Keppel REIT

Keppel REIT: UOB Kay Hian maintains Buy with $1.46 TP. House note that valuations of KREIT are more compelling as it offers a 40bp premium to the average 6.2% yield for office REITs. ]Equity overhang from a private placement and Keppel Corp’s distribution in-specie is largely removed. KREIT offers the highest-quality Singapore office portfolio and will benefit from the improving office outlook. Overall, house Upgrade to BUY (from HOLD) with an unchanged target price of $1.46.