Off the Call: 1H26 Results: Keppel REIT | Asia Pacific

研报英文原文证据摘录

Off the Call: 1H26 Results: Keppel REIT | Asia Pacific

Update

July 29, 2026 04:49 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MKeppel REIT | Asia Pacific Derek Chang

Equity Analyst

Off the Call: 1H26 Results Derek.Chang@morganstanley.com +65 6834-6512

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Keppel REIT (KASA.SI, KREIT SP)

Source: Company data, Morgan Stanley Research ASEAN Property | Singapore

Stock Rating Overweight

Industry View In-Line

Key Takeaways Price target S$0.95

Up/downside to price target (%) 7

Divestment remains the focus for this year. Having sold its Ginza office asset, T Shr price, close (Jul 28, 2026) S$0.89

Tower (S.Korea) is the natural next focus point. 52-Week Range S$1.08-0.83

Sh out, dil, curr (mn) 3,783

Divestment proceeds will likely be earmarked for debt pare down as well as Mkt cap, curr (mn) S$3,366

EV, curr (mn) S$3,728

potential share buybacks, as acquisitions will likely take a backseat this year. Avg daily trading value (mn) S$14

On Suntec REIT’s stake in ORQ, KREIT also shared that it did not see the asset's Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

current valuations as attractive enough to be an acquisition target. DPS (S$) 0.052 0.051 0.052 0.050

EPS (S$)** 0.04 0.04 0.04 0.04

While no plans are imminent, KREIT signaled a preference for acquiring stable EPS (S$)§ 0.04 0.04 0.04 0.05

Gross rents (S$ mn) 274 309 313 316

income-producing assets over pursuing greenfield developments. EBITDA (S$ mn) 152 163 165 167

ModelWare net inc (S$ 212 253 260 255

CoD outlook: around 3.3% (1H6: 3.27%). SG rental reversions: +10% for 2Q (no mn)

outlook). KREIT is also about to backfill 1 of 2 floors for ANZ's lease at OFC.