Keppel REIT - RHB Research 2015-12-02: Aggressively-Leveraged Office REIT
KEPPEL REITK71U.SI Keppel REIT (KREIT SP) - Aggressively-Leveraged Office REIT
- Maintain SELL, with a lower DDM-derived TP of SGD0.83 (11% downside).
- We maintain our pessimistic outlook on the office rental market as we have concerns over the c.4.3m sq ft office supply glut next year.
- As Keppel REIT could have among the biggest number of office leases expiring in 2016, we believe it would most likely be the most impacted compared to its peers.
- In addition, it is the most aggressively-leveraged player within the SREIT space.
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