UOB Kay Hian analyst Jonathan Koh has kept “buy” on Keppel REIT with a higher target price of $1.49 from $1.45 previously.

As the only pure-play office SGX-listed REIT, Koh notes that Keppel REIT is the key beneficiary of the office market recovery.

“Leasing activities have started to pick up since end-2020. Demand remains subdued in 1HFY2021 but should start to recover in 2HFY2021, driven by non-bank financial services companies and Chinese technology companies,” he writes in a March 25 report.

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