We expect KEP to report 1H22F net profit of c.S$440m (+c.48% yoy) despite the weak macros. It is scheduled to release its 1H22 results on 28 Jul. Environmental division likely to see a profit turnaround, benefiting from strong Singapore power prices in infrastructure and execution of OM orders. KEP trades at CY22F P/BV of 0.9x (-0.5 s.d. below its 6-year average. Catalysts: aggressive asset recycling and earnings-accretive MAs.