Keppel Pacific Oak US REIT - UOB Kay Hian 2024-03-07: Navigating The Office Downturn Without Diluting Unitholders’ Interests

• Keppel Pacific Oak US REIT (SGX:CMOU) has been unfairly penalised. By halting distribution in 2024 and 2025, Keppel Pacific Oak US REIT is able to fund its capex internally, while avoiding dilutive equity fund-raising and divesting its assets at depressed fire-sale prices.
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• P/NAV is already at a distressed level of 0.18x although Keppel Pacific Oak US REIT has not breached any loan covenants. Maintain BUY. Target: US$0.35.

Focusing on lease renewal and tenant retention.

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• Keppel Pacific Oak US REIT benefits from built-in average annual rental escalation of 2.6% across its portfolio. Committed portfolio occupancy eased slightly by 1.1ppt q-o-q to 90.3% as of Dec 23.

Halting distribution to recapitalise.

• 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:
2025-11-05 Keppel Pacific Oak US REIT 9M25 - Stable Portfolio Occupancy With Backfilling Of Known Vacates.

Previous report by UOB:
2025-09-10 Keppel Pacific Oak US REIT - Gradually Restoring Payout Ratio.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
Keppel Pacific Oak US REIT News