Keppel REIT

K71U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Keppel REIT: Operating Metrics Remain Healthy; Units Undervalued

Xavier Lee

Oct 22, 2024

Keppel REIT’s third-quarter 2024 business update was in line with our expectations, and we keep our fair value estimate of SGD 1.16 per unit. The trust trades at an attractive 2025 dividend yield of 6.4% and remains our top pick among Singapore REITs. We like the trust for its high-quality office portfolio and believe it would be a strong beneficiary of interest-rate cuts through 2025-26.

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Keppel REIT

Keppel REIT: Operating Metrics Remain Healthy; Units Undervalued

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