Keppel REIT - OCBC Investment 2024-07-30: Resilient Operations With Singapore Asset Valuations Holding Up Well

Keppel REIT - Resilient Operations With Singapore Asset Valuations Holding Up Well

Published:
Keppel REIT (SGX:K71U) | SGinvestors.io

1H24 results came in within our expectations.

  • Property income rose 8.9% y-o-y to S$125.1m due to higher occupancy at Ocean Financial Centre and KR Ginza II, coupled with maiden contributions from 2 Blue Street and 255 George Street in Sydney, Australia.
  • Net property income (NPI) attributable to Keppel REIT's unitholders increased by a smaller magnitude of 8.0% y-o-y to S$87.2m due in part to higher land taxes in Australia.
  • - Read this at SGinvestors.io -
  • We expect a slightly stronger 2H24 due to a full six-month contribution from the newly acquired 255 George Street property (50% effective stake).

Robust rental reversions of 9.3% in 1H24 albeit with a moderation in 2Q24 (+7.2%) compared to 1Q24 (+10.9%)

  • Read more at SGinvestors.io.




Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.




OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2024-07-30



Read also OCBC's most recent report:
2024-10-23 Keppel REIT - Solid Operational Performance But Gearing Crept Higher .

Price targets by 3 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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