Keppel REIT's Additional Interest in Singapore Office Tower Looks Negative -- Market Talk

Dow Jones

01/02

0555 GMT - Keppel REIT's acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3 in Singapore looks negative, RHB Research's Vijay Natarajan says in a research report. The analyst cites significant dilutive equity fund-raising and tight pricing. The acquisition will be partly funded by issuance of preferential offering of 23 new units for every 100 existing units at S$0.96 per new unit, the analyst notes. As the new units are issued at roughly 23% below book value, the transaction will dilute net asset value by estimated 5%. RHB cuts its 2026 and 2027 distribution-per-unit forecasts for the REIT by 8% and 9%, respectively. It lowers the unit's target price to S$0.98 from S$1.05 with an unchanged neutral rating. Units were recently at S$0.97. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

January 02, 2026 00:55 ET (05:55 GMT)

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The analyst cites significant dilutive equity fund-raising and tight pricing. The acquisition will be partly funded by issuance of preferential offering of 23 new units for every 100 existing units at S$0.96 per new unit, the analyst notes. As the new units are issued at roughly 23% below book value, the transaction will dilute net asset value by estimated 5%. RHB cuts its 2026 and 2027 distribution-per-unit forecasts for the REIT by 8% and 9%, respectively. It lowers the unit's target price to S$0.98 from S$1.05 with an unchanged neutral rating. Units were recently at S$0.97. (ronnie.harui@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 02, 2026 00:55 ET (05:55 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CFA.SI","symbol_name":"NikkoAM-STC Asia REIT","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2600805659","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2600805659","pubTimestamp":1767333300,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0555 GMT - Keppel REIT's acquisition of an additional one-third interest in Marina Bay Financial Centre Tower 3 in Singapore looks negative, RHB Research's Vijay Natarajan says in a research report. 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The acquisition will be partly funded by issuance of preferential offering of 23 new units for every 100 existing units at S$0.96 per new unit, the analyst notes. As the new units are issued at roughly 23% below book value, the transaction will dilute net asset value by estimated 5%. RHB cuts its 2026 and 2027 distribution-per-unit forecasts for the REIT by 8% and 9%, respectively. It lowers the unit's target price to S$0.98 from S$1.05 with an unchanged neutral rating. Units were recently at S$0.97. (ronnie.harui@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  January 02, 2026 00:55 ET (05:55 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}