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CGS CIMB |
CGS CIMB |
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Keppel REIT 3Q25: A relatively stable quarter
■ KREIT’s distribution income of S$159.6m in 9M25 is in line at 75.8% of our FY25F forecast. ■ KREIT achieved higher qoq portfolio occupancy of 96.3% at end-3Q25 and positive rental reversion of 12% for 9M25. ■ We maintain our Add rating with an unchanged DDM-based TP of S$1.20.
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Mapletree Logistics Trust Improved operations, exploring divestment options
■ 2QFY26 DPU of 1.815 Scts was in line, at 24.3% of our FY3/26F forecast. ■ MLT continues to deliver positive rental reversions while evaluating various divestment options to rejuvenate its portfolio. ■ Reiterate Add rating, with an unchanged DDM-based TP of S$1.68.
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UOB KAYHIAN |
CGS CIMB |
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CapitaLand Ascott Trust (CLAS SP) 3Q25 Same-store Growth At 3% yoy, Excluding One-Offs
Highlights • RevPAU expanded 3% yoy to S$163 in 3Q25, supported by a 4ppt yoy improvement in average occupancy to 83%. • CLAS incurred a one-off land tax adjustment of A$4.1m related to Pullman and Mercure Brisbane King George Square in Australia. • Maintain BUY. Target price: S$1.56.
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ESR-REIT Unchanged outlook
■ 9MFY25 distributable income of S$134.6m was in line at 73.9% of our FY25F forecast. ■ Rental reversion slowed marginally to +8.4% in 9M25, with a slight dip in portfolio occupancy from expiry of its hotel master lease and a Japan tenant. ■ Reiterate Add with an unchanged DDM-based TP of S$3.64 (COE: 7.698%).
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| MAYBANK KIM ENG | LIM & TAN |
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CapitaLand Ascott Trust (CLAS SP) Healthy performance
Support from higher occupancy, reconstitution, AEIs CLAS reported 3Q/9M gross profit growth of 1%/4% YoY. Growth was led by acquisitions, asset enhancement efforts (AEIs) and occupancy-led RevPAU growth, partly offset by higher operating costs for student accommodation, one-off taxes in Australia and adverse FX. Portfolio RevPAU grew 3%YoY with weaker Singapore offset by overseas gains. Debt metrics are stable. Mgmt. reiterated stable distribution. Maintain BUY and SGD1.05 TP.
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Keppel Ltd ($9.89, up 5 cents) reported strong 9M 2025 results, with net profit up over 25% year-on-year (yoy) across all three business segments – Infrastructure, Real Estate, and Connectivity. Recurring income rose nearly 15% yoy, driven by higher contributions from both asset management and operating income. Including discontinued operations (mainly M1’s telco business), overall net profit still grew over 5% yoy, underscoring the resilience of the group’s diversified earnings base. Keppel’s market cap stands at S$17.8bln and currently trades at 21.4x forward PE and 1.8x PB, with a dividend yield of 3.4%. Consensus target price stands at S$10.14, representing 2.5% upside from current share price. Despite the price increase, we like the strong fundamentals and continued monetization plans. In view of lower upside potential and the recent ramp up in share price, we recommend an Accumulate on weakness rating on Keppel. |
