- Keppel REIT (SGX:K71U) kick-started its Anniversary Distribution of S$10m in 2H22. FY22 DPU grew 1.7% y-o-y to S$0.0592, slightly below our estimate. 4Q22 estimated DPU grew 5% y-o-y (+0.7% q-o-q) to S$0.0148, mainly supported by the first tranche of the Anniversary Distribution of S$10m, partially offset by higher interest cost, forex impact and lower contributions due to vacancies (8 Chifley and MBFC).
- - Read this at SGinvestors.io -
- All-in cost of debt increased by 0.16ppt to 2.29% vs 2.13% in 3Q22 due to rising interest rates. Cost of debt as at 4Q22 was 2.5% and expect to rise closer to 3% post refinancing in FY23.
- In Jan23, S$486m of loans maturing in 2023 have been refinanced, extending maturities by 5 years to 2028. As a result, the remaining maturing loans for Keppel REIT in FY23 is S$156m (~4% of total debt).
- - Read this at SGinvestors.io -
Recorded strong 4Q22 double digit positive reversions in Singapore portfolio; expect Singapore to remain firm while Australia appears to have stabilised.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Rachel TAN DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2023-01-30
Read also DBS's most recent report:
2023-07-26 Keppel REIT - More Resilient Than Expected.
Price targets by 4 other brokers at Keppel REIT Target Prices.
Listing of research reports at Keppel REIT Analyst Reports.
Relevant links:
Keppel REIT Share Price History,
Keppel REIT Announcements,
Keppel REIT Dividends & Corporate Actions,
Keppel REIT News Articles
