Broker: OCBC
Date of Report: 24 July 2026

Excerpt from OCBC report.

Report Summary

OUE REIT (OUEREIT SP)
Action: BUY
Target Price: SGD 0.410
Key Idea:
OUE REIT delivered a strong 1H26 performance, with distribution per unit (DPU) up 28.6% year-on-year to 1.26 Singapore cents, outpacing expectations. Growth was driven by robust hospitality segment results and contributions from the newly acquired Salesforce Tower. Despite some transitional office downtime, management remains confident about backfilling space and marking rents to market, with limited new office supply in Singapore. Aggregate leverage remains stable, and further cost savings are possible in FY27. The fair value estimate is maintained at SGD 0.410 with a reiterated BUY call.

Keppel DC REIT (KDCREIT SP)
Action: BUY
Target Price: SGD 2.86
Key Idea:
Keppel DC REIT reported 1H26 DPU growth of 11.3% year-on-year to 5.714 Singapore cents, ahead of expectations. The portfolio saw positive rental reversions and increased contributions from the acquisition of Tokyo Data Centre 3. Although occupancy declined due to a single lease expiry, the REIT maintains strong financial health and sufficient debt headroom for further growth. The fair value estimate is raised to SGD 2.86 with a maintained BUY rating.

Above is an excerpt from a report by OCBC. Clients of OCBC can access the full research report from the broker’s website: OCBC research website