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 the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ 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:
2024-04-02 Keppel REIT - Choice Pick From Down Under.

Previous report by UOB:
2024-01-31 Keppel REIT - 2H23 Gaining Better Traction In Australia & Japan.

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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