Good evening. Welcome to the webcast on Keppel Corporation's first half 2021 results and performance. We are holding this briefing amidst COVID-19, and our panelists are spread out in accordance with safe management measures. Here today are Mr. Manjot Singh Mann, CEO of M1, Ms. Cindy Lim, CEO of Keppel Infrastructure, Mr. Chris Ong, CEO of Keppel O&M, Mr. Chan Hon Chew, CFO of Keppel Corporation, Ms. Christina Tan, CEO of Keppel Capital, Mr. Louis Lim, CEO of Keppel Land, and Mr. Thomas Pang, CEO of Keppel T&T. Let me now proceed with the briefing. The operating environment remained challenging in first half 2021. Despite the progressive rollout of COVID-19 vaccines around the world, the pandemic continues to spread in many countries. Following the emergence of new and more contagious strains of the virus, many countries and cities have escalated their pandemic related restrictions and border controls, thus further impacting supply chains and the movement of people and slowing down economic recovery. Against a difficult backdrop, Keppel continued to push ahead to accelerate the execution of Vision 2030. It has been a very busy and active first half for the group. We announced in January the organic transformation of Keppel O&M to enhance its competitiveness and relevance amidst the global energy transition. More recently, the signing of non-binding MOUs on the proposed combination of Keppel O&M and Sembcorp Marine and resolution of Keppel O&M's legacy rigs. We also announced plans to divest our logistics business. We have received bids for the logistics business, which we are currently evaluating. I've explained the strategic rationale for the two proposed transactions involving Keppel O&M and Keppel Logistics at earlier briefings, and will not repeat the arguments. We continue to execute our asset monetization program. To date, we have announced over SGD 2.3 billion of asset monetization since the program was unveiled in September 2020. About half of the transactions have been completed so far. We expect to surpass SGD 3 billion in asset monetization ahead of schedule and will aim to achieve the higher end of our SGD 3 billion-5 billion target by end 2023. At the same time, we're continuing to grow our businesses in line with Vision 2030. Our new initiatives include the Bifrost Cable System, Keppel Infrastructure's collaboration with StarCharge to explore opportunities in electric vehicle infrastructure, M1's rolling out of its 5G standalone network, as well as exploration of new energy solutions, among others. Beyond organic growth, we are also actively exploring M&A opportunities, whether in renewables, urban development, asset management, or other Vision 2030 focus areas to grow the group's business and improve the quality of our earnings more quickly. For first half 2021, the group achieved a net profit of SGD 300 million, a marked improvement from first half 2020 and reversing last year's loss of SGD 537 million. All key business units were profitable. All four segments also saw improved performance, excluding the gains from the reclassification of Keppel Infrastructure Trust and sale of Keppel DC REIT units in first half 2020. The group's operating performance has improved, not just compared to last year, but even when compared with first half 2019. Excluding revaluations, impairments, and divestments across all three years and COVID-19 related government grants in 2020 and 2021, the group achieved a net profit of SGD 280 million in first half 2021, compared to a net loss of SGD 72 million in first half 2020 and net profit of SGD 149 million in first half 2019. With Vision 2030, we believe the group can emerge post pandemic stronger and on a new growth trajectory. In first half 2021, we received cash of SGD 854 million from our asset monetization program. Free cash flow inflow was SGD 499 million in first half 2021, compared to the outflow of SGD 664 million in first half 2020. While net gearing improved to 0.85x as at end June 2021 compared to 0.91x as at end 2020. Mainly due to the proceeds from asset monetization. We recognize that dividends are important to our shareholders. I mentioned earlier that some of the funds unlocked from our asset monetization program could be returned to shareholders over time. In appreciation of the support and confidence of our shareholders, the board of directors has approved an interim cash dividend of SGD 0.12 per share for first half 2021, after ring-fencing the impairments related to KrisEnergy's liquidation. This interim dividend, which will be paid to shareholders on the 19th of August 2021, is significantly higher than last year's interim dividend of SGD 0.03, and also higher than the interim dividend of SGD 0.08 declared in 2019, reflecting the board and management's confidence in our vision and strategy. We remain focused on growing recurring income. For first half 2021, recurring income contributed SGD 152 million, or 51% of earnings, an increase from SGD 119 million in first half 2020. I will now discuss the group's performance by segments. In first half 2021, Energy and Environment generated a net loss of SGD 179 million, an improvement from the net loss of SGD 958 million for first half 2020. The key reason for the loss in this segment was the impairment of SGD 318 million related to KrisEnergy's liquidation. Keppel O&M recorded a net profit of SGD 107 million for first half 2021, reversing the net loss of SGD 959 million for first half 2020. This includes the recognition of gains of SGD 269 million from our share of Floatel's restructuring gain. Despite increased manpower costs and COVID-19 related manpower constraints at our Singapore yards, Keppel O&M was EBITDA positive in first half this year. When we announced the restructuring of Keppel O&M into RigCo, DevCo, and OpCo in January, we said that we expected OpCo to be self-sustaining, financially independent, and profitable over time. I'm pleased to share that OpCo was profitable in first half 2021, on the back of our cost management efforts. Keppel O&M started its right sizing and overheads reduction in 2015, when we recognized the structural downturn in the oil market. To date, Keppel O&M has shaved off over SGD 525 million per annum from its cost structure. Without this cost savings, Keppel O&M would not have been EBITDA positive. Oil prices have risen in recent months, this has yet to translate into a significant improvement in the offshore rig market, which remains oversupplied. Nevertheless, utilization rates and day rates are slowly improving, and we expect to see improved demand in the longer term for Keppel O&M's new generation stranded rigs, which are completed or close to completion, as oil companies increase E&P expenditure after years of underinvestment. In the meantime, Keppel O&M continues to see significant opportunities in gas and renewables in line with the energy transition. There is also continuing demand for production assets. In the year to date, Keppel O&M has secured total new orders of about SGD 3.1 billion, including a $2.3 billion new build P-78 FPSO project for Petrobras, and an FPSO topside fabrication project. As at end June 2021, Keppel O&M's net order book was approximately SGD 5.7 billion, significantly higher than the SGD 3.3 billion at the end of 2020. Of the current order book, about 95% of the projects are cash flow neutral or positive. About 40% of the order book comprises gas and renewables solutions. Despite the challenging environment, Keppel O&M continued to execute its order book and delivered three LNG projects in the first half of this year. Keppel O&M is also progressing well on its offshore wind projects and is on track to deliver two offshore wind farm substations to Ørsted for Taiwan later this year. Keppel O&M is also accelerating the use of cleaner fuels and has signed MOUs with industry-leading companies to develop transportation solutions with ammonia and hydrogen as marine fuels. KI's net profit of SGD 60 million in first half 2021 was stable year-on-year. KI is focused on strengthening the resilience of its power and gas business in response to the global energy transition. In Singapore, KI will diversify its energy mix into renewable sources and zero carbon electricity import, and also enhance the reliability and efficiency of its generation fleet. The waste to energy projects in Hong Kong and Singapore continue to make steady progress. While COVID-19 has affected supply chains and productivity, KI will continue to intensify efforts to execute these projects on time and safely. The increasing global focus on sustainability will create new opportunities for KI. Earlier this week, KI, together with its partner, was selected by Singapore LNG for a front-end engineering design study to co-develop a natural gas liquids extraction project on Jurong Island in Singapore. The project is part of the Singapore Green Plan 2030 to transform Jurong Island into a sustainable energy and chemicals park, and would allow downstream off-takers to adopt cleaner feedstock for their processes. The global waste management market is also expected to grow rapidly, presenting opportunities for KI's environmental business to not only scale up, but also expand into new and adjacent markets related to resource circularity. KI is also developing new energy solutions that can contribute to different decarbonization pathways. KI is working towards expanding its district cooling footprint both in Singapore and in the region. Beyond EV charging infrastructure, KI is also exploring opportunities in energy storage, distributed energy generation, and alternative energy value chain. Urban development recorded a net profit of SGD 279 million for first half 2021, a 30% increase from SGD 250 million year-on-year, mainly due to stronger earnings from Keppel Land, which remains the highest contributor to the group. The significant discount to Keppel Land's RNAV that some analysts continue to ascribe suggests that the market has yet to fully appreciate the value and significance of our 100% ownership of Keppel Land. Since the privatization of Keppel Land in 2015 at a cost of SGD 3.1 billion, Keppel Land has to date upstream SGD 5.1 billion in dividends to Keppel Corporation, including SGD 700 million in the first half of this year. Over this period, Keppel Land's total assets have only fallen by about SGD 400 million, from SGD 14.5 billion as at end June 2015 to SGD 14.1 billion as at end June 2021. With our ongoing asset monetization program, we expect to unlock even more value from Keppel Land going forward, which we will reinvest in new opportunities that can yield higher returns. For first half 2021, Keppel Land's performance improved 25% year-on-year to SGD 252 million. This was mainly due to higher contributions from China and Vietnam property trading projects and gain from divestment of the 30% stake in Dong Nai Waterfront City, partially offset by impairment provision for Sedona Hotel, Yangon. In the year to date, Keppel Land has announced SGD 420 million of asset monetization, including the divestment of Serenity Villas in Chengdu earlier today, which will yield gains of SGD 139 million for the group. Beyond asset monetization, Keppel Land also announced new partnerships to develop projects in Tianjin, China, and Ho Chi Minh City, Vietnam. Keppel Land's home sales more than doubled to 2,650 homes in the first half 2021 compared to the same period last year, with improved performance across all key markets. In China, Keppel Land sold 1,550 homes, a 50% increase from the first half of last year, mainly due to home sales in Shanghai and Wuxi. At the recent launch of a new phase of UpView, a joint venture project with Gemdale in Shanghai this month, all 503 launch units were sold out within a day. In Singapore, The Reef at King's Dock saw strong demand with 86% of the project sold in the first half, while the Garden Residences were sold out in the second quarter. Home sales in Vietnam have been impacted by COVID-19 related lockdowns, but we have nevertheless seen improved home sales year on year. As at end June 2021, Keppel Land's residential land bank stood at about 46,000 homes, while its commercial portfolio stands at about 1.6 million sq m of GFA following the divestment of Keppel Bay Tower and 75 King William Street. Looking ahead, Keppel Land will continue to evolve from a developer model to being an innovative real estate solutions provider. It will focus on accelerating capital recycling, lightening its balance sheet, and growing recurring income. At the same time, Keppel Land is leveraging the diverse capabilities of the Keppel Group to explore innovative new solutions, such as climate-resilient nearshore developments or floating cities, which can address both land scarcity and rising sea levels in coastal cities. Separately, SSTech contributed a net profit of SGD 12 million for the 1st half of this year, mainly due to the sale of a commercial and residential land plot in the Tianjin Eco-City in China. SSTech will continue to drive the development of the Eco-City in line with our commitment to sustainable urbanization. Connectivity's net profit grew to SGD 27 million for first half 2021 compared to breaking even for the first half 2020. Keppel Data Centres generated a net loss of SGD 2 million, smaller than the loss of SGD 12 million for first half 2020. To be clear, data centers are an important growth engine for the group. Earnings from our data centers business are reflected not just in this segment but include about SGD 15 million in earnings for first half 2021 from Keppel DC REIT and private funds, which are recorded under asset management. In Singapore, we have commenced construction of the data centre at Genting Lane. The development of our data centres in Australia, Malaysia, and Indonesia are progressing well despite the impact of COVID-19. Following our entry into the Chinese market last year with the development of a data centre in Huizhou, we continue to expand our footprint with the acquisition by Keppel Data Centre Fund II of a site to develop a greenfield data centre in Shanghai. When the two data centres are service ready in 2022, they will add to the group's recurring income. We're also exploring ways to make our data centres greener and more sustainable. In May, Keppel Data Centres signed an MoU with industry partners to jointly explore the development of supply infrastructure to bring green liquid hydrogen into Singapore to decarbonize our data centres and potentially power our floating data centre park project. In line with Keppel's commitment to sustainability, we'll continue to work towards reducing the carbon footprint of our data centres. Following the announcement in March this year of the Bifrost Cable System, we are close to finalizing the design of the cable system and expect to commence manufacturing in 2022. We continue to explore opportunities for M1 and Keppel Data Centres to work with Bifrost to grow the group's connectivity solutions. In first half 2021, M1's contribution was lower year-on-year at SGD 21 million, as COVID-19 continued to impact roaming and prepaid revenues. The pandemic's impact on M1 was smaller in the equivalent period last year as the full impact of COVID-19 was only felt in the second quarter of 2020. First half 2020 had also benefited from the Jobs Support Scheme, which was reduced this year. Despite COVID-19, M1's postpaid customer base grew 5% year on year to over 1.6 million as at end June 2021, entrenching M1's position as the telco with the second largest postpaid customer base. Earlier this year, we announced plans to realize the value of M1's current network assets with a net book value of SGD 580 million. This is in line with the group's asset-light business model under Vision 2030 and will free up capital that can be used to help M1 invest in new capabilities and fund other growth initiatives. Meanwhile, M1's transformation and adoption of a new platform are showing early signs of improving postpaid customer ARPU while driving higher digital adoption. We have announced the commencement of M1's 5G standalone network trial this week. M1 and Samsung also recently launched the voice-over-5G New Radio service on M1's 5G standalone network. This is a first in the world and will provide high-quality calls and better 5G experiences for M1's customers. Looking ahead, M1 will continue to collaborate with industry leaders to conduct trials of 5G use cases that will help to advance Singapore's smart nation ambition. Net profit from the asset management segment was SGD 117 million for first half 2021 compared to SGD 258 million for first half 2020. First half 2020 had benefited from SGD 177 million in gains from the reclassification of KIT and sale of Keppel DC REIT units. Keppel Capital's net profit of SGD 64 million grew 23% year-on-year, mainly due to stronger operating results as well as gains from mark-to-market of investments. Excluding the gains mentioned previously, contributions from our listed REITs and trusts were relatively stable, while private funds contributions were higher year-on-year due to gains from disposal of investments. Keppel Capital's asset management fees grew 35% to SGD 111 million for the first half, compared to SGD 82 million for the equivalent period last year. This was due mainly to more acquisitions and divestments completed in first half 2021, as well as Keppel Capital's larger assets under management and new funds launch in 2020 and 2021. In the year to date, Keppel Capital has raised total equity of over SGD 2 billion from global institutional investors across various funds and separate account mandates, reflecting continued strong interest from investors in cash flow generating real assets, including logistics and core infrastructure. Keppel Capital has also completed over SGD 2 billion in acquisitions and divestments in the year to date. Keppel Capital will continue to harness synergies of the group in the co-creation of quality real assets while tapping third-party funds to drive the group's growth. In conclusion, I'd like to leave you with some key takeaways from our first half 2021 results briefing. We have made a good start in executing our Vision 2030 to transform the group and put us on a new growth trajectory. The group has returned to profitability compared to first half 2020, but more importantly, we have also done better than pre-COVID first half 2019, excluding RIDs and COVID-19 related government grants. As we execute Vision 2030, we believe Keppel will emerge at a new place post-pandemic, stronger, more relevant, and on a faster growth path. The monetization program has gone very well, and we expect to hit the lower end of the SGD 3 billion-SGD 5 billion monetization target earlier than the three years we had initially envisaged. We will now aim to deliver closer to the higher end of the SGD 3 billion-SGD 5 billion range by end 2023. The significant balance sheet space released from the monetization program will allow us to undertake inorganic options to reposition our portfolio for new growth. Lastly, most critically, we'll continue to work with all our stakeholders to ensure that the varied interests that the group serves will not only be fulfilled but hopefully exceeded. For our supportive shareholders, rest assured that we will, as we have always done, look at how we can improve shareholder returns in a sustainable way as Vision 2030 begins to bear fruit. Our CFO, Chan Hon Chew, will now take you through the group's financial performance. Thanks Chun Hua. A very good evening to all. I shall now take you through the group's financial performance. In the first half of 2021, the group recorded a net profit of SGD 300 million, as compared to net loss of SGD 537 million in the same period last year. Earnings per share for half year was SGD 0.165, as compared to loss per share of SGD 0.295 in the same period last year. Annualized ROE was 5.5%. Free cash inflow of SGD 499 million was an improvement over the free cash outflow of SGD 664 million in the first half of 2020. This was mainly due to lower working capital requirements, proceeds from divestments of Keppel Bay Tower Pte. Ltd., First King Properties Limited, Chengdu Hilltop Development, and interest in Dong Nai Waterfront City as part of our asset monetization program, higher dividend income, as well as lower investment and capital expenditure. Net gearing, as a result, decreased from 0.91 times at the end of 2020 to 0.85 times at the end of June 2021. This was mainly due to cash proceeds from asset monetization completed during the 6 months, partly offset by payment of the final dividend for financial year 2020. The group's revenue of SGD 3.7 billion for the first half was 16%, or SGD 495 million, higher than the same period last year. Urban Development, Asset Management, and Energy and Environment recorded higher revenues. Operating profit was SGD 188 million, as compared to operating loss of SGD 149 million in the same period last year, largely due to lower impairments at Energy and Environment and stronger operating performance from Urban Development. Profit before tax was SGD 516 million, as compared to loss before tax of SGD 357 million for the same period in 2020, mainly due to higher investment income and share of profits from associated companies as compared to share of loss from associated companies in the first half of 2020, partly offset by higher net interest expense. After tax and non-controlling interests, net profit was SGD 300 million, translating to earnings per share of SGD 0.165. In the next slide, we take a closer look at the group's revenue by segment. The group's revenue at SGD 3.7 billion was 16% higher than the same period last year. Revenue from energy and environment increased by 4% to SGD 2.1 billion, led by higher electricity sales, revenue recognition from the Tuas Nexus Integrated Waste Management Facility project in Singapore, which was secured in April last year, as well as higher progressive revenue recognition from the Hong Kong Integrated Waste Management Facility project. These were partly offset by the lower revenue in the offshore and marine business, the completion of Keppel Marina East Desalination Plant project in June last year, as well as the absence of revenue from the Doha North Sewage Treatment Works due to cessation of operation and maintenance contract in July 2020. The lower revenue in the offshore and marine business was mainly due to the suspension of revenue recognition on a rig contracts and deferment of some projects. Urban development saw a 78% improvement at the top line, mainly due to higher revenue from Seasons Residences and Waterfront Residences in Wuxi, Sheshan Riviera, Seasons Residences, and 8 Park Avenue in Shanghai, partly offset by lower revenue from Tianjin Eco-City residential projects and Singapore trading projects, namely Corals at Keppel Bay. Revenue from connectivity remains stable at SGD 586 million. Lower service revenue at M1 was partly offset by the higher contributions from logistics and data center businesses. Revenue from asset management increased by SGD 18 million to SGD 78 million, largely due to higher acquisition, divestment, and asset management fees. Moving on to the group's pre-tax profit. The group recorded SGD 516 million of pre-tax profit for the half year of 2021 as compared to pre-tax loss of SGD 357 million for the same period in 2020. Energy and Environment's pre-tax loss was SGD 177 million as compared to pre-tax loss of SGD 942 million in the corresponding period in 2020. This was largely due to share of Floatel's restructuring gain amounting to SGD 269 million and lower impairments. The segment recognized SGD 372 million impairments, mainly from exposure related to KrisEnergy in the first half of this year, as compared to SGD 909 million impairments in the same period last year. Excluding revaluations, impairments, and divestments, or in short, RIDs, and COVID-19 related government grants in both years, pre-tax loss was SGD 89 million as compared to pre-tax loss of SGD 97 million in the first half of 2020. The improved results were largely driven by savings from further overheads reduction and lower share of losses from associate companies from the offshore and marine business. These were partly offset by higher net interest expense, lower contributions from the power and gas business environment and new energy businesses, as well as the absence of contribution from the Doha North Sewage Treatment Works due to cessation of the operation and maintenance contract in July last year. Pre-tax profit from urban development rose by SGD 104 million to SGD 451 million, driven by higher contribution from property trading projects in China, higher contribution from associate companies, as well as the gain from disposal of remaining interest in Dong Nai Waterfront City project in Vietnam. This was partly offset by lower fair value gains from investment properties, impairment provision for hotel in Myanmar, as well as lower contribution from the Sino-Singapore Tianjin Eco-City. Connectivity's pre-tax profit of SGD 38 million was SGD 25 million higher year-on-year, mainly due to the gain from divestment of interest in Keppel Logistics Foshan, following the agreement reached with local authorities on the Lanshan Port closure compensation and lower net interest expense, which were partly offset by lower pre-tax profit from M1. Pre-tax profit from asset management decreased by 50% to SGD 135 million, mainly due to absence of mark-to-market gain recognized in the first half of 2020 from the reclassification of the group's interest in KIT from an associate company to an investment following the loss of significant influence over KIT. Excluding the reclassification gain, pre-tax profit was SGD 4 million lower year-on-year. In first half of 2020, there was a recognition of gains from the sale of units in Keppel DC REIT and divestment of interest in Gimi Corporation. For the current half year, the segment recorded higher fee income, mark-to-market gains and investments, dividend income from KIT, as well as higher contributions from Keppel REIT and Alpha Data Centre Fund. Corporate and others consist mainly of corporate costs, research and development costs, treasury operations, investment holdings, and provision of management and other support services. Pre-tax profit was SGD 69 million as compared to a pre-tax loss of SGD 45 million in the first half of 2020, mainly due to higher investment income and fair value gains on investments. After tax and non-controlling interests, the group's net profit was SGD 300 million as compared to net loss of SGD 537 million in the first half of 2020. Profits from urban development, connectivity, and asset management were partly offset by losses at energy and environment. There were quite a number of lumpy items in the group's financial results for both first half 2021 and first half 2020. Besides fair value gains on investment properties and divestment gains, the group also recognized significant impairments, one-off gains, and COVID-19 related government grants in both periods. Excluding RIDs and COVID-19 related government grants in both years, the group achieved a net profit of SGD 280 million in the first half of 2021, as compared to a net loss of SGD 72 million in the same period of 2020. This was underpinned by strong operational performance from the urban development and asset management, overhead reductions achieved by our offshore and marine business, as well as higher investment income. The group's net profit of SGD 300 million for the first half translated to earnings per share of SGD 0.165. In the first half of 2021, our annualized ROE was 5.5%. Our interim cash dividend to our shareholders for the period will be SGD 0.12 per share. Net cash used in operating activities was SGD 333 million as compared to SGD 379 million in the same period last year, mainly due to lower working capital requirements for energy and environment and urban development. Net cash from investing activities was SGD 832 million, comprising divestment proceeds and dividend income from associate companies totaling SGD 1.1 billion, as well as net receipts of advances from associate companies of SGD 66 million, partly offset by investments and capital expenditure of SGD 306 million. Net cash used in investing activities in the first half of 2020 was at SGD 285 million, largely due to investments and capital expenditure. As a result, there was an overall free cash inflow of SGD 499 million for the first half of 2021, as compared to free cash outflow of SGD 664 million in the first half of 2020. With that, we've come to the end of the presentation, and I shall now hand the time back to our CEO, Chin Hua, for Q&A. Thank you. Thank you, Chan Hon Chew. We are at the Q&A segment. My colleagues and I are ready to take any questions that you might have. Please submit the questions online, and we will address them. Looks like we have first question from, I think on the right or on the left? On the right. First question is from Anita Gabriel of The Business Times Singapore. "Keppel's industry peer, Sembcorp Marine, had mentioned severe manpower crunch plus risk of project delays among its woes. However, the pain appears to be less acute for KOM. Are you able to explain the disparity? Is that partly also because KOM has done some significant right sizing?" Well, I will tell you that, Anita, the pain is shared by all in the industry, that of course, I've mentioned the significance of the right sizing and how that has helped keep KOM EBITDA positive. I also like to ask my colleague, Chris Ong, to elaborate on this particular question. Chris? Thank you, CEO. Well, first of all, we can't comment on our peer, what happened, because we do not know the details. The other part is that the manpower crunch and project delay due to COVID reasons, I think that is commonly felt throughout the industry. The way that we have approached it, we have always announced that we are streamlining our operations, and our right sizing operation has started since 2015. Just as CEO has mentioned in his slide, since 2015, comparatively till now, we actually have shaved off SGD 525 million of overheads cost. On top of that, with COVID restriction, we do have the same manpower restriction. We go about managing it with our clients very closely, to make sure that we prioritize the right work with the right skill sets of people. Take for example, our client, Ørsted, who came across and we work with them on the delivery schedule. With the limited manpower, what we did is to subcontract the jacket out to Korea, and it is now completed on time and installed in Taiwan. We are on schedule to deliver our top site in Singapore. By working together with the client, we are able to mitigate certain restrictions. On top of that, we have also participated in the bubble wrapping of some of foreign workers import, but we will do it and balance the need for that. Thank you, Chris. There are two questions submitted by Chang Kok Wei of Citi Singapore. First question, could you please share more details on targeted markets geographies for Keppel to grow its renewables portfolio and achieve its 2030 7 gigawatts target? I can ask Chris, who is the head of Keppel Renewable Energy, to address this. Well, the target of 7 gigawatt by 2030 is a group collective target. Our targets are actually shared, and it's been targeted to grow our renewable energy asset both organically and inorganically, so that we can grow our portfolio and generate recurring income quickly. KRE together with the rest of the group looks at onshore, offshore wind, solar, and also some specific run-of-river hydro space in APAC region. With a focus on markets in Australia, India, Philippines, Korea, Malaysia, and Vietnam. We have new solar and wind projects that's been added to the pursuit pipeline, all of which are targeted to achieve commercial operation by the end of 2025. Thanks, Chris. I think just to supplement on that, what Chris has said, besides looking at greenfield development, the group is also looking at acquiring platforms, so-called the inorganic options. Some of these platforms could also be in Europe and in the U.S. We are looking at all the options and this is a group-wide effort comprising Keppel Renewable Energy, Keppel Infrastructure, as well as Keppel Capital. Second question from Chang Kok Wei. "For KI's co-development of a natural gas liquids extraction project on Jurong Island, could you share other details such as project size, timeline, and CapEx?" This is still a bit early days, but maybe I ask Cindy, our CEO of KI, to elaborate or to answer this question. We are embarking on a FEED study, it is too premature for us to comment on details such as project size, timeline, and CapEx. Suffice to say, there are multiple pathways to decarbonization. For this FEED, we'll focus on optimizing solution. We are embarking on a FEED study, it is too premature for us to comment on details such as project size, timeline, and CapEx. Suffice to say, there are multiple pathways to decarbonization. For this particular FEED, ourself and our partners will focus on optimizing decarbonization solution at the intersection of sustainability, cost competitiveness, as well as energy security. Okay. Thank you, Cindy. Cheryl Lee of UBS has a question also for Keppel Infrastructure. "Could management share some of the short-term and medium-term targets set for the team at Keppel Infrastructure, both financial and non-financial targets? For instance, are they expected to secure a certain amount of contracts per year?" Well, Cheryl, you know that we will not be disclosing any financial targets. Definitely, there are both financial and non-financial targets that Cindy and the KI team are following, but maybe I can ask Cindy to discuss a bit about the non-financial things or objectives that you're working on. For Keppel Infrastructure, we are now organized in three key line of businesses, the Power & Gas, Environment, as well as New Energy. The Power & Gas business will focus on building up the resilience, as well as defending the market share that we have built up over the years. We will continue to diversify our energy sources besides clean gas to that of renewable, as shared by Group CEO earlier, including that of clean and low carbon energy importation. For the Environment business, we have a very strong and healthy order book, and we are witnessing pretty healthy level of inquiry. Focus on scaling up our environmental business, particularly in leveraging our proprietary technology in waste to energy, as well as our ability to integrate waste management from that of upstream as well as downstream resource management. For our new energy business, we see very promising tailwind, in particular for the demand of energy efficiency in the district cooling as well as shared earlier, distributed energy generation, energy storage, and alternative clean energy like that of hydrogen value chain and potentially carbon capture utilization and storage. Thank you, Cindy. There's a follow-up question, or another question from Anita Gabriel of The Business Times. "Which of Keppel's focus areas could possibly see the earliest M&A activity?" We just been discussing about renewable energy. I think that's certainly one of the growth engines that we are looking to get a good headstart on. Besides the normal organic greenfield build, we are also looking at numerous platforms. The different segments that I mentioned, whether it is connectivity, urban development, asset management, those would also be areas that we'll be looking at. There's a gentleman, I suppose he's a retail investor, Mr. Teo from Singapore. Mr. Teo has two questions. First question. How would the combination of Keppel O&M and Sembcorp Marine affect Keppel's value system in the area of asset management and the various funds? Keppel has expertise in O&M vessels that can be seeded into funds to earn fees, example, Gimi. This won't be possible if the combination occurs. Actually, we have also announced as part of the two non-binding MOUs, one of the MOUs concerning the potential combination of COM with Sembcorp Marine. We recognize that there is quite a lot of IP and expertise residing in COM. As far as the offshore marine side, the usual rig design, et cetera, that would go to the combined entity when the transaction is done. There are also some technology and IP that remains relevant to Keppel's pursuit of projects, such as what you mentioned here. Could be gas solutions, could be near shore, floating cities, it could be hydrogen value chain. Those areas, we will form a joint venture, I would say a strategic joint venture with the new combined entity, so that Keppel can continue to avail itself to the expertise that reside currently in COM for those areas that we remain interested in, particularly near shore infrastructure development. There is a second question. "Keppel's rigs are deemed as legacy assets. Has the discussion with Sembcorp Marine so far touched on them letting go of their rigs as well and having them under the same Asset Co, so that the combined entity, if it comes to reality, can charge ahead without any legacy baggage?" So far the discussion is, this second MoU is with an entity linked to Temasek, has been strictly only on our legacy rigs. Okay. Mr. Teo has submitted two further questions. Okay. First question, "Keppel Capital targets to grow its AUM to SGD 50 billion by 2022. Are we on track? Will asset management and more importantly fund management increasingly be a key focus of the company going forward?" Can I ask Christina Tan, CEO of Keppel Capital to address this? Yeah. Hi, Mr. Teo. No, we are confident of reaching our SGD 50 billion in terms of assets under management by 2022. We are definitely on track with more funds raised as well as more acquisitions that we have done in this first half year. Should I go on to answer the second or you want me- Let me read the question so that they know. Mr. Teo has a second question also related to Keppel Capital. "Is there any coherent team or strategy adopted by Keppel Capital Alternative Asset, which is a private fund manager that focuses on establishing, offering, and managing private funds investing in new alternative assets? Or is it more of an opportunistic in nature? Any ability to scale moving forward?" Chris? Mr. Teo, I think for us, we focused on what Keppel's capabilities are, and I think you have heard from my colleagues earlier that we are quite focused on infrastructure and renewables. This is also actually asset class under the alternative assets. We are looking to grow to, we had a target of 7 gigawatts. This is something which we can actually scale, in terms of opportunities. We're looking to acquire more in terms of platforms rather than just build organically. I think, in many ways, with Keppel's monetization, the reinvestments into some of these asset classes will be pretty important for Keppel Capital. With that will help us grow our fee income as well as our AUM. Thank you, Mr. Teo. Thanks, Chris. Next question is from Adrian Loh of UOB Kay Hian in Singapore. "How has the Chinese government's clamping down on property prices to manage affordability affected Keppel Land? Can you share how it will affect Keppel Land going forward?" For that question, maybe I ask Louis, can you address this? Thank you. Thank you. Sorry. Is that right? Can you hear me? Yep. Thank you very much, Adrian, for the question. I think as Chin Hua shared earlier, our home sales in China for the first half was 1,550, and that was a 50% increase on last year. I think as with any of the markets in which we play, how governments view property prices and our ability, and it very much is a necessity for us to navigate the real estate landscape. I think for us at Keppel Land, the way that we look at this is in Singapore or China, in all the markets that we play in, we have to be nimble and agile to be able to create the value that we can as well as the products and services and solutions for our customers. With Keppel Land, the way that we are trying to differentiate ourselves, which we've spoken about is to focus on sustainability, digitalization, customer experience, and building platforms that really can absorb a lot of information and data about our customers so that we can produce the right solutions for them. I believe this is the way that we'll need to play going forward, in spite of the challenges that the regulatory environment might bring. Thank you, Louis. Next question is from Rahul Bhatia of HSBC in Singapore. "Hi, thanks for taking my questions." Rahul has two questions. First question, "can you share any status updates on Asset Co?" We are having ongoing discussions, looking at business plan, looking at cash flows, and continuing on looking at how we can turn this non-binding MOU into a definitive agreement. Work is in progress. Second question, "could you talk about what kind of EV opportunities you are looking at?" Maybe I ask Cindy. One of the very important aspect of decarbonization is end-use electrification. Keppel Infrastructure have been in the electrification business for nearly 2 decades. We saw good opportunity in the EV evolution, and we seek to participate in building up a meaningful EV business from end to end within Singapore as well as Asia Pacific. We will provide updates as and when we have new and significant developments. Thank you. Maybe just to add to that, the group has also taken a small investment in EV battery company a couple of years ago. We are looking to see whether this can potentially develop into not just for EVs, but also potentially for energy storage, which is quite relevant to various things that the group is looking at, including renewables. I have a question from Kang Wan Chern of The Straits Times in Singapore. "Hi, Mr. Loh. What are your views on the outlook for the property and O&M business, given the uncertainty related to COVID-19? What are the key risks and opportunities you are looking out for?" Wow, that's a very big question covering quite a big topic. I'll try to address it, and maybe I'll start off with the property side. I think clearly, the pandemic has created quite a lot of challenges in terms of how we live our life, including how we shop, working from home, and also even how we spend our leisure time. There is certainly immediate impact. At the same time, I think there is a view that while things may not necessarily go back to where it was before, we do expect that with the vaccination drive, that some form of normalcy will return, and we're certainly hoping to see that. There will be, we believe, a return to some normalcy. Of course, in the meantime, asset classes like data centers, logistics assets, have benefited. There have been some challenges on retail and offices. Even then, I would say that we have also seen quite strong demand for investment properties worldwide. This has led to cap rates for these properties remaining quite low. We haven't really seen a huge downward shift in values to date. I think there are both, as your question is alluding to, there are both risk as well as opportunities. On the O&M business, I presume you're referring to the offshore marine business. I guess the big impact is really on supply chain disruption as well as manpower restrictions. Of course, the safe distancing efforts, which is very important, have added costs and also have reduced productivity. Chris, I don't know whether you want to add anything else to this. Maybe I supplement there. Opportunities, we have always said that we have pivoted towards offshore renewable projects. With the pandemic, it actually have accelerated the growth of that area. One area that we are looking closely would be the U.S. market, whereby we have some presence. On the usual production market, we do have our presence in Brazil to take full advantage of that. In terms of risks, of course, as what Group CEO has mentioned, the new supply chain disruption and labor supply, we will look at how to use our network of yards in different countries and also external partners to mitigate all the risks and capture opportunities. Great. Thank you, Chris. There's a question from Mervin Song of JP Morgan Singapore. "What would be the medium-term AUM mix between Keppel Capital's private funds and listed REITs?" Can I ask Christina? Okay, sure. Yeah. Hi, Mervin. We didn't really plan to in terms of asset mix between whether it's private funds and listed REITs, because actually, it all depends on where investors' interests lie. I think we are actually quite in a fortunate position that both investors in the private funds as well as listed REITs have been very supportive of Keppel Capital's business and new products as well. Maybe ultimately, we like the evergreen fees that we are getting from the REITs, but in terms of the private funds, we like the carried interest that we earn as well. Maybe a perfect more is a 50/50 kind of mix between the two. Thanks. You like more of that. Yeah, we'll just grow our AUM. Okay. Next question is from Mr. Yong. He's a retail investor in Singapore. "Dear CEO, any updates on the milestone for the floating data center project? When does Keppel expect to commercialize it?" For this question, can I ask Thomas Pang, the CEO of Keppel T&T to address, please? Thank you, Mr. Loh. Thank you, Mr. Yong, for your question. The floating data center is one of our many projects that we look at to help to reduce energy consumption and to decarbonize data center business. We have spent a lot of time on technology, on site selections, and we are aiming to have the first project going for FID, final investment decision, sometime towards the end of this year. In addition to that, one of our investment company in the U.S., Nautilus Data Technologies, their first project has already been launched in California, and it is now welcoming its first clients onto its floating data barge. Thank you very much. Thanks, Thomas. Next, I have two questions from Ho Pei Hwa of DBS. Thanks management for the presentation. I'll read the first question and I'll ask Chan Hon Chew to address it. First question, "May I clarify on Keppel O&M's profits, excluding share of Floatel restructuring gains? It would have been a loss of SGD 160 million? Are there other items that should be excluded to get a better sense of yard operating performance?" Chan Hon Chew? Yeah. I think I've mentioned earlier in the earlier remarks, actually COM's net loss after excluding all the RID is actually SGD 85 million, meaning excluding impairments and the share of Floatel restructuring gain is actually SGD 85 million. Okay. Thank you. Ho Pei Hwa has a second question. "Could you also provide us an update on the proposed yard combination with Sembcorp Marine and more color on the divestment of logistics business such as timeline?" On the logistics business potential divestment, I think I've shared in the opening remarks that we have received bids which we are currently evaluating. The other question which is on the combination. This is still an ongoing thing. I think after the signing of the non-binding MOU, both teams have met and they are now in the process of setting up the due diligence that needs to take place looking at synergies, et cetera, and cash flow. Work is ongoing. It will take a few months before we reach a definitive agreement. I have three questions from Lim Siew Khee of CIMB. With more asset recycling ahead, can first half 2021 DPS be used as a benchmark for second half 2021? Or is it a one-off generosity? Well, first of all, I'm glad that you find the interim dividend attractive, Lim Siew Khee. I think we will, of course, have to look at the full year results. As you know, we don't have a dividend policy. We have typically been paying between 40%, 50% to 60% of the net profits. Of course, with the monetization program, we can, of course, afford to be a little bit more open-minded in terms of returning capital to the shareholders to reward them for their patience in investing in KCL. How is the margin trend for property sale in China, Vietnam given that there's a positive trend in ASP, average sales price? Louis Lim, you want to address that? Absolutely. Thank you for the question, Siew Khee. I think if we would have just price be the only variable here and able to keep costs constant, that would be great. Unfortunately, in the business, I think there are many factors that come into this. Your time of entry, your acquisition price, your construction costs and how that might escalate. You're right in that the average selling price has had a positive trend. This does not necessarily translate to margin, and we have a lot of other factors that we look at that will impact our profitability in China and Vietnam. Thank you. Lim Siew Khee has a third question. Were there any one-off gains in Keppel Capital in first half 2021? Is this profit level sustainable? I don't think there's any, Chris Ong? Okay. Actually, there is no one-off gains. It is actually from mark to market, as well as fair value of the investments that we have made by Keppel Capital. We hope that this will be a recurring theme that we will see in the profit levels of Keppel Capital going forward. Yeah. Thank you. Thank you, Chris. Next we have a question from Mayuko Tani of Nikkei in Singapore. How much would you spend for M&A in coming years for the group? How will the breakdown by business units be like? We know that we want to grow and we want to pivot into some of the growth engines, I think M&A will become quite important to the group. We don't really have a budget. I think it's a bit risky to have budgets because then it might encourage our business units to be less disciplined. I think more important that we have an idea that M&A is one possibility alongside our organic growth. It's quite opportunistic. Okay. This is a question from Foo Zhi Wei of Macquarie in Singapore. Thanks for the presentation. Could you elaborate on your progress on further monetizing the North Island site in Tianjin? Should we expect more stake divestments this year? How's the demand for property projects there? Will you be accelerating development of the site within the next three years? Louis? Thanks again for the question. Tianjin North Island is a very important project for us at Keppel Land. We continue to see opportunities there, either by doing developments on our own, entering into JVs as we've done with Sino-Ocean, or to sell our land plots to third parties. We do not disclose what future divestments we might have. We, again, continue to remain very optimistic about the value that we can create. I would say that Tianjin, perhaps unlike some of the other cities like Chengdu or Shanghai where there's stronger demand, there's some challenges at points in time. I think we will continue to see a long-term opportunity here in terms of how we can create value. Thank you. Maybe I can also add that North Island is adjacent, really part of Tianjin Eco-City, and I think it's really won a lot of pundits in the last, since its development. It's a very nice development, very green. I think that would also be a differentiating factor for us. Okay. Next question is from Mervin Song of JP Morgan, Singapore. Okay, this question, probably for Louis. Which property segment and country does Keppel Land see the best risk-reward when deploying its capital going forward? Would it be Singapore, Vietnam, or China residential, or are commercial developments more lucrative? Question. It's a big question. I think the answer is that there's no one silver bullet. At Keppel Land, as you pointed out, our key markets are Singapore, Vietnam, and China. We are also very much looking forward to scale our businesses in India and Indonesia going forward. The market situation is very different market by market. For example, if we talk about China and Vietnam, we continue to see opportunities across residential, commercial, as well as in spaces like retail. However, if you look at a market like Indonesia, on the other hand, then high-rise residential and commercial are more challenging, and so we're more focused on landed residential projects in those markets. We don't have a one-size-fits-all answer to how we approach the markets. We really look at each market and at that point in time, what would be attractive for us to enter, and then we take a longer-term view of when the right time would be to enter which specific segments of that market. Thank you. I think, Louis, the question that was raised, I think is quite appropriate in the sense that we do look at risk-reward, right? Oh, absolutely. Risk-adjusted returns. Yes. I think this is how we measure and look at opportunities across different markets, different segments. That's how we compare them. Okay. Mervin has another question. This one I'm not sure that Man can answer, but maybe you can give some color. For M1, would you be able to disclose the first half 2021 post and prepaid ARPU, and how does this compare to last year? Can you also please talk about the strategies to further improve M1's profitability? Thank you, CEO. Thanks, Mervin, for the question. Clearly because of roaming revenues being much lower than last year, there has been an impact on the ARPUs. However, without roaming, our ARPUs are quite stable this year over last year. In fact, on prepaid business, our ARPUs have actually become better than last year because of the kind of products that we've been launching in the market. Our ARPUs are quite stable. To improve profitability, I think one of the areas that we are working very strongly towards is digitalization of our operations. Which is primarily to reduce our cost to serve over a period of time. Therefore improve our customer lifetime value, which is driven through a lower cost to serve and a higher profitability in times to come. The whole transformation program is to deliver higher profitability over a period of time. Thank you. Thank you, Man. There's a question from Cheryl Lee of UBS. Following on from Siew Khee's question on Keppel Land, after taking into consideration changes to costs, have property development margins at Vietnam and China improved or worsened versus previous periods? What do you expect in coming years in terms of margins? I think, Cheryl, Louis had addressed that question, but I think maybe if I can try to answer your question more directly. I think if it was a project on a land that we already own, if the ASP goes up, you would expect the margins to improve. Of course, construction costs may go up. Generally speaking, for these markets, construction costs as a total development cost is not a huge percentage, particularly in China. If the average selling price goes up over time, then margins for the historical land that we own should be better. I think that's all the questions we have. Thank you for your participation and attention. Thank you very much, and have a pleasant evening ahead. Thank you.