He writes in his Feb 4 note: “Refinancing concerns have been addressed with successful roll-over of FY2026 loans. The US office outlook, especially for high-quality assets, has firmly turned positive with strong demand growth and limited new supply. With uncertainties slowly being lifted, we see value, with KORE trading at a distressed about 65% discount to book.”
Analyst Vijay Natarajan of RHB Singapore has upgraded his call on Keppel Pacific Oak REIT (KORE) to “buy” from “neutral” at a raised target price of 30 US cents (38 cents) from 23 US cents following the REIT’s 2HFY2025 results.
Natarajan notes that the REIT’s results in the second half provided a “slight positive surprise” with the resumption of a token dividend.
