UOB Kay Hian analyst Jonathan Koh is positive on Keppel Pacific Oak US REIT (KORE) as he sees the REIT being a beneficiary of the in-migration and growth at the magnet cities of Texas and Washington.

KORE owns 13 freehold office buildings and business campuses in eight markets in the US, namely Seattle – Bellevue/Redmond, Austin, Denver, Houston, Dallas, Orlando, Sacramento and Atlanta.

In his unrated report on July 8, Koh notes that the in-migration from high-tax to low-tax states have increased due to the Trump-inspired tax cut and jobs act in 2017.

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