Keppel REIT

K71U: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 2.28	Fwhk	Hngfzzqwj

Keppel REIT: Operating Metrics Continue to Improve; Units Undervalued

Xinfu Lee

Oct 17, 2023

Keppel REIT’s third-quarter business update was in line with our expectations, and we maintain our fair value estimate of SGD 1.16 per unit. Based on the last closing price of SGD 0.84 per unit, we think the trust is undervalued and trades at an attractive 2024 dividend yield of 7%. We continue to like the trust for its exceptional tenant register that includes government agencies and government-linked companies, which can weather any possible economic downturn.

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