Keppel REIT - OCBC Investment 2023-01-30: 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

• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -
• 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

• Read more at SGinvestors.io.

Above is an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-04-23 Keppel REIT - Slight Dip In Distributable Income.

Previous report by OCBC:
2025-01-28 Keppel REIT - Singapore Office Market Outlook Appears More Positive.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Keppel REIT News