Keppel REIT - Maybank Research 2023-02-10: Headwinds In The Price; BUY For attractive Valuation

• Maintain BUY rating on Keppel REIT (SGX:K71U) with DDM-derived S$1.05 target price, 19% upside from the current Keppel REIT's share price. Target price is lowered due to higher cost of equity.
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• Distribution from Keppel REIT's divestment gains will offset higher funding costs. Keppel REIT's share price trades 0.7x book, offers a relatively higher yield of 6.7% and stable distribution profile versus peers.

Stable operating metrics

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• Keppel REIT's under development asset in Sydney, Blue & William, is on track for completion by mid-2023 and the manager is in advanced discussions with a few prospective tenants. Keppel REIT has a 3-year rental guarantee on any unlet space after practical completion.

20th anniversary distribution of S$100m

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

Read also Maybank's most recent report:
2025-12-12 Keppel REIT - Taking A Breather, Downgrade To HOLD.

Previous report by Maybank:
2025-07-30 Keppel REIT - Relatively Stable Distribution.

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