- Keppel REIT (SGX:K71U)’s 2H25 and FY25 results fell short of our expectations. 2H25 property income and net property income (NPI) rose 1.1% and 2.4% y-o-y to S$138.0m and S$107.7m respectively.
- - Read this at SGinvestors.io -
- Cumulatively, Keppel REIT’s FY25 NPI and NPI attributable to unitholders rose 6.9% and 7.6% to S$215.9m and S$196.8m, respectively, while DPU ended up 6.6% lower at 5.23 Singapore cents. This came in 4.0% below our forecast.
Robust portfolio rental reversions of 11.5%.
- - Read this at SGinvestors.io -
- Given our expectations for a low to mid-single digit market rental growth in FY26 and average expiring rents of S$12.14 psf pm, rental reversions are poised to remain positive, although there could be a moderation in magnitude as compared to FY25.
Committed occupancy improved by 0.4ppt q-o-q to 96.7%.
- Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Group Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
Andy Wong CFA OCBC Investment Research | https://www.iocbc.com/ 2026-02-04
Read also OCBC's most recent report:
2026-04-22 Keppel REIT - Strong Rental Reversions & Uplift In Committed Occupancy.
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 Dividend Payout Dates & Corporate Actions,
Keppel REIT News
