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

• 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.
• - Read this at SGinvestors.io -

Growth from Singapore.

• - Read this at SGinvestors.io -
• 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.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2026-02-16 Keppel REIT 2H25 - Retail Ambition Throttled?.

Previous report by UOB:
2026-01-02 Keppel REIT - Resiliency From Expansion In Singapore.

Price targets by 3 other brokers at Keppel REIT Target Prices.

Listing of research reports at Keppel REIT Analyst Reports.

Relevant links:
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Keppel REIT Dividend Payout Dates & Corporate Actions,
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