Keppel Reit

Keppel Reit: is the best performing Reit today at +3.7% to $1.545 , marking a fresh all time high. This follows the distribution in specie of K-Reit shares to Keppel Corp shareholders. In early May, StanChart upgraded K-Reit to Outperform from Inlline, and lifted TP by 15% to $1.64, noting that K-Reit could potentially be the 5th largest S-Reit by free float mkt cap by end 2013 (making it more investible by funds), and as the largest office landlord with the best assets, K-Reit should outperform its peers when rents rise from 2014. Last wk, Barclays also initiated at Overweight with TP $1.70, sharing similar views.