Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Asia’s leading multi-asset exchange

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Equity Bottom-Up

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<ul>
<li>
Of the trusts listed on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT). In 2H July, the trio unveiled earnings for the six months ended 30 June 2020. 
	 </li>
	<li>
For 1H 2020, KDC REIT reported a 13.6% YoY rise in DPU to 4.375 Singapore cents, while K-REIT posted a 0.7% YoY increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged YoY. 
	 </li>
	<li>As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. </li>
</ul>
 

 

Of the trusts on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT).

<a href="https://www.keppeldcreit.com/en/home.aspx">Keppel DC REIT</a>'s (KDC REIT) portfolio comprises 18 high-quality data centres strategically located in key data centre hubs, spanning 11 cities in eight countries in Asia Pacific and Europe. The REIT is managed by Keppel DC REIT Management. Keppel Capital holds 50% interest in the Manager, and the remainder is held by Keppel Telecommunications &amp; Transportation (Keppel T&amp;T), the REIT’s Sponsor.

<a href="https://www.keppelreit.com/">Keppel REIT</a> (K-REIT) has assets under management of approximately $8 billion in Singapore, key Australian cities of Sydney, Melbourne, Brisbane and Perth, as well as Seoul. Keppel REIT is sponsored by Keppel Land and managed by Keppel REIT Management, a wholly owned subsidiary of Keppel Capital.

<a href="https://www.kepinfratrust.com/">Keppel Infrastructure Trust</a> (KIT) is the largest diversified business trust listed in Singapore with over $5 billion in assets under management. Its portfolio comprises strategic businesses and assets in three core segments – Distribution &amp; Network, Energy and Waste &amp; Water. Keppel Infrastructure Fund Management, a wholly owned subsidiary of Keppel Capital, is the Manager of KIT, while Keppel Infrastructure Holdings, a wholly owned subsidiary of Keppel Corporation, is KIT’s Sponsor.

In the second half of July, the trio unveiled earnings for the six months ended 30 June 2020.

DPU Highlights  
For the six months ended 30 June 2020, KDC REIT reported a 13.6% YoY rise in distribution per unit (DPU) to 4.375 Singapore cents, while K-REIT posted a 0.7% increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged from the year-ago period.

KDC REIT and K-REIT reported a 32.1% gain and 6.6% decline in net property income to S$114.2 million and S$50.6 million respectively. Gross revenue for the pair rose 29.8% and fell 5.6% to S$124.0 million and S$75.5 million respectively. For KIT, it reported a 20.3% rise in distributable cash flows (DCF) to S$113.3 million for the period.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			DPU (SG cts)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Net Property Income (S$M)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Gross Revenue (S$M)
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			4.375
			</td>
			<td>
			13.6
			</td>
			<td>
			114.2
			</td>
			<td>
			32.1
			</td>
			<td>
			124.0
			</td>
			<td>
			29.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			2.800
			</td>
			<td>
			0.7
			</td>
			<td>
			50.6
			</td>
			<td>
			-6.6
			</td>
			<td>
			75.5
			</td>
			<td>
			-5.6
			</td>
		</tr>
</tbody></table>
 

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			DPU (SG cts)
			</td>
			<td>
			YoY Chg (%)
			</td>
			<td>
			Distributable Cash Flows (S$M)
			</td>
			<td>
			YoY Chg (%)
			</td>
		</tr>
<tr>
<td>
			KEPPEL INFRASTRUCTURE TRUST
			</td>
			<td>
			1.860
			</td>
			<td>
			0.0
			</td>
			<td>
			113.3
			</td>
			<td>
			20.3
			</td>
		</tr>
</tbody></table>
Source: Company data

 

Debt Profiles

 
As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. K-REIT had the highest aggregate leverage ratio of 36.3%, while KIT scored the lowest with 33.6%. Interest cover for KDC REIT and K-REIT stood at 12.8 times and 3.5 times respectively as at 30 June 2020, versus 13.3 times and 3.8 times as at 31 December 2019.

<table class="table table-striped"><tbody>
<tr>
<td>
			Name
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 30 June 2020
			</td>
			<td>
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			</td>
			<td>
			Interest Coverage Ratio (x) as at 30 June 2020
			</td>
			<td>
			Interest Coverage Ratio (x) as at 31 Dec 2019
			</td>
		</tr>
<tr>
<td>
			KEPPEL DC REIT
			</td>
			<td>
			34.5
			</td>
			<td>
			30.7
			</td>
			<td>
			12.8
			</td>
			<td>
			13.3
			</td>
		</tr>
<tr>
<td>
			KEPPEL REIT
			</td>
			<td>
			36.3
			</td>
			<td>
			35.8
			</td>
			<td>
			3.5
			</td>
			<td>
			3.8
			</td>
		</tr>
<tr>
<td>
			KEPPEL INFRASTRUCTURE TRUST
			</td>
			<td>
			33.6
			</td>
			<td>
			32.8
			</td>
			<td>
			NA
			</td>
			<td>
			NA
			</td>
		</tr>
<tr>
<td>
			Average
			</td>
			<td>
			34.8
			</td>
			<td>
			33.1
			</td>
			<td>
			 
			</td>
			<td>
			 
			</td>
		</tr>
</tbody></table>
Source: Company data

Outlook

Keppel DC REIT 

<ul>
<li>As data centres are critical infrastructure of the digital economy, the Manager has put in place heightened controls and safety measures to protect its clients and employees, while ensuring that its assets continue to operate with zero downtime</li>
	<li>Beyond the regulations set out by respective governments, the Manager has also equipped its colocation facilities with sufficient supplies and set up alternative network operating centres, where practicable, in case of an infection</li>
	<li>Following the two‐month lockdown by the Irish government, asset enhancement works at Keppel DC Dublin 1 have resumed, and are expected to be completed in 2H 2020, subject to any further delays from the pandemic 
	 
	<ul>
<li>The Manager has also commenced works to convert additional space at Keppel DC Dublin 2 into a data hall, with expected completion in 1H 2021</li>
	</ul>
</li>
</ul>
<ul>
<li>In Singapore, the additional power capacity at Keppel DC Singapore 5 has been fully committed by an existing client in the facility 
	 
	<ul>
<li>Asset enhancement works at Keppel DC Singapore 5 and DC1 remained suspended. The Manager will monitor the situation and should construction works remain suspended in the near term, delays in the completion of the asset enhancement works can be expected</li>
	</ul>
</li>
	<li>KDC REIT has in May 2020 refinanced its short‐term EUR loan to a four‐year term loan at favourable margins and secured refinancing of the AUD loan due in 3Q 2020 to 2024</li>
	<li>To mitigate exposure to interest-rate fluctuations, the Manager has hedged 69.0% of its borrowings as at 30 June 2020 through floating‐to‐fixed interest rate swaps, with the remaining unhedged borrowings in EUR 
	 
	<ul>
<li>Forecasted foreign sourced distributions have also been substantially hedged till 2H 2021 with foreign currency forward contracts, mitigating the impact of currency fluctuations</li>
	</ul>
</li>
</ul>
<ul>
<li>The technology sector continues to do well, as the widespread lockdowns have contributed to accelerated adoption of digital technology, and the data centre industry remains resilient 
	 
	<ul>
<li>The Manager believes prospects for the data centre market remain robust, underpinned by strong digital trends such as rapid cloud adoption, smart technologies, big‐data analytics, and 5G deployment</li>
	</ul>
</li>
	<li>The Manager will continue to leverage its competencies in investment, asset and capital management, and build on Keppel Group’s capabilities in project development and facilities management, to seek opportunities and strengthen its presence across key data centre hubs globally</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/ZM3TVOVT76RCPGNF/Keppel%20DC%20REIT%201H%202020%20Results_SGXNET.pdf">here</a> for full results release.

 

Keppel REIT 

<ul>
<li>As at 30 June 2020, all of K-REIT’s 2020 loans have been refinanced; the all‐in interest rate was lower at 2.48% pa compared to 2.86% pa for the same period in 2019, and the interest rates of 79% of total borrowings are fixed</li>
</ul>
<ul>
<li>As at 30 June 2020, K-REIT had approximately S$938 million of undrawn credit facilities available, including S$369 million of committed facilities</li>
</ul>
<ul>
<li>The REIT also has capital gains available from prior divestments that could be used to enhance the stability of distributions 
	 </li>
	<li>With increased government measures and the extended outbreak, the Manager has increased targeted tenant support measures for tenants over this last quarter</li>
</ul>
<ul>
<li>In Australia, partial rent waivers and deferrals are being progressively granted to qualifying SME tenants as guided by the Australian National Cabinet. Australian SMEs constitute approximately 1.4% of Keppel REIT’s portfolio 
	 </li>
	<li>In South Korea, none of Keppel REIT’s tenants qualify for mandatory relief measures 
	 </li>
	<li>K-REIT’s tenant support measures are estimated to amount to approximately $12.5 million as at 30 June 2020 – these include the full pass‐through of property tax rebates and cash grants from the Singapore 
	Government which is estimated to amount to approximately S$9.2 million 
	 </li>
	<li>As at 30 June 2020, it has allowed $1.6 million of rents to be deferred; the Manager will continue to review the situation and provide further targeted support where required</li>
</ul>
<ul>
<li>While telecommuting has become widely adopted during the outbreak, the Manager believes that physical offices will remain a necessity, although the form and functions of the office will evolve 
	 
	<ul>
<li>The Manager will continue to optimise the portfolio and calibrate K-REIT’s leasing strategy to meet potential shifts in occupier demand</li>
	</ul>
</li>
	<li>Industry data for the office market: 
	 
	<ul>
<li>According to CBRE, Singapore average Grade A office rents registered a decrease in 2Q 2020, from $11.50 psf pm to $11.15 psf pm, while average occupancy decreased from 95.4% as at end March 2020 to 94.4% as at end June 2020 
		 </li>
		<li>In Australia, JLL Research reported a slight decrease in the national CBD office market occupancy from 91.7% as at end December 2019 to 91.6% as at end March 2020 
		 </li>
		<li>In Seoul, JLL Research observed an improvement in CBD Grade A occupancy from 90.7% as at end December 2019 to 91.2% as at end March 2020</li>
	</ul>
</li>
</ul>
<ul>
<li>The COVID‐19 pandemic continues to present unprecedented challenges to the business community, and its impact on the global economy is yet to be fully determined 
	 </li>
	<li>The Manager remains focused on maintaining stable and sustainable distributions to unitholders, and achieving long‐term growth 
	 </li>
	<li>K-REIT’s high portfolio committed occupancy, long WALE and established tenants from diversified sectors will continue to support income resilience</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/X4TMP2WJZSJYCNGT/Keppel%20REIT%202Q20%20Financial%20Results.pdf">here</a> for full results release.

 

Keppel Infrastructure Trust 

<ul>
<li>On 24 June 2020, KIT and Keppel Energy Pte Ltd (KE) secured a seven-year S$700 million sustainability-linked loan for its jointly owned Keppel Merlimau Cogen Plant 
	 
	<ul>
<li>The loan, one of the largest sustainability-linked loans in Singapore and the first in the energy sector to-date, is linked to carbon emission targets for the Keppel Merlimau Cogen Plant, including benchmarking of the plant’s carbon emissions intensity against national indices, as well as demonstrating continuous improvement in the plant’s carbon emissions intensity 
		 </li>
		<li>If these pre-set targets are met, the interest rate on the facility will be subsequently reduced on a tiered basis</li>
	</ul>
</li>
	<li>The COVID-19 pandemic continues to create headwinds and uncertainties for the global economy; the Trustee-Manager will continue to monitor the situation closely as countries start to slowly regain their footing 
	 </li>
	<li>KIT’s well-diversified and highly-defensive portfolio of businesses and assets, providing essential products and services, is well-positioned to weather this unprecedented period of uncertainty and continue to deliver long term sustainable distributions and returns to unitholders 
	 </li>
	<li>Supported by its healthy balance sheet and available debt headroom, the Trustee-Manager continues to review a pipeline of potential acquisition opportunities that will further strengthen KIT’s long-term income stream</li>
</ul>
Click <a href="https://links.sgx.com/1.0.0/corporate-announcements/9SQGO7U17S5PGDUP/KIT%202Q20%20Financial%20Statements.pdf">here</a> for full results release.
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Of the trusts listed on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT). In 2H July, the trio unveiled earnings for the six months ended 30 June 2020. 
	 
	
For 1H 2020, KDC REIT reported a 13.6% YoY rise in DPU to 4.375 Singapore cents, while K-REIT posted a 0.7% YoY increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged YoY. 
	 
	As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. 

 

 

Of the trusts on SGX, three largest belonging to the Keppel group are Keppel DC REIT (KDC REIT), Keppel REIT (K-REIT), and Keppel Infrastructure Trust (KIT).

Keppel DC REIT's (KDC REIT) portfolio comprises 18 high-quality data centres strategically located in key data centre hubs, spanning 11 cities in eight countries in Asia Pacific and Europe. The REIT is managed by Keppel DC REIT Management. Keppel Capital holds 50% interest in the Manager, and the remainder is held by Keppel Telecommunications &amp; Transportation (Keppel T&amp;T), the REIT’s Sponsor.

Keppel REIT (K-REIT) has assets under management of approximately $8 billion in Singapore, key Australian cities of Sydney, Melbourne, Brisbane and Perth, as well as Seoul. Keppel REIT is sponsored by Keppel Land and managed by Keppel REIT Management, a wholly owned subsidiary of Keppel Capital.

Keppel Infrastructure Trust (KIT) is the largest diversified business trust listed in Singapore with over $5 billion in assets under management. Its portfolio comprises strategic businesses and assets in three core segments – Distribution &amp; Network, Energy and Waste &amp; Water. Keppel Infrastructure Fund Management, a wholly owned subsidiary of Keppel Capital, is the Manager of KIT, while Keppel Infrastructure Holdings, a wholly owned subsidiary of Keppel Corporation, is KIT’s Sponsor.

In the second half of July, the trio unveiled earnings for the six months ended 30 June 2020.

DPU Highlights  
For the six months ended 30 June 2020, KDC REIT reported a 13.6% YoY rise in distribution per unit (DPU) to 4.375 Singapore cents, while K-REIT posted a 0.7% increase in DPU to 2.80 cents. KIT unveiled a DPU of 1.86 cents, unchanged from the year-ago period.

KDC REIT and K-REIT reported a 32.1% gain and 6.6% decline in net property income to S$114.2 million and S$50.6 million respectively. Gross revenue for the pair rose 29.8% and fell 5.6% to S$124.0 million and S$75.5 million respectively. For KIT, it reported a 20.3% rise in distributable cash flows (DCF) to S$113.3 million for the period.




			Name
			
			
			DPU (SG cts)
			
			
			YoY Chg (%)
			
			
			Net Property Income (S$M)
			
			
			YoY Chg (%)
			
			
			Gross Revenue (S$M)
			
			
			YoY Chg (%)
			
		


			KEPPEL DC REIT
			
			
			4.375
			
			
			13.6
			
			
			114.2
			
			
			32.1
			
			
			124.0
			
			
			29.8
			
		


			KEPPEL REIT
			
			
			2.800
			
			
			0.7
			
			
			50.6
			
			
			-6.6
			
			
			75.5
			
			
			-5.6
			
		

 




			Name
			
			
			DPU (SG cts)
			
			
			YoY Chg (%)
			
			
			Distributable Cash Flows (S$M)
			
			
			YoY Chg (%)
			
		


			KEPPEL INFRASTRUCTURE TRUST
			
			
			1.860
			
			
			0.0
			
			
			113.3
			
			
			20.3
			
		

Source: Company data

 

Debt Profiles

 
As at 30 June 2020, KDC REIT, K-REIT and KIT reported an average aggregate leverage ratio of 34.8%, compared with an average 33.1% as at 31 December 2019. K-REIT had the highest aggregate leverage ratio of 36.3%, while KIT scored the lowest with 33.6%. Interest cover for KDC REIT and K-REIT stood at 12.8 times and 3.5 times respectively as at 30 June 2020, versus 13.3 times and 3.8 times as at 31 December 2019.




			Name
			
			
			Aggregate Leverage Ratio (%) as at 30 June 2020
			
			
			Aggregate Leverage Ratio (%) as at 31 Dec 2019
			
			
			Interest Coverage Ratio (x) as at 30 June 2020
			
			
			Interest Coverage Ratio (x) as at 31 Dec 2019
			
		


			KEPPEL DC REIT
			
			
			34.5
			
			
			30.7
			
			
			12.8
			
			
			13.3
			
		


			KEPPEL REIT
			
			
			36.3
			
			
			35.8
			
			
			3.5
			
			
			3.8
			
		


			KEPPEL INFRASTRUCTURE TRUST
			
			
			33.6
			
			
			32.8
			
			
			NA
			
			
			NA
			
		


			Average
			
			
			34.8
			
			
			33.1
			
			
			 
			
			
			 
			
		

Source: Company data

Outlook

Keppel DC REIT 


As data centres are critical infrastructure of the digital economy, the Manager has put in place heightened controls and safety measures to protect its clients and employees, while ensuring that its assets continue to operate with zero downtime
	Beyond the regulations set out by respective governments, the Manager has also equipped its colocation facilities with sufficient supplies and set up alternative network operating centres, where practicable, in case of an infection
	Following the two‐month lockdown by the Irish government, asset enhancement works at Keppel DC Dublin 1 have resumed, and are expected to be completed in 2H 2020, subject to any further delays from the pandemic 
	 
	
The Manager has also commenced works to convert additional space at Keppel DC Dublin 2 into a data hall, with expected completion in 1H 2021
	



In Singapore, the additional power capacity at Keppel DC Singapore 5 has been fully committed by an existing client in the facility 
	 
	
Asset enhancement works at Keppel DC Singapore 5 and DC1 remained suspended. The Manager will monitor the situation and should construction works remain suspended in the near term, delays in the completion of the asset enhancement works can be expected
	

	KDC REIT has in May 2020 refinanced its short‐term EUR loan to a four‐year term loan at favourable margins and secured refinancing of the AUD loan due in 3Q 2020 to 2024
	To mitigate exposure to interest-rate fluctuations, the Manager has hedged 69.0% of its borrowings as at 30 June 2020 through floating‐to‐fixed interest rate swaps, with the remaining unhedged borrowings in EUR 
	 
	
Forecasted foreign sourced distributions have also been substantially hedged till 2H 2021 with foreign currency forward contracts, mitigating the impact of currency fluctuations
	



The technology sector continues to do well, as the widespread lockdowns have contributed to accelerated adoption of digital technology, and the data centre industry remains resilient 
	 
	
The Manager believes prospects for the data centre market remain robust, underpinned by strong digital trends such as rapid cloud adoption, smart technologies, big‐data analytics, and 5G deployment
	

	The Manager will continue to leverage its competencies in investment, asset and capital management, and build on Keppel Group’s capabilities in project development and facilities management, to seek opportunities and strengthen its presence across key data centre hubs globally

Click here for full results release.

 

Keppel REIT 


As at 30 June 2020, all of K-REIT’s 2020 loans have been refinanced; the all‐in interest rate was lower at 2.48% pa compared to 2.86% pa for the same period in 2019, and the interest rates of 79% of total borrowings are fixed


As at 30 June 2020, K-REIT had approximately S$938 million of undrawn credit facilities available, including S$369 million of committed facilities


The REIT also has capital gains available from prior divestments that could be used to enhance the stability of distributions 
	 
	With increased government measures and the extended outbreak, the Manager has increased targeted tenant support measures for tenants over this last quarter


In Australia, partial rent waivers and deferrals are being progressively granted to qualifying SME tenants as guided by the Australian National Cabinet. Australian SMEs constitute approximately 1.4% of Keppel REIT’s portfolio 
	 
	In South Korea, none of Keppel REIT’s tenants qualify for mandatory relief measures 
	 
	K-REIT’s tenant support measures are estimated to amount to approximately $12.5 million as at 30 June 2020 – these include the full pass‐through of property tax rebates and cash grants from the Singapore 
	Government which is estimated to amount to approximately S$9.2 million 
	 
	As at 30 June 2020, it has allowed $1.6 million of rents to be deferred; the Manager will continue to review the situation and provide further targeted support where required


While telecommuting has become widely adopted during the outbreak, the Manager believes that physical offices will remain a necessity, although the form and functions of the office will evolve 
	 
	
The Manager will continue to optimise the portfolio and calibrate K-REIT’s leasing strategy to meet potential shifts in occupier demand
	

	Industry data for the office market: 
	 
	
According to CBRE, Singapore average Grade A office rents registered a decrease in 2Q 2020, from $11.50 psf pm to $11.15 psf pm, while average occupancy decreased from 95.4% as at end March 2020 to 94.4% as at end June 2020 
		 
		In Australia, JLL Research reported a slight decrease in the national CBD office market occupancy from 91.7% as at end December 2019 to 91.6% as at end March 2020 
		 
		In Seoul, JLL Research observed an improvement in CBD Grade A occupancy from 90.7% as at end December 2019 to 91.2% as at end March 2020
	



The COVID‐19 pandemic continues to present unprecedented challenges to the business community, and its impact on the global economy is yet to be fully determined 
	 
	The Manager remains focused on maintaining stable and sustainable distributions to unitholders, and achieving long‐term growth 
	 
	K-REIT’s high portfolio committed occupancy, long WALE and established tenants from diversified sectors will continue to support income resilience

Click here for full results release.

 

Keppel Infrastructure Trust 


On 24 June 2020, KIT and Keppel Energy Pte Ltd (KE) secured a seven-year S$700 million sustainability-linked loan for its jointly owned Keppel Merlimau Cogen Plant 
	 
	
The loan, one of the largest sustainability-linked loans in Singapore and the first in the energy sector to-date, is linked to carbon emission targets for the Keppel Merlimau Cogen Plant, including benchmarking of the plant’s carbon emissions intensity against national indices, as well as demonstrating continuous improvement in the plant’s carbon emissions intensity 
		 
		If these pre-set targets are met, the interest rate on the facility will be subsequently reduced on a tiered basis
	

	The COVID-19 pandemic continues to create headwinds and uncertainties for the global economy; the Trustee-Manager will continue to monitor the situation closely as countries start to slowly regain their footing 
	 
	KIT’s well-diversified and highly-defensive portfolio of businesses and assets, providing essential products and services, is well-positioned to weather this unprecedented period of uncertainty and continue to deliver long term sustainable distributions and returns to unitholders 
	 
	Supported by its healthy balance sheet and available debt headroom, the Trustee-Manager continues to review a pipeline of potential acquisition opportunities that will further strengthen KIT’s long-term income stream

Click here for full results release.



1H2020 Earnings of Three Largest Keppel Trusts