Singapore Stock Market News

Keppel REIT - Another solid quarter

StockFanatic
Publish date: Tue, 15 Oct 2013, 10:50 AM
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KREIT's 3Q13 DPU was in line, meeting 25% of our FY13 forecast. Key positives include

1) management's proactive refinancing of loans due in 2014 and 2015,

2) completion of the acquisition of 8 Exhibition Street, Melbourne, and

3) achieving Temporary Occupation Permit of OFC Phase 2.

KREIT's 9M13 DPU was in line with consensus and our expectations, forming 76% of our FY13 forecast. In view of a stable outlook, we maintain our Neutral rating on this stock with an unchanged DDM-based target price (discount rate: 8.3%) of S$1.32.
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