Keppel REIT - UOB Kay Hian 2023-10-09: Stability From Singapore & Recovery From Sydney

Keppel REIT - Stability From Singapore & Recovery From Sydney

Keppel REIT (SGX:K71U) | SGinvestors.ioKeppel REIT (SGX:K71U)
  • On a same-store-basis, Keppel REIT improved portfolio occupancy by 1.5ppt y-o-y to 97.0% in 2Q23 by backfilling vacant space ahead of new supply hitting in 4Q23.
  • Keppel REIT's P/NAV at 0.62x is almost at the low of 0.61x on 23 Mar 20 during the onset of the COVID-19 pandemic. Thus, potential downside from Keppel Corp shareholders selling Keppel REIT units they received in specie could be limited.
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Well-positioned in Singapore with vacant spaces backfilled.

  • Keppel REIT (SGX:K71U) maintained high portfolio occupancy of 94.9% in 2Q23 (improved 0.7ppt q-o-q and 1.5ppt y-o-y to 97.0% if we exclude newly-completed Blue & William in Sydney).
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Maintaining positive rental reversion in 2H23.

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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 @

Jonathan KOH CFA UOB Kay Hian Research | 2023-10-09

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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