Keppel reported 1H2026 net profit which fell 59% year-on-year, but the core “New Keppel” business delivered a net profit growth of 25%. Here’s what investors should watch next. What happened? Keppel has reported its latest earnings. Earlier this month, I compared Keppel and Sembcorp Industries after both stocks pulled back, and looked at how they fared under Beansprout’s Opportunity Pot framework. Keppel has since reported a 59% year-on-year decline in 1H2026 net profit to S$155 million, mainly due to a S$375 million loss from its Non-Core Portfolio. However, the performance of its core business was much stronger. “New Keppel” grew net profit by 25% to S$530 million, while recurring income rose 13% to S$467 million. This contrast has sparked discussion in the Beansprout community about whether investors should focus on the weaker headline numbers or the stronger growth from New Keppel. In this article, I look at Keppel’s latest earnings, what investors should watch in 2H2026, and how the stock fares under Beansprout’s...