Simons Trading Research

Author: simonsg   |   Latest post: Thu, 17 Oct 2019, 10:26 AM


OCBC Bank 3Q19 Results Preview - Moderation in Loan Growth; Uptick in Credit Cost

Author: simonsg   |  Publish date: Thu, 17 Oct 2019, 3:27 PM

  • We expect loan growth to moderate to 3.2% y-o-y and credit cost to rise to 22bp (due to higher general provisions) in 3Q19 in light of the clouded and uncertain outlook for Singapore and regional economies.
  • We forecast OCBC's net profit of S$1,132m for 3Q19, down 9.1% y-o-y and 7.5% q-o-q.
  • Valuation is attractive at 1.0x 2019F P/B and dividend yield at 4.6%.
  • Maintain BUY. Target price: S$14.45.

What’s New

Uncertain macro outlook takes its toll on loan growth.

  • We expect OVERSEA-CHINESE BANKING CORP (OCBC, SGX:O39)’s loan growth to decelerate to low-single-digit for 2019 (management’s previous guidance at mid-single-digit). We estimate loan growth at 0.8% for 3Q19 and 3.6% for the year.
  • OCBC continues to support customers’ expansion overseas to acquire commercial buildings, hospitality properties, student accommodation and data centres. There was also disbursement of residential mortgages approved earlier in 1H19.

Slight NIM compression.

  • We expect NIM to recede marginally by 1bp q-o-q to 1.78%. The 3- month SIBOR and SOR have held up fairly well at 1.88% (3Q19: -12bp) and 1.68% (3Q19: - 15bp) respectively as at end-Sep 19 despite two rate cuts of a total 50bp from the Fed.
  • OCBC has cut interest rates for fixed deposits in Singapore from 1.7% to 1.55%. However, there is pressure on loan yield, especially in regional countries, such as Indonesia, due to lower policy interest rates.

Wealth management stays resilient.

  • We expect wealth management fees to be stable at S$240m with continued growth in AUM offset by poor market sentiment caused by concerns over a global economic slowdown and uncertain outlook in the trade negotiations between the US and China. We expect loan and trade-related fees to be flat y-o-y.
  • Overall, we expect net fees & commission at S$502m, down 3.9% q-o-q.

A normalised quarter for Great Eastern.

  • We expect the insurance business to contribute income of S$205m (life insurance: S$165m, general insurance: S$40m). We do not expect mark-to-market gains or losses to be significant as gains from the bond market are likely to be offset by losses from the equity market.
  • We expect net trading income to normalise to S$120m in 3Q19.

Operating expense remains tightly controlled.

  • We expect operating expense to increase 2.5% y-o-y in 3Q19. We expect cost-to-income ratio to remain healthy at 43.5%, well within management guidance of 40-45%.

Uncertain macro outlook leads to higher general provisions.

  • The government has cut its forecast for 2019 GDP growth from 1.5-2.5% to 0-1.0% due to a decline in manufacturing output. The dismal macro outlook is expected to translate into higher general provision (stage 1 and stage 2 expect credit losses under IFRS9). We expect credit cost at 22bp in 3Q19.
  • We have factored in NPL formation at 53bp (similar to 3Q18’s) and expect NPL ratio to rise marginally by 1bp to 1.48%.

Stock Impact

Moderation in non-interest income.

  • We forecast net profit of S$1,132m for 3Q19, down 9.1% y-o-y and 7.5% q-o-q. The y-o-y drop is due to higher credit cost in 3Q19 (more general provisions). The q-o-q reduction is due to moderation in non-interest income and higher credit cost.

Weathering the slowdown in Hong Kong.

  • Hong Kong dollar loans accounted for S$35.3b or 13.4% of OCBC’s total loans. They are predominantly residential mortgages and loans to real estate developers. Exposure to the troubled retail and hospitality sectors is small. NPL ratio for OCBC Wing Hang is low at 0.3%.

Earnings Revision / Risk

  • We reduce our 2019-20 net profit forecasts by 2.7% and 5.0% respectively due to higher credit coss, which reflects a more subdued and uncertain outlook for Singapore and regional economies.

Valuation / Recommendation

Maintain BUY.

  • Our target price of S$14.45 is based on 1.40x 2019F P/B, derived from the Gordon Growth Model (ROE: 11.0%, COE: 8.00% (Beta: 1.1x) and Growth: 0.5%). See OCBC share price.
  • Valuation is attractive at 1.0x 2019F P/B and dividend yield at 4.6%. See OCBC dividend history.

Share Price Catalyst

  • Expansion in China’s Greater Bay Area.
  • Non-interest income from wealth management, fund management and life insurance will expand in tandem with growing affluence in Asia.

Source: UOB Kay Hian Research - 17 Oct 2019

Labels: OCBC Bank
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Keppel REIT 3Q19 - Strong Positive Rental Reversion

Author: simonsg   |  Publish date: Thu, 17 Oct 2019, 3:26 PM

  • KEPPEL REIT (SGX:K71U) reported good results with maiden full-quarter contribution of s$3.5m from T Tower. Contributions from MBFC and ORQ also increased by 7.5% and 6.2% y-o-y respectively. See Keppel REIT announcements.
  • Keppel REIT achieved signing rents of S$12.35psf pm and retention rate is higher at 78% in 9M19. Management expressed confidence in maintaining positive double-digit rental reversion in 2020. Keppel REIT trades at P/B of 0.92x. See Keppel REIT share price.
  • Maintain HOLD. Target: S$1.21. Entry price: S$1.10.

3q19 Results

  • KEPPEL REIT (SGX:K71U)’s 3Q19 DPU of 1.40 S cents (+2.9% y-o-y) was in line with our expectations. See Keppel REIT dividend history.

Full quarter’s contribution from T Tower.

  • The good results were underpinned by maiden full-quarter contribution of S$3.5m from T Tower in Seoul and higher average portfolio rentals, which more than offset the absence of rental support and sale of 20% stake in OFC.

Growth from Marina Bay Financal Centre (MBFC) and One Raffles Quay (ORQ).

  • Contribution from associates and JVs increased 14.2% y-o-y due to contributions from MBFC (+7.5% y-o-y) and ORQ (+6.2% y-o-y). Contributions from 8 Exhibition Street in Melbourne and David Malcom Justice Centre in Perth declined by 5.6% and 2.3% y-o-y respectively, affected by the 5.9% y-o-y depreciation of the A$ against S$.
  • Distribution income was also bolstered by capital gains distribution of S$2.0m.

Stock Impact

Continued positive rental reversion for SG portfolio.

  • With high SG portfolio occupancies at 98.5% (-0.4ppt q-o-q), management guided that there is still room to push for higher rents. Keppel REIT achieved positive rental reversion of 14% in 3Q19. Average signing rents was committed at S$12.35psf pm in 9M19 (vs Grade-A core CBD average of S$11.45psf pm in 3Q19), higher than S$11.93psf pm for 1H19.
  • Current signing rents are comfortably above average expiring rents in 2020 (S$9.59psf pm), 2021 (S$9.53psf pm), and 2022 (S$10.00psf pm). Thus, management expressed confidence in maintaining positive double-digit rental reversion in 2020.
  • New leasing demand was led by Technology, media and telecommunications, real estate and property services, and banking, insurance and financial services, which represented 31.0%, 19.4%, and 18.9% of new leases committed respectively.
  • New, renewal, and review leases made up 32%, 62%, and 6% of leases committed this quarter. Retention o higher at 78% in 9M19 (vs 64% in 1H19), as a number of corporates have decided to stay put.

Pockets of potential weakness at ORQ.

  • UBS is expected to vacate ORQ (17% of total NLA) in Dec 20, and they are expected to consolidate from ORQ (NLA: 230,000sf) and Suntec City (NLA: 90,000sf) to 9 Penang Road (NLA: 381,000sf). Management noted only a small portion of UBS’ space has been signed, given that they are still 15 months away from UBS actually vacating the space.
  • Deutsche Bank is in the midst of restructuring but the tenant has not indicated any intention to return office space. Deutsche Bank’s lease expires in 2025 but there is a rent review next year in 2020.

Exposure to co-working not significant.

  • Co-working operators, such as WeWork, accounted for only 0.8% of attributable NLA and 0.7% of gross rent (0.2% post-divestment of Bugis Junction Tower).

Milestone achieved for development of 311 Spencer.

  • The 40-storey freehold Grade-A office building has achieved milestone of topping out and completion of the building structure. It will be internally fitted out in the coming months. The buildings will be leased to Victoria Police for 30 years, commencing in 2Q20 and providing Keppel REIT with a steady income stream.

Australia nation-wide CBD office occupancy remains stable.

  • According to JLL, national CBD office occupancy remained stable, with market occupancy of 91.7% in Jun 19 (vs 91.4% at Dec 18). Office CBDs across Sydney and Melbourne also saw occupancies stabilising at 95.9% (-0.5ppt q-o-q) and 97.5% (-0.1ppt q-o-q) respectively.
  • Sydney CBD is seeing steady leasing demand and limited supply. For Melbourne CBD, vacancy is expected to remain tight as majority of projects are pre-committed.

Proactive capital management.

  • Management has continued with its DPU-accretive unit buyback programme, which is part of its proactive capital management strategy. 13.6m units were purchased and cancelled in 3Q19.

Gearing stable at 38.9% (-0.2ppt yoy).

  • We estimate that Keppel REIT’s gearing would reduce by 4.2ppt to 34.7% post-divestment of Bugis Junction Tower for S$547.5m or S$2,200psf in 4Q19. The weighted average term to maturity of its debt has decreased slightly from 3.7 to 3.4 years.
  • Its all-in interest rate has improved by 4bp q-o-q to 2.82%. 91% of its debt is fixed-rate borrowings.

Earnings Revision

  • We have fine-tuned our 2020-21 DPU forecasts marginally by 1%, factoring in absence of contributions post-divestment of Bugis Junction towers (and redeployment of sale proceeds to pay down debt).

Valuation / Recommendation

  • Maintain HOLD with lower target price of S$1.20, based on DDM (required rate of return: 6.0%, terminal growth: 1.5%).

Share Price Catalyst

  • Higher office rentals in Singapore and Australia.
  • Positive newsflow on leasing activity, employment and economic growth.

Source: UOB Kay Hian Research - 17 Oct 2019

Labels: Keppel Reit
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Keppel Corporation - Weak 3Q Earnings, O&M Outlook Positive; BUY

Author: simonsg   |  Publish date: Thu, 17 Oct 2019, 10:26 AM

  • Maintain BUY with new SGD7.18 Target Price from SGD7.30, 20% upside plus 4% yield.
  • Keppel Corporation (SGX:BN4)'s 3Q19 results were below expectations, with 9M19 net profit of SGD515m representing 58% of our pre-results 2019 forecast. However, we are bullish on Keppel Corporation, with expectations of improving O&M earnings from a stronger net orderbook – SGD5.1bn from FY18’s SGD4.3bn.
  • In the meantime, the property division earnings should support dividend payment. See Keppel Corporation's dividend history.

Property Division 3Q19 PBT Halved Y-o-y

  • Property division 3Q19 PBT halved y-o-y (to SGD123m) due to absence of divestment gain of Beijing Aether and higher net interest expense. However, there was some offsetting effect by higher property trading profits in China and Singapore.
  • The property division remains the largest contributor to 9M19 net profit – at 66% share.

Offshore & Marine (O&M) Division’s 3Q19 Revenue Surged 52% Y-o-y

  • Offshore & Marine (O&M) division’s 3Q19 revenue surged 52% y-o-y to SGD632m, due to higher revenue recognition from ongoing projects. However, O&M PBT was down 20% y-o-y to SGD8m mainly due to net interest expense (vs 3Q18 net interest income).
  • On a positive note, new contracts secured by Keppel O&M (KOM) YTD amounted to SGD1.9bn, with close to 60% for LNG and renewables-related projects. KOM’s settlement agreement with Sete Brasil paves the path for completion of construction of some (or all) of the rigs, which should help drive revenue going forward.

Infrastructure Division Saw 3Q19 Datacentre Fair Value Gains

  • Infrastructure division saw 3Q19 datacentre fair value gains, helping PBT expand 53% to SGD92m. This datacentre investment property – the Keppel DC Singapore 4 – will be divested to Keppel DC REIT (SGX:AJBU).

We Cut FY19F Net Profit by 14%

  • Given the weak 3Q19 earnings, we cut FY19F net profit by 14% to SGD769m. However, we believe FY20F earnings will recover from improvement in the property and O&M businesses.

Valuation – Diversified Asset Structure With Huge Value Unlocking Potential

  • Keppel Corporation has multiple businesses in different industries, and we used SOP methodology for valuation, before arriving at a Target Price of SGD7.18, based on
    • O&M division valued at 1.4x FY20F P/BV, a premium over the 4- year average 1x P/BV of Sembcorp Marine (SGX:S51) (BUY, Target Price: SGD1.63, see report: Sembcorp Marine - Early Signs Of Order Win Recovery);
    • its infrastructure division valued conservatively at 10x FY20F P/E; and
    • property division valued at 40% discount to RNAV – close to the average discount to RNAV applied for China listed property developers.

Source: RHB Invest Research - 17 Oct 2019

Labels: Keppel Corp
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Keppel REIT - Trading Up the Quality

Author: simonsg   |  Publish date: Thu, 17 Oct 2019, 9:03 AM

  • Keppel REIT's 3Q19 DPU of 1.4 Scts (+2.9% y-o-y) in line, aided by contributions from T Tower and higher rentals.
  • 9M19 rental reversion of +14.8% points to stronger earnings and DPU ahead.
  • Minimal exposure to co-working operators.
  • Maintain BUY; Target Price of S$1.45.

3Q19 DPU of 1.4 Scts (+2.9% Y-o-y) Supported by Maiden Full Quarter Contributions From T Tower, and Higher Rentals

  • KEPPEL REIT (SGX:K71U) reported 3Q19 DPU of 1.40 Scts which was up 2.9% y-o-y and 2.8% q-o-q, aided by maiden full quarter contributions from T Tower, higher rentals and one-off income. See Keppel REIT's announcements.
  • Stripping out S$8m worth of capital distributions made in 9M19, core 3Q19 DPU would have come in at 1.34 Scts, down 1.5% y-o-y and up 2.64% q-o-q. With core 9M19 DPU of 3.94 Scts (-6.2% y-o-y) representing 74% of our core FY19 DPU forecast, this was largely in-line with our expectations.
  • The y-o-y decline in core 3Q19 DPU was largely on the back of:
    1. loss of income from sale of a 20% stake in Ocean Financial Centre (OFC) in late 2018,
    2. lower contributions from Bugis Junction Tower (-10% y-o-y), and
    3. the impact of a weaker AUD.
  • Partially offsetting these headwinds was stronger underlying income from MBFC due to positive rental reversions achieved over the past few quarters, maiden full quarter contribution from the recently acquired T Tower in Seoul, and higher one-off income.
  • Overall portfolio occupancy remains healthy but fell marginally q-o-q to 98.9% from 99.1% in 2Q19, mainly from MBFC where 2 tenants terminated their leases early and committed occupancy at Bugis Junction Tower fell to 99% from 100% in 2Q19. This was offset by 275 George Street’s occupancy inching up to 99.6% from 98.5% in 2Q19.

Rental Reversions to Remain Healthy; Spot Rents Could Plateau

  • Keppel REIT disclosed that average signing rents for 9M19 stood at S$12.35 psf/mth, an increase from S$11.93 psf/mth reported for 1H19. Management attributed the high signing rents from renewals of larger corporates spread across the portfolio. Hence, Keppel REIT reported strong positive rental reversions of 14% in 3Q19, taking 9M19 rental reversions to 14.8%.
  • With average expiring rents for FY20, FY21 and FY22 at S$9.59 psf/mth, S$9.53 psf/mth and S$10.00 psf/mth respectively compared to current Grade A core CBD rents of S$11.45 psf/mth, we believe Keppel REIT should continue to report healthy rental reversions going forward in spite of spot rents potentially remaining flattish.
  • After taking into account leases signed in 9M19, there are minimal (0.8%) leases expiring for the remainder of FY19. There is another 11.9% of leases due to expire in FY20, of which 3.6% are rent review leases. Heading into peak supply in FY22, Keppel REIT has 23.2% and 22.0% of leases up for renewal in FY21 and FY22 respectively, of which 7% are rent review leases in FY21.
  • Over the quarter, we understand new leasing demand and expansion came mainly from the technology, media and telecommunications segment, real estate and property services, and banking and financial sectors. Keppel REIT also notes that the co-working sector continues to be active but corporates are generally turning cautious on expansion plans given the slower GDP growth outlook. However, management remains confident that new signing rents should remain relatively stable at current levels despite the expectation that spot rents growth may plateau.
  • Despite vacancies expected in both its Singapore and Australia properties, management expects valuations to hold up.

Minimal Exposure to Co-working Sector

  • Given the recent concerns on co-working operators, management mentioned that while there are benefits of having some flexible space in a commercial building, Keppel REIT’s exposure is largely service office. Its exposure to co-working operators is only 0.8% of NLA and 0.7% of GRI.
  • With the divestment of Bugis Junction Tower, its exposure will be further reduced to 0.2%.

Borrowing Costs Trending Down Following Divestment of Bugis Junction Tower

  • Gearing level remained relatively stable q-o-q at 38.9%.
  • Average borrowing costs fell marginally to 2.82% from 2.89% in 2Q19, and borrowing cost expected to continue to trend down following the divestment of Bugis Junction Tower.
  • NAV per unit (excluding distribution) was relatively stable at S$1.35, aided by the buyback of 32m units in 2Q19.

Maintain BUY; Target Price of S$1.45

  • We maintain our BUY rating and Target Price of S$1.45.
  • We lowered our FY20F-FY21F DPU estimates marginally by 1% to 3% to factor in the divestment of Bugis Junction Tower, and frictional occupancy when UBS vacates One Raffles Quay (ORQ). See Keppel REIT's dividend history.
  • We have assumed that the proceeds from the divestment of Bugis Junction Tower will be used to pare down its debt, thus lowering the gearing level to 34%.

Where We Differ – Trading Up Portfolio Quality

  • While concerns of an economic slowdown might slow the upward trajectory in market rents, we believe the divestment of Bugis Junction Tower has improved its commercial assets portfolio anchored by Singapore Grade A offices in prime CBD locations.
  • The long WALE of 5.1 years (Singapore 4.2 years), strong committed occupancy and the ability to sign higher than market rents are strong attributes of its portfolio, contrary to consensus’ hold rating, in our view.

Source: DBS Research - 17 Oct 2019

Labels: Keppel Reit
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Keppel REIT - Benefiting From Acquisitions & Positive Reversions

Author: simonsg   |  Publish date: Wed, 16 Oct 2019, 3:28 PM

  • Keppel REIT's 3Q/9M19 DPU of 1.40/4.18 Scts was within market expectations but slightly below our projections.
  • Keppel REIT has and expects to continue to benefit from positive rental reversion.
  • Maintain ADD with a lower DDM-based Target Price of S$1.35.

Keppel REIT's 3Q19 DPU Slightly Below Our Forecast But in Line With Market

  • KEPPEL REIT (SGX:K71U) reported a 15.6%/2.5% y-o-y increase in gross revenue and distribution income in 3Q19, thanks to a full quarter’s contribution from T Tower, higher average portfolio rents and capital gains distribution of S$2m, partly offset by absence of rental support and divestment of 20% stake in OFC.
  • Keppel REIT's 3Q/9M19 DPU of 1.40/4.18 Scts was slightly below our projections at 24%/71% of our FY19 forecast, but in line with consensus. See Keppel REIT's dividend history.

Achieving Positive Rental Reversion

  • Keppel REIT renewed/leased 516.4k sqft of space in 9M19 at an average 14.8% positive rental reversion and average Singapore signing rents of S$12.35psf. 31% of new demand was from the technology, media and telco sectors and 19.4% from real estate and property services.
  • Upward office rental momentum has slowed in tandem with the slower economic outlook but positive reversions are still expected as 2020-2022 expiring rents are in the range of S$9.59-10.00psf, below current signing rents. Keppel REIT has another 1% and 12.1% of gross rental income to be renewed/reviewed in 4Q19 and 2020.
  • That said, the relocation of HSBC to MBFC2 and UBS’s move from ORQ may have a little near-term dampening effect on property occupancy and performance.

Portfolio Optimisation Strategy

  • Keppel REIT announced the divestment of Bugis Junction Towers for S$547.5m, or at NPI yield of 3%. The rationale was to unlock value of capital appreciation to optimise portfolio while maintaining its exposure to Singapore’s CBD. It is expected to achieve an asset-level return of 19.4%, driven by S$378.1m of capital gains. Keppel REIT plans to redeploy the funds into higher yielding assets, continue its DPU-accretive unit buyback programme or pare down debt. See Keppel REIT's announcements.
  • We have currently assumed the proceeds are utilised to reduce borrowings as the trust continues to scout for new acquisitions. 3Q19 gearing stands at 38.9% while funding costs ticked down to 2.82%.

Maintain ADD Rating

  • We tweak down our FY19-21F DPU by 1.8-3.1% to factor in the net income vacuum from the divestment of Bugis Junction Tower, expected to be completed in 4Q19, as well as tone down our forward spot rental growth expectation of 5% to 3% annually for FY20-21F due to the softer macroeconomic outlook. Accordingly, our DDM-based Target Price is reduced to S$1.35.
  • Catalysts would be a better-than-projected office rental market and redeployment of divestment proceeds into new accretive acquisitions while downside risk would be longer-than-expected frictional vacancy from tenant movements such as HSBC and UBS due to a slowdown in demand for office space on the back of a protracted slow economic outlook.

Source: CGS-CIMB Research - 16 Oct 2019

Labels: Keppel Reit
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Keppel Pacific Oak US REIT - Strong Rental Growth; Maintain BUY

Author: simonsg   |  Publish date: Wed, 16 Oct 2019, 11:07 AM

  • Maintain BUY with USD0.88 Target Price, 17% upside plus 8% yield.
  • KEPPEL PACIFIC OAK US REIT (SGX:CMOU)'s 3Q/9M19 results came in line accounting for 25%/74% of our full-year FY19F DPU. Key positive takeaways (3Q19) were strong positive double digit rent reversions, and continued office leasing momentum. See Keppel Pacific Oak US REIT Announcements.
  • We maintain our view that the stock remains undervalued at 0.9x P/BV with FY19F yields of 8.1%, > 250bps spread over office S-REITs.

Strong Double-digit Rent Reversions in 3Q

  • Leasing momentum continued in 3Q19 with Keppel Pacific Oak US REIT signing ~232,000 sqf of office space (+34% q-o-q, ~5% of portfolio). Rental reversion for the quarter surged to 21% based on our calculations – the bulk of which mainly came from its core tech markets of Seattle and Austin.
  • For 9M19, Keppel Pacific Oak US REIT signed ~608,000 sqf (14% of portfolio) with rent reversions at +13.4%. About 14% of leases (by NLA) are due for renewal by end-2020, for which we expect high single-digit rental growth. New leases (35.4%) and expansions (3.1%) accounted for nearly 40% of the leases, indicating healthy market dynamics.
  • The strong positive rent growth reiterates our investment thesis of Keppel Pacific Oak US REIT’s under-rented portfolio (c.15% below the weighted average asking rents), and favourable demand-supply dynamics in its key tech markets (Seattle, Austin and Denver), which account for ~75% of total portfolio.

Slight Dip in Portfolio Occupancy Due to Planned Vacancies

  • Portfolio committed occupancy dipped slightly to 93.8% (-0.2ppt q-o-q), mainly due to the planned departure of a short-term lease tenant on 1800 Wes Loop South, Texas where occupancy fell 4.8ppts to 77.1%.
  • On the positive side its key assets in Seattle, Austin and Denver saw healthy improvement in occupancies underscoring positive market conditions. Portfolio WALE also rose to 4.1 years from 3.8 years as at 2Q19 on new leases signed.

Acquisition of OTF and Placement to be Completed in 4Q

  • Keppel Pacific Oak US REIT’s proposed acquisition of One Twenty Five (OTF), Dallas and its associated placement exercise were approved by unitholders at yesterday’s EGM. The deal, along with the placement, should be completed by end-4Q19. The acquisition is accretive to pro-forma FY18 DPU (~1%), and the fund raising should also help in lower its gearing to 37.7% from 38.5% currently.
  • See Keppel Pacific Oak US REIT Share Price; Keppel Pacific Oak US REIT Target Price; Keppel Pacific Oak US REIT Analyst Reports; Keppel Pacific Oak US REIT Dividends ; Keppel Pacific Oak US REIT Latest News.

Adjusted 3Q DPU Beats Forecast by 2%

  • Revenue and NPI were higher 26%/32% y-o-y driven by contributions from recently acquired The Westpark Portfolio, Maitland Promenade I, and the higher occupancy for its existing portfolio. Finance costs also rose 59% y-o-y on higher borrowings to fund the acquisitions.
  • Overall adjusted DPU (restated for the rights issue) for the quarter was higher 7.1% y-o-y – 2% more than its IPO forecast.

Source: RHB Invest Research - 16 Oct 2019

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