Broker: OCBC Group Research
Date of Report: 31 July 2026
Excerpt from OCBC Group Research report.
Report Summary
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Keppel REIT (KREIT SP)
Call: BUY
Target Price: SGD 1.03
Key Idea: Keppel REIT is building balance sheet resilience with a focus on divestments. The proposed sale of KR Ginza II in Tokyo at a premium will reduce leverage below 40%. Acquisitions are unlikely near-term; management may consider further divestments or unit buybacks. The portfolio remains supported by positive rental reversions and robust occupancy. -
Singapore Airlines (SIA SP)
Call: HOLD
Target Price: SGD 6.95
Key Idea: SIA posted a quarterly net loss due to higher fuel costs and losses from Air India, despite record revenue. The share price appears toppish, trading above historical P/B averages. Investors should watch for a potential correction after ex-dividend. SIA’s strong balance sheet and effective hedging remain positives. -
First REIT (FIRT SP)
Call: HOLD
Target Price: SGD 0.20
Key Idea: DPU continues to decline due to FX headwinds and higher gearing, but this should improve post-divestment of the Indonesia portfolio. The REIT is reducing exposure to emerging markets, which may be dilutive short-term but could lower risk longer term. The market may not fully price in the income gap post-divestment. -
Sheng Siong Group (SSG SP)
Call: HOLD
Target Price: SGD 3.41
Key Idea: Sheng Siong achieved a record high gross profit margin and continues to expand its store network. Demand is expected to remain resilient, but the current valuation already reflects much of the positive outlook.
Above is an excerpt from a report by OCBC Group Research. Clients of OCBC Group Research can access the full research report from the broker’s website.
