- Keppel Pacific Oak US REIT's share price trades at an attractive 2024 distribution yield of 23.6% and P/NAV of 0.25x (75% discount to NAV). Maintain BUY. Target price: US$0.56.
- Keppel Pacific Oak US REIT’s portfolio occupancy improved 0.6ppt q-o-q to 91.4% while physical occupancy improved 2ppt q-o-q to 67% in 3Q23. Adjusted NPI grew 5% y-o-y due to positive rental reversion of 3.8% and built-in rental escalation of 2.5% from its existing properties.
- - Read this at SGinvestors.io -
Keppel Pacific Oak US REIT's 3Q23 results
- Keppel Pacific Oak US REIT (KORE, SGX:CMOU) reported 3Q23 distributable income of US$13.1m (-10.7% y-o-y), which is in line with our expectation.
- - Read this at SGinvestors.io -
- Distributable income declined 10.7% y-o-y to US$13.1m due higher borrowing costs as a result of rising interest rates.
Outperforming through higher portfolio occupancy.
- 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/ 2023-10-20
Previous report by UOB:
2023-07-28 Keppel Pacific Oak US REIT 1H23 - Differentiated By Focus On Growth Cities.
Price targets by other brokers at Keppel Pacific Oak US REIT Target Prices.
Listing of research reports at Keppel Pacific Oak US REIT Analyst Reports.
Relevant links:
Keppel Pacific Oak US REIT Share Price History,
Keppel Pacific Oak US REIT Announcements,
Keppel Pacific Oak US REIT Dividends & Corporate Actions,
Keppel Pacific Oak US REIT News Articles
