SINGAPORE (Oct 20): Keppel REIT is upgraded to add from hold by CIMB after its results. However, following the recent share price weakness, but the brokerage also lowers its target price to $1.15 from $1.20 on lower distribution estimates.

“K REIT's share price has fallen significantly over the past quarter, and much of the dampened office market sentiment is reflected in the stock price. Hence, we are raising our recommendation,” CIMB says.

It notes that Keppel REIT's third quarter distribution per unit was 24.8% of its full-year forecast, occupancy was "fairly stable," but distributions were lower due to portfolio adjustments.

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