The y-o-y increases for the REIT’s nine-month results stemmed from higher rental income and contributions from KREIT’s new assets, 2 Blue Street and 255 George Street.
Analysts are generally optimistic about Keppel REIT’s (KREIT) prospects after the REIT reported a “strong set” of operating metrics for the 3QFY2024 ended Sept 30 on Oct 22. CGS International (CGSI), Maybank Securities and RHB Bank Singapore have kept their “buy” calls while Citi Research remained “neutral”. All the analysts have also kept their target prices unchanged. CGSI has a target price of $1.15; Maybank’s target price remained at $1.05 while RHB kept its target price at $1.05. At the same time, Citi’s target price also stood at an unchanged 90 cents.
In its update, KREIT reported 3QFY2024 revenue of $68.6 million, 18.9% higher y-o-y while its quarterly net property income (NPI) rose by 17.2% y-o-y to $51.7 million. For the 9MFY2024, KREIT’s revenue rose by 12.3% y-o-y to $193.7 million while NPI grew by 10.8% y-o-y to $148.5 million.
