Raising the bar ■ We are pleasantly surprised by the generous S$0.21 final DPS announced by KEP, bringing total DPS to S$0.33 (vs. our S$0.28), or 6% yield.■ KEP also announced S$500m worth of shares in a share buyback program, reflecting management's positive response to its deep discount valuations.■ KEP trades at 0.86x CY22F P/BV […]

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