Broker: Maybank Research Pte Ltd
Date of Report: April 22, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Stock: Keppel REIT (KREIT SP)
- Action: HOLD (Maintained)
- Target Price: SGD 0.95 (Lowered from SGD 1.00)
- Current Price: SGD 0.91
- Key Idea: KREIT delivered strong 1Q distributable income growth (+17.8% YoY), mainly from acquisitions and solid Singapore operations. Portfolio occupancy improved, with double-digit positive rental reversions. However, increased borrowing costs and risks from higher AUD/JPY base rates, as well as challenges in overseas occupancy and retail asset integration, limit upside. The DPU forecast for FY26/FY27 was trimmed by 0.7%/1.1% due to higher funding costs, partly offset by higher JV contributions.
- Highlights:
- Gearing stable at 40.2%; cost of debt fell to 3.16%.
- Portfolio occupancy up to 97.1%, led by Singapore.
- Rent reversions remain strong (+17.2% YTD).
- Maintain HOLD on limited upside and ongoing refinancing and integration risks.
above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : https://www.maybank.com/investment-banking
