5%87%ba%e8%b4%a2%e5%8a%a1%e6%8a%a5%e8%a1%a8/)
- [Keppel Infrastructure Trust - Desalination plant disappears into murky Off Balance Sheet Waters](https://corporate-monitor.org/keppel-infrastructure-trust-desalination-plant-disappears-into-murky-off-balance-sheet-waters/)
- [吉宝的战略转型能否使吉宝重回巅峰? (Report 3)](https://corporate-monitor.org/%e5%90%89%e5%ae%9d%e7%9a%84%e6%88%98%e7%95%a5%e8%bd%ac%e5%9e%8b%e8%83%bd%e5%90%a6%e4%bd%bf%e5%90%89%e5%ae%9d%e9%87%8d%e5%9b%9e%e5%b7%85%e5%b3%b0/)
- [Keppel: Strategic Transformation to Asset Manager (Report 3)](https://corporate-monitor.org/keppel-strategic-transformation-to-asset-manager-report-3/)
- [Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2)](https://corporate-monitor.org/keppel-an-investor-operator-advantage-case-study-of-m1-report-2/)
- [吉宝企业: 转型为全球资产管理公司 -  把股东蒙在鼓里？(Report 1)](https://corporate-monitor.org/%e5%90%89%e5%ae%9d%e4%bc%81%e4%b8%9a-%e8%bd%ac%e5%9e%8b%e4%b8%ba%e5%85%a8%e7%90%83%e8%b5%84%e4%ba%a7%e7%ae%a1%e7%90%86%e5%85%ac%e5%8f%b8-%e6%8a%8a%e8%82%a1%e4%b8%9c%e8%92%99/)
- [Keppel: Study on Disclosure (Report 1)](https://corporate-monitor.org/keppel-study-on-disclosure-report-1/)
- [Singapore Post: Analysis of its Strategic Transformation and Governance 2024](https://corporate-monitor.org/singapore-post-analysis-of-its-strategic-transformation-and-governance/)
- [新邮政: 2024 战略转型与治理的核心亮点](https://corporate-monitor.org/%e6%96%b0%e9%82%ae%e6%94%bf-2024-%e6%88%98%e7%95%a5%e8%bd%ac%e5%9e%8b%e4%b8%8e%e6%b2%bb%e7%90%86%e7%9a%84%e6%a0%b8%e5%bf%83%e4%ba%ae%e7%82%b9/)
- [Singapore Post: Strategic Transformation and Governance 2024 (Core Highlights)](https://corporate-monitor.org/singapore-post-core-highlights-on-strategic-transformation-and-governance-2024/)
- [康福德高: 2024年表现、战略与治理的核心亮点](https://corporate-monitor.org/%e5%ba%b7%e7%a6%8f%e5%be%b7%e9%ab%98-2024%e5%b9%b4%e8%a1%a8%e7%8e%b0%e3%80%81%e6%88%98%e7%95%a5%e4%b8%8e%e6%b2%bb%e7%90%86%e7%9a%84%e6%a0%b8%e5%bf%83%e4%ba%ae%e7%82%b9/)
- [ComfortDelgro: Performance, Strategy & Governance 2024 (Core Highlights)](https://corporate-monitor.org/cdg-core-highlights-on-performance-strategy-governance-2024/)
- [ComfortDelgro: Analysis of Performance, Strategy & Governance 2024](https://corporate-monitor.org/cdg-analysis-of-performance-strategy-governance-2024/)

## Pages

- [Podcasts](https://corporate-monitor.org/podcasts/): Podcast Series These podcasts are AI (Artificial Intelligence) generated using Google’s NotebookLM and based on our issued reports as the source. While CML has reviewed the podcasts, the podcasts may contain statements or interpretations that do not reflect CML’s views or are not made in our reports. They are produced solely to provide an alternative means of sharing our reports. Please refer to our actual reports for the correct content. Listen to our AI hosts as they share our reports with you. Listen Now Our Latest Podcasts Explore Corporate Monitor’s latest podcasts. To access all podcasts released by CML, visit
- [Contact](https://corporate-monitor.org/contact/): Contact Us At Corporate Monitor, our mission is to encourage better performance and accountability within companies, particularly those listed on the SGX. We are dedicated to ensuring that management and boards operate in the best interests of their shareholders and stakeholders.  We are on LinkedIn. Connect with us here ! Do You Have Insights or Concerns About SGX-Listed Companies? The ecosystem benefits from individuals like you who are on the ground and in the know. We invite you to reach out.  Contact Details Reach Us Corporate Monitor Limited contact@corporate-monitor.org 7 TEMASEK BOULEVARD, #37-01A, SUNTEC TOWER ONE, SINGAPORE (038987)
- [Research & Opinions](https://corporate-monitor.org/research/): Research & Opinions Welcome to our Research and Opinions hub, we encourage you to engage with our work and share your perspectives.   Our Resources Our Latest Reports Our research reports are crafted with attention to corporate strategy, finance and governance. These reports offer actionable intelligence for stakeholders.   To view all reports issued by CML, visit here.  昇菘集团—面临转折点 29 April 2025 Reports Read More SHENG SIONG GROUP LTD. – INFLECTION POINT FOR A GREAT PERFORMER 23 April 2025 Reports Read More Our Reports Our research reports are crafted with attention to corporate strategy, finance and governance. These reports offer actionable intelligence for
- [About](https://corporate-monitor.org/about/): Mission Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders. Meet our team Our Activities Objective research focused on corporate strategy, finance and governance.   Constructive engagement with corporate entities  Programs to raise awareness and educate the investor community  Our Red Lines We do not provide investment advice. Our activities will not be for commercial reasons or profit.   Our donors will not direct or influence our research activities. CONSTITUTION Corporate Monitor’s constitution ensures that we remain independent
- [Home](https://corporate-monitor.org/): Strategy. Governance. Management. Strengthening corporate performance through rigorous research and engagement. Learn More We are on LinkedIn ! Follow Us Our Latest Reports Our research reports are crafted with attention to corporate strategy, finance and governance. These reports offer actionable intelligence for stakeholders.   To view all reports issued by CML, visit here. KEPPEL LTD. – M1: From privatisation to divestment, what has Keppel achieved? 18 August 2025 Reports Read More Our Latest Podcasts Explore Corporate Monitor’s latest podcasts. To access all podcasts released by CML, visit here. DISCLAIMER: The podcast series are AI-generated using Google’s NotebookLM and based on our issued reports as the source. While


[comment]: # (Generated by Hostinger Tools Plugin)