Broker: Lim & Tan Securities
Date of Report: 23 July 2026

Excerpt from Lim & Tan Securities report.

Report Summary

• Keppel DC REIT (AJBU):
  • Action: Accumulate
  • Target Price: \$2.65 (13.2% upside)
  • Key Idea: Strong 1H26 results with 18.5% y-o-y growth in distributable income, DPU up 11.3% y-o-y. Portfolio benefits from positive rental reversions, strategic acquisitions, and exposure to fast-growing data centre and AI sectors. Dividend yield stands at 5%. Portfolio occupancy at 92.5%, leverage at 34% with substantial debt headroom. Keppel DC REIT is well-positioned to capture further growth and maintain its resilience.
• OUE REIT:
  • Action: Accumulate
  • Target Price: \$0.44 (18.9% upside)
  • Key Idea: Robust 1H26 performance, DPU up 28.6% y-o-y. Improvement driven by hospitality segment recovery, new contributions from Salesforce Tower Sydney, and lower finance costs. Portfolio reconstitution and value unlocking (e.g., potential sale of One Raffles Place) could drive further returns. Attractive 6.9% yield, trades at 0.65x P/B, and ongoing efforts to narrow P/B gap.

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