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RHB keeps ‘buy’ rating on Keppel Pacific Oak US REIT on stable returns

Chloe Lim
Chloe Lim4/20/2022 04:35 PM GMT+08  • 3 min read
RHB keeps ‘buy’ rating on Keppel Pacific Oak US REIT on stable returns
KORE delivered a solid 1QFY2022 ended March with distributable income up 11% y-o-y and an estimated DPU of 1.6 cents (+1% y-o-y)
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RHB Group Research analyst Vijay Natarajan has kept a “buy” rating on Keppel Pacific Oak US REIT (KORE) with an unchanged target price of 92 US cents, following KORE’s latest business update for the 1QFY2022 ended March period.

KORE delivered a solid 1QFY2022 ended March with distributable income up 11% y-o-y and an estimated distribution per unit (DPU) of 1.6 cents (+1% y-o-y), in line with the analyst’s expectations.

In its 1QFY2022 business update, the REIT’s management forecasts leasing velocity to improve in coming quarters with mid-single-digit positive rent reversions expected. A minimal impact is expected from rising inflation and utility costs with the majority being net leases.

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