Keppel (BN4) 1H2026 Earnings: Yield, Gearing, And ICR All Just Failed 🦖

🔍 I kept looking past the 25% core profit jump, because the uncomfortable part is what happens when the legacy book still sits in the same company. Keppel can grow the engine and still leave income investors with a balance sheet that does not behave like a clean yield vehicle.

💰 For CPF and SRS investors, that is the real tension here, the ordinary dividend works out to just 2.96% at S$11.49, while the consolidated leverage and interest coverage still stay under pressure. Iggy's Forensic Zone: Zone 5, Red Zone. The headline story is improving, but the cash you can actually trust is not yet clean enough for retirement income.

📺 YouTube: https://youtu.be/FElvBR4yMHU

📩 Substack: https://investingiguana.com/p/keppel-bn4-1h2026-earnings-yield

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Keppel can grow the engine and still leave income investors with a balance sheet that does not behave like a clean yield vehicle.\n💰 For CPF and SRS investors, that is the real tension here, the ordinary dividend works out to just 2.96% at S$11.49, while the consolidated leverage and interest coverage still stay under pressure. Iggy's Forensic Zone: Zone 5, Red Zone. The headline story is improving, but the cash you can actually trust is not yet clean enough for retirement income.\n📺 YouTube: https://youtu.be/FElvBR4yMHU\n📩 Substack: https://investingiguana.com/p/keppel-bn4-1h2026-earnings-yield</body></html>","htmlText":"<html><head></head><body>\n<img src=\"https://community-static.tradeup.com/news/68d7e259f45d269091de94ab2b46c4eb\" tg-width=\"1920\" tg-height=\"1080\">\nKeppel (BN4) 1H2026 Earnings: Yield, Gearing, And ICR All Just Failed 🦖\n🔍 I kept looking past the 25% core profit jump, because the uncomfortable part is what happens when the legacy book still sits in the same company. Keppel can grow the engine and still leave income investors with a balance sheet that does not behave like a clean yield vehicle.\n💰 For CPF and SRS investors, that is the real tension here, the ordinary dividend works out to just 2.96% at S$11.49, while the consolidated leverage and interest coverage still stay under pressure. Iggy's Forensic Zone: Zone 5, Red Zone. The headline story is improving, but the cash you can actually trust is not yet clean enough for retirement income.\n📺 YouTube: https://youtu.be/FElvBR4yMHU\n📩 Substack: https://investingiguana.com/p/keppel-bn4-1h2026-earnings-yield</body></html>","text":"Keppel (BN4) 1H2026 Earnings: Yield, Gearing, And ICR All Just Failed 🦖 🔍 I kept looking past the 25% core profit jump, because the uncomfortable part is what happens when the legacy book still sits in the same company. Keppel can grow the engine and still leave income investors with a balance sheet that does not behave like a clean yield vehicle. 💰 For CPF and SRS investors, that is the real tension here, the ordinary dividend works out to just 2.96% at S$11.49, while the consolidated leverage and interest coverage still stay under pressure. Iggy's Forensic Zone: Zone 5, Red Zone. 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