Keppel Corp Ltd Ord (KPELF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to the conference for Capital Limited's first half financial results for 2025. We have on the panel this morning, from your left, Mr. Manjot Singh Mun, CEO Connectivity and CEO M1. Mr. Louis Lim, CEO Real Estate. Ms. Christina Tan, CEO Fund Management and Chief Investment Officer. Mr. Low Chin Hwa, CEO, Mr. Kevin Cheung, CFO, and Ms. Cindy Lin, CEO, Infrastructure. We will begin the session with presentations by CEO Mr. Low Chin Hwa and CFO Mr. Kevin Cheung, followed by the question and answer session. Mr. Low, please. Good morning. Capital delivered strong results in the first half of 2025. despite a volatile global environment. Underpinned by our timely and impactful transformation into a global asset manager and operator, focused on growing FUM and recurring income with an asset-light strategy. Today, we are recognized as a trusted investment partner with $91 billion in funds under management as at end June 2025. We have also made substantial headway in pivoting to an asset-like model with $7.8 billion in asset monetization announced today. Building on this strong momentum, we are confident of achieving our Vision 2030 interim FUM and asset monetization targets by end 2026. To provide greater clarity on the performance of the new capital, we will be reporting our results excluding a portfolio of non-core assets that are no longer aligned with our strategy and which will be divested over time. The non-core portfolio, which had a carrying value of $14.4 billion as at end June 2025, comprises the legacy offshore and marine assets, residential land bank, selected property developments and investment properties amongst other investments and includes some embedded cash and receivables of $2.9 billion. To be clear, many of thes...