Keppel REIT - UOB Kay Hian 2023-01-30: 2H22 Marginally Below

Keppel REIT - 2H22 Marginally Below

Published:
KEPPEL REIT (SGX:K71U) | SGinvestors.ioKEPPEL REIT (SGX:K71U)
  • Keppel REIT (SGX:K71U) reported 2H22 DPU of 2.95 cents (+2.4% y-o-y), which is marginally below our expectations. The results included the first tranche of its anniversary distribution of S$10m.
  • - Read this at SGinvestors.io -

Hampered by weakness in AUD and KRW.

  • Attributable NPI declined 2.4% y-o-y in 2H22 due to the divestment of 275 George Street in Brisbane in Jul 21 and the respective 6.8% y-o-y and 6.1% y-o-y depreciations in the Australian dollar and Korean won as of end-Dec 22.
  • Contribution associate & JV dropped 21.4% y-o-y due to lower one-off income and lower contribution from 8 Chifley Square in Sydney (occupancy: 82.0%).

Portfolio committed occupancy remained high

  • - Read this at SGinvestors.io -
  • Office properties in Singapore registered positive rental reversion of 23.4% in 4Q22. Management expects rental reversion to be positive mid-to-high single-digit due to low expiring rents of S$11.43psf in 2023.
  • Keppel REIT's Portfolio WALE is long at 6.0 years (top 10 tenants: 10.5 years).

Weathering higher cost of debt.

  • Read more at SGinvestors.io.



Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.



Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-01-30



Read also UOB's most recent report:
2025-04-24 Keppel REIT 1Q25 - Completes AEI For Pinnacle Office Park & 255 George Street.

Previous report by UOB:
2025-01-31 Keppel REIT -Keppel REIT - UOB Kay Hian 2025-01-31: Inorganic Growth From Australia.

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






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