- Keppel REIT (SGX:K71U) reported 1H23 DPU of S$0.029 -1.7% h-o-h/-2.4% y-o-y and at 48.7% of our FY23E. Stable operating performance was more than offset by lower margins and higher borrowing cost. Committed occupancy was stable while reversion was high-single-digit positive.
- - Read this at SGinvestors.io -
- Valuation at 0.7x FY23E P/B is attractive. Maintain BUY.
Resilient operations offset by higher funding costs
- Gross revenue and NPI rose by 4.7% and 0.4% y-o-y. Higher revenue was due to higher rentals and portfolio occupancy. NPI margin dipped 75bps h-o-h and ~300bps y-o-y on back of higher utilities expenses and completion of Blue & William (B&W) in Australia.
- - Read this at SGinvestors.io -
- With mixed impact from anniversary distributions and higher units, Keppel REIT's 1H23 DPU was down 1.7% h-o-h/2.4% y-o-y.
Stable leasing momentum, weaker AU office values
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2023-07-26
Read also Maybank's most recent report:
2025-01-31 Keppel REIT - Robust Operations, Elevated Gearing Unchanged.
Previous report by Maybank:
2024-10-22 Keppel REIT - Holding Ground.
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
