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Investing.com - JPMorgan has upgraded Keppel REIT (KASA:SP) (OTC:KREVF) from Neutral to Overweight and raised its price target to SGD1.18 from SGD0.92.
The upgrade is based on JPMorgan’s expectation that Keppel REIT will deliver a 5.0% core three-year DPU (distribution per unit) CAGR, driven by multiple factors including a strategic pivot toward higher-yielding retail assets.
Lower borrowing costs represent another catalyst, with JPMorgan noting that every 10 basis points reduction in interest costs could translate to a 1.4% DPU increase for the Singapore-based real estate investment trust.
Improving dynamics in Singapore’s Grade A office market are also supporting the upgrade, with JPMorgan highlighting mid-single-digit-to-double-digit rent reversions and resilient occupancies across Keppel REIT’s portfolio.
JPMorgan anticipates office REITs will re-rate as the market transitions from a negative carry situation to positive carry, with borrowing costs expected to decline to 3.2% in FY26.
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