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UOB Kay Hian keeps ‘buy’ on KORE in light of fast rising organic growth from core cities

Chloe Lim
Chloe Lim5/31/2022 12:04 PM GMT+08  • 3 min read
UOB Kay Hian keeps ‘buy’ on KORE in light of fast rising organic growth from core cities
KORE has presence in Atlanta, Dallas, Denver and Orlando, which accounts for 34.4% of its AUM
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UOB Kay Hian analyst Jonathan Koh has kept a “buy” rating on Keppel Pacific Oak US REIT (KORE) with a target price of US$1.07 ($1.47).

To the analyst, KORE has benefitted from the dispersion of jobs in the technology sector to outside of Silicon Valley, particularly with these regional technology hubs growing at a rapid pace. Some major technology companies like Hewlett Packard, Oracle, Palantir and Tesla have moved their headquarters from California to Texas as well.

The employment levels in the technology sector in nine cities – Atlanta, Dallas, Denver, Miami, Orlando, San Diego, Kansas City, St Louis and Salt Lake City – grew at CAGR of 5% between 2015 to 2019, according to a study by Brookings Institute.

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