Keppel Infrastructure Trust

Keppel Infrastructure Trust

Largest Singapore infrastructure focused business trust.

Diversified portfolio of core infrastructure assets

Long term contracts with credit worthy customers / large and stable customer base

Generate long term, regular and predictable cash flows

Sustainable gearing with prudent capital management

Enhanced liquidity and diversified investor base


Businesses

City Gas - Customer base grew by 3.7% from about 732,000 as at the end of 1Q FY15 to about 759,000 as at the end of 1Q FY16 • Achieved 100% plant availability

Concessions - Consist of Senoko WTE, Tuas WTE, SingSpring and Ulu Pandan NEWater in Singapore • 3 out of 6 boilers completed upgrade in Senoko WTE as at 1Q FY16 • Fulfilled contractual obligations

KMC - Achieved 95.1% plant availability • Slight decrease in capacity fee which would be mitigated if no further outage for the rest of 2016

DC One - Construction completed and handed over on 12 April 2016

Basslink - Outage since 20 Dec 2015 due to cable fault. Investigations ongoing to determine fault cause. It is currently estimated that the link may resume operations in June 2016, although there remains a significant number of unknown variables such as weather, seabed conditions and logistical arrangements that may impact the time frame.

KEPPEL INFRASTRUCTURE TRUST UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2016

(http://infopub.sgx.com/FileOpen/KIT%201Q16%20Results.ashx?App=Announcement&FileID=398834)

1. Distribution per unit (DPU) of 0.93 Singapore cents was declared for the quarter ended 31 March 2016.

2. Group revenue for 1Q FY16 was S$131.2 million, 14.7% higher than 1Q FY15, with full quarter contributions from the Crystal and KMC acquisitions, partially offset by lower revenue from City Gas as town gas tariff decreased with lower fuel prices, and Basslink not receiving the facility fee as a result of the cable fault since 20 December 2015.

3. Profit attributable to Unitholders of the Trust in 1Q FY16 was lower than the previous financial period primarily as a result of Basslink not receiving facility fees due to the cable fault.

4. 1Q FY16 distributable cash flows of S$40.7 million(1) was S$24.7 million higher than 1Q FY15 due mainly to contributions from the Crystal and KMC acquisitions.

5. Net asset value per unit as at 31 March 2016 decreased to 33.7 Singapore cents from 35.3 Singapore cents as at 31 December 2015 primarily attributable to the mark-to-market loss of derivative instruments and distributions paid to unitholders.

6. Gearing(2) as at 31 March 2016 was 36% compared to 34% as at 31 December 2015 as the Trust drew down from its loan facility to repay its subsidiary and to fund the boilers upgrade for Senoko WTE plant.

(1) Excluding Basslink, being consistent with previous results announcements

(2) Defined as net debt over total assets


NAV of 33.7 cents. Annual DPU of 37.2 cents (9.3 X 4) that will be able to achieve a good dividend yield of 7.44% base on current price at 50 cents.

Is a good an stable fixed income dividend trust fund that is able to provide a regular and predictable DPU.
(trade base on your own decision)