Editor’s Notes: Temasek Holdings, Singapore’s state-owned investment firm has offered a $4 billion partial offer for Keppel. TheBearProwl believes based on fundamental valuations, in the long term, this is a poor price. Good for the state, bad for current Keppel investors. This is Keppel’s current statistics.

Keppel is currently a multi-business company providing robust solutions for sustainable urbanisation that meet the world’s needs for energy, clean environments, quality real estate, connectivity and more.

Keppel first indicated that it’s mid to long term ROE target of 15% during its 1Q19 result briefing and also provided guidance on the target for each business unit.

We will analyse whether this target is attainable in the sections below.

Keppel has 4 business units, which it refers to as engines below.

The business model presented below is not unique and aims to supplement project-based income