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Keppel REIT New acquisitions boost earnings
■ 1Q21 saw higher revenue and distributable income from operations yoy due to new acquisitions and interest cost savings. ■ We expect positive reversion to continue, but possible drag from potential frictional vacancy. ■ Reiterate Add rating with an unchanged DDM-based TP of S$1.29.
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Mapletree Logistics Trust Sound operations
■ 4Q and FY3/21 DPU of 2.161/8.326 Scts were in line with our projections. ■ Accretive acquisitions and stable operations underpinned DPU growth. ■ Reiterate Hold rating with an unchanged DDM-based TP of S$2.10.
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PHILLIP SECURITIES |
UOB KAYHIAN |
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Keppel DC REIT Harvest time SINGAPORE|REAL ESTATE(REIT)|1Q21 UPDATE
1Q21 DPU of 2.46 Scts, up 18.1% YoY, was in line, at 25.0% of our estimate. Earnings improved following acquisition of Amsterdam DC and completed AEIs at DC1 and KDC Dub 2. Maintain ACCUMULATE and DDM-based TP of S$3.20 (COE 5.75%). TP includes S$500mn of acquisition assumptions for FY21.
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Keppel REIT (KREIT SP) 1Q21: Resurgence Of Growth
We see resurgence of growth with KREIT’s distributable income expanding 22% yoy in 1Q21. KREIT benefitted from contributions from Victoria Police Centre in Melbourne and Pinnacle Office Park in Sydney. It achieved a positive rental reversion of 10.7% in 1Q21. Management targets positive single-digit rental reversions in 2021. KREIT provides 2021 distribution yield of 5%, which is attractive for a pure play office REIT. Maintain BUY. Target price: S$1.49.
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