Are you looking for the answer to question mentioned in the title? In fact, VVDI Key Tool Plus can do the job with Prog function. It can work as a solder- free programmer, directly reading and writing common modules and chips for plenty of car models and programming key for many vehicles such as Porsche BCM programming. It has been confirmed that it successfully program key on Porsche Cayenne 2014 5M48H BCM.

Here are some Porsche BCM modules including BCM-5M48H can work with Xhorse Key Tool Plus.
BCM-5M48H-R/W/UNLOCK (ADAPTER)
BCM-1N35H-R/W/UNLOCK (ADAPTER)
BCM-1L15Y (ADAPTER)
BCM-2M25J-R/W/UNLOCK (ADAPTER)
BCM-5M48H-BACKUP (ADAPTER)
BCM-2M25J-BACKUP (ADAPTER)
BCM-1N35H-BACKUP (ADAPTER)
BCM-1L15Y (WELD)
BCM-5M48H-BACKUP (WELD)
BCM-5M48H- R/W/UNLOCK (WELD)

…

More Porsche car models can be found in the VVDI Key Tool Plus Pad.

Read more details from the following test report.

Xhorse VVDI Key Tool Plus Pad all-in-one programmer
2014 Porsche Cayenne 5M48H BCM (need to remove it under instrument dashboard)

Step 1: Read EEPROM D-flash
Step 2: Generate dealer key
Step 3: Learn new Key

Step 1: Read EEPROM D-flash
Open the BCM shell and connect BCM with Key Tool Plus via 9S12XE v1 adapter follow the wiring diagram in the tablet.

Select “Prog” function-> ”Immo”-> ”Porsche”-> “Porsche”-> “BCM 5M48H BACKUP (WELD)”
You can see the related connection diagram and then tap “Read” to read D-Flash

Press “Begin” and make sure the adapter and chip are well connected

Read D-Flash successfully

Tick “SAVE AS” to enter a new file name and press “OK” to save original D-FLASH

Step 2: Generate dealer key
Insert key into ignition switch and turn on
Select “IMMO programming” function-> “Porsche”-> “NEW Porsche Key” –> “Generate dealer key”-> tap “Start programming”

Select “Generated key” -> “EEPROM (5M48H)”

Load EEPROM data to continue
Insert key into ignition and turn on, then turn off and remove key
Put the key into Key Tool Plus Pad induction coil and select one unused key position (e.g. key3)

Start making key and save new EEPROM data read out

Generate key successfully, then can learn the new key to the car via OBD.

Step 3: Learn new Key
Select “New Porsche key- key learning”-> “Start programming”-> “Key Learn”

Load the new IMMO box EEPROM data
Input the number of keys to be learned

Insert key into ignition and turn on
Then select “Key Learn” again and repeat the steps above to learn the new key

All keys are learned successfully

Finally, use the key learned to test the remote and start the car, both are ok.

Available link to get XTOOL Key Tool Plus Pad All-in-One Programmer:
https://www.eobdtool.co.uk/wholesale/xhorse-vvdi-key-tool-plus-pad.html