SINGAPORE (June 8): Despite the recent shift towards working from home, DBS Group Research is maintaining its “buy” call on Keppel REIT (KREIT), but at a lower target price of $1.35. 

This is down 10 cents from its previous $1.45 call, in view of the downside risks from the weaker economic outlook, analysts Rachel and Derek Tan say in an 8 June note.

They believe the new target price will give the counter a 16% upside from its $1.16 closing on Friday.

“We believe KREIT’s best-in-class office portfolio anchored by Singapore Grade A offices in prime Central Business District locations is well-positioned to benefit from a potential recovery in a very tight net supply market,” the duo state.

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