Keppel REIT - DBS Research 2023-01-30: First Ang Pow Distributed

Keppel REIT - First Ang Pow Distributed

  • 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).
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  • 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).
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Recorded strong 4Q22 double digit positive reversions in Singapore portfolio; expect Singapore to remain firm while Australia appears to have stabilised.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Rachel TAN DBS Group Research | Derek TAN DBS Research | 2023-01-30

Previous report by DBS:
2022-10-26 Keppel REIT - Santa Is Coming Early Next 5 Years!.

Price targets by 5 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

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