SINGAPORE (Apr 23): Despite the slowdown in shopper traffic, retail sales, and “leasing interest” due to the Covid-19 pandemic since February, CGS-CIMB Research is keeping Keppel REIT at “buy” with a revised target price of $1.20 from $1.38 previously.

The target price takes into consideration reduced DPU estimates for FY2020 to FY2022 by 3% to 7.5% to accommodate the “slower leasing environment” and “longer frictional vacancy periods” due to a slower demand for office space. However, it has retained its “buy” recommendation due to a “better-than-projected office rental market and redeployment of divestment proceeds into new accretive acquisitions,” noted CGS-CIMB analysts Lock Mun Yee, and Eing Kar Mei.

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