- Keppel Pacific Oak US REIT's share price trades at 2026 distribution yield of 30.7% and P/NAV of 0.20x (80% discount to NAV). Maintain BUY.
- Keppel Pacific Oak US REIT’s 1Q24 was resilient, with stable net property income (NPI) of US$21.0m and portfolio occupancy of 90.1%. Leasing momentum is strong with an early renewal by Ball Aerospace (second-largest tenant) and expansion by Spectrum (fifth-largest tenant).
- - Read this at SGinvestors.io -
Stable 1Q24 financial performance
- Keppel Pacific Oak US REIT (SGX:CMOU) reported distributable income of US$11.9m for 1Q24 (-8.8% y-o-y), which is in line with our expectation.
- - Read this at SGinvestors.io -
- Distributable income dropped 8.8% y-o-y primarily due to a 15% y-o-y increase in financing cost as a result of rising interest rates.
Strong leasing momentum in 1Q24.
- Read more at SGinvestors.io.
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 @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-04-18
Previous report by UOB:
2024-03-07 Keppel Pacific Oak US REIT - Navigating The Office Downturn Without Diluting Unitholders’ Interests.
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 Dividends & Corporate Actions,
Keppel Pacific Oak US REIT News Articles
