Keppel REIT - UOB Kay Hian 2024-01-31: 2H23 Gaining Better Traction In Australia & Japan

Keppel REIT - 2H23 Gaining Better Traction In Australia & Japan

Keppel REIT (SGX:K71U) | SGinvestors.ioKeppel REIT (SGX:K71U)
  • Keppel REIT (SGX:K71U) reported DPU of S$0.029 for 2H23 (-1.7% y-o-y), which is in line with our expectations.
  • Portfolio occupancy rose 1.2ppt q-o-q to 97.1% in 4Q23, driven by properties located overseas. Occupancy at 8 Chifley Square in Sydney further improved 2.9ppt q-o-q to 100%, while occupancy at newly-acquired KR Ginza II in Tokyo went up by a massive 25.5ppt q-o-q to 100% after securing two new tenants.
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Growth from Singapore.

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  • Borrowing costs increased 8.3% y-o-y. Contributions from its Australia portfolio were weighed down as the Australian dollar depreciated 1.6% y-o-y against the Singapore dollar.

Higher portfolio occupancy driven by overseas properties.

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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 | 2024-01-31

Previous report by UOB:
2023-10-09 Keppel REIT - Stability From Singapore & Recovery From Sydney.

Price targets by 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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