"This, coupled with the lack of a clear visibility on dividend payout ratio and higher capex demand have dimmed the near-term catalysts for KORE despite trading at a huge discount of more than 70% to book value," states Natarajan in his April 21 note.
Vijay Natarajan of RHB Bank Singapore has downgraded his call for Keppel Pacific Oak US REIT (KORE) from "buy" to "neutral", along with a lower target price of 19 US cents, from 29 US cents previously.
"We believe the increased uncertainties from US President Donald Trump's tariffs policies and higher US recession odds have diminished the near-term US office demand recovery prospects.
