Broker Name: CGS International Securities
Date of Report: October 29, 2025
Excerpt from CGS International Securities report.
Report Summary
- Keppel REIT reported stable 3Q25 results, with 9M25 distribution income of S\$159.6m, in line with forecasts and reflecting strong occupancy of 96.3% and a positive rental reversion of 12%.
- The REIT announced its first retail mall acquisition in Australia, expected to boost distributable income, and continues to focus on portfolio optimisation and capital structure improvements.
- Management maintains an ‘Add’ rating with a target price of S\$1.20, citing healthy rental prospects and premium office sector exposure, while noting risks from potential vacancy and evolving work trends.
- Keppel REIT maintains strong ESG credentials, with 82% of borrowings as green loans and ongoing sustainability initiatives, but scores lower on innovation and CSR strategy.
- Peer comparison shows Keppel REIT’s dividend yields and leverage are in line with sector averages, supporting its attractiveness for income-focused investors.
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website: https://www.cgs-cimb.com
