Equity Analysis /
Singapore

SG : Keppel REIT - Boosted by new contributions

    Munyee Lock
    Munyee Lock

    Head of Regional Property

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    CGS-CIMB
    25 January 2021
    Published byCGS-CIMB

    2H/FY20 DPU of 2.93/5.73 Scts were slightly above our FY20F projections. Expect positive rental reversion in FY21F, visible inorganic growth drivers. Reiterate Add with a higher DDM-based TP of S$1.29.