Keppel REIT - RHB Invest 2024-01-31: Offering Good Value; BUY

• Keppel REIT’s 2H/FY23 results met our expectations. Operational performance remains robust with occupancy improvement and healthy positive rental reversions – this is expected to remain strong in 2024. Borrowing cost should creep up this year, but will likely be offset by organic income growth and contribution from new developments.
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2H23 DPU fell 1.7% y-o-y

• Keppel REIT (SGX:K71U)'s 2H23 DPU fell 1.7% y-o-y, as healthy 7% NPI growth from operational improvements was offset by higher borrowing costs.
• - Read this at SGinvestors.io -
• Total portfolio value rose 0.8% h-o-h, aided by higher valuation for Singapore (+1%), South Korea (+4%), and Japan (+7%), but partially offset by the decline in Australia (-1.5%) – all in local currency terms – and FX impact.

Healthy occupancy to be maintained.

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Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2024-01-31 SGinvestors.io

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