Broker: OCBC Group
Date of Report: 27 July 2026

Excerpt from OCBC Group report.

Report Summary

• Keppel DC REIT (KDCREIT):
  Action: BUY
  Target Price: SGD 2.86 (raised from SGD 2.78)
  Key Insight: 1H26 DPU rose 11.3% YoY to 5.714 cents, beating expectations. DPU forecasts for FY26 and FY27 raised by 4.7% and 3.0% respectively.
• OUE REIT (OUEREIT):
  Action: BUY
  Target Price: SGD 0.410 (unchanged)
  Key Insight: 1H26 DPU up 28.6% YoY to 1.26 cents, exceeding expectations. FY26 and FY27 DPU projections raised by 9.2% and 4.3%. Impacted by Crowne Plaza Changi Airport divestment.
• Mapletree Industrial Trust (MINT):
  Action: HOLD
  Target Price: SGD 1.97 (lowered from SGD 2.10)
  Key Insight: 1QFY27 DPU declined 4.9% YoY to 3.11 cents, in line with expectations. FY27 and FY28 DPU forecasts cut, and terminal growth rate reduced due to interest rate headwinds.
• Suntec REIT:
  Action: HOLD
  Target Price: SGD 1.46 (raised from SGD 1.45)
  Key Insight: 1H26 DPU up 24.8% YoY to 3.936 cents, above expectations. FY26 and FY27 DPU forecasts increased, fair value slightly raised.
• Mapletree Logistics Trust (MLT):
  Development: Proposed divestments of two Wuxi logistics parks in China and a Singapore asset for a combined SGD 154.5m to optimize portfolio.
• Frasers Centrepoint Trust (FCT):
  Development: Part of a consortium securing SGD 2.1b mixed-use development site with a 5% yield on cost. Commercial component estimated at SGD 613m.

Actionable Focus:

• Strongest BUY calls: Keppel DC REIT (KDCREIT) at SGD 2.86, OUE REIT (OUEREIT) at SGD 0.410.
• Other actionable updates: Suntec REIT, Mapletree Industrial Trust, and Mapletree Logistics Trust have notable changes and developments but remain HOLD or un-rated.

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