Keppel REIT - OCBC Investment 2023-01-30: Healthy Rental Reversions But Borrowing Costs To Drag

Keppel REIT - Healthy Rental Reversions But Borrowing Costs To Drag

  • Keppel REIT's 2H22 distribution per unit (DPU) rose 2.4% y-o-y to S$0.0295.
  • Expecting positive rental reversions of mid-to high-single digit for Singapore office portfolio in FY23.
  • Aggregate leverage ratio unchanged at 38.4%, but cost of borrowing set to increase further.

Keppel REIT's 2H22 results in-line with our expectations

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  • For FY22, Keppel REIT’s NPI increased 2.0% to S$175.9m, while DPU inched up 1.7% to S$0.0592 and was very close to our forecast of S$0.059.

Healthy rental reversions, though this is likely to moderate in FY23

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

OCBC Research Team OCBC Investment Research | 2023-01-30

Read also OCBC's most recent report:
2024-04-24 Keppel REIT - Strong Rental Reversions But Borrowing Costs To Remain Elevated.

Previous report by OCBC:
2024-01-31 Keppel REIT - Slight Decline In FY23 DPU As Expected.

Price targets by 3 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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