Keppel REIT (K71U.SI) (K71U) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Keppel REIT (K71U.SI) S$0.36, price S$0.85, upside -57.4%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Keppel REIT is one of Asia's leading real estate investment trusts with a portfolio of prime commercial assets in Asia Pacific's key business districts.
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Keppel REIT is one of Asia's leading real estate investment trusts with a portfolio of prime commercial assets in Asia Pacific's key business districts. Keppel REIT's objective is to generate stable income and sustainable long-term total return for its Unitholders by owning and investing in a portfolio of quality income-producing commercial real estate and real estate-related assets in Asia Pacific. Keppel REIT has a portfolio value of over 11 billion dollars, comprising properties in Singapore; the key Australian cities of Sydney, Melbourne and Perth; Seoul, South Korea; as well as Tokyo, Japan. Keppel REIT is managed by Keppel REIT Management Limited and sponsored by Keppel, a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Keppel REIT was established on November 28, 2005 and incorporated in Singapore.
Stock analysis
Keppel REIT (K71U.SI) (K71U) currently trades at 0.8450 SGD, while our model-based Fair Value estimate is 0.3600 SGD, 57.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of 0.9800 SGD per share, and 2 of the 12 models we run sit above the 0.8450 SGD price.
Bear case: the DCF Models group reads lowest at 0.1900 SGD, and 10 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.2700 SGD (bear) to 0.4500 SGD (bull), the price of 0.8450 SGD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 58/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Keppel REIT (K71U.SI) reported revenue of 274M SGD in FY2025 versus 217M SGD in FY2021, a compound +6.1%/yr. Reported net income was 454M SGD in FY2025, compounding +17.2%/yr from FY2021.
Key figures
Market cap 4.2B SGD (≈ $3.3B) · P/E ratio 7.7 · P/S ratio 12.7 · EPS (TTM) 0.1100 SGD · Dividend yield 8.4% · Net margin 108% · Return on equity 8.4% · Return on assets (EBIT) 1.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at −57%, K71U screens richer than that median.
Fair Value models
Bear 0.2700 SGDFair Value 0.3600 SGDBull 0.4500 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0292 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.0%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
≈ +13.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
Dividend (yield on the price)8.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.17.0% vs 4.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 55%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 142% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +11.5% a year for the price and +2.9% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Office · 69 stocks
Beats the industry median on 10/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−57.4% · Bottom 25%
Profitability
Return on equity (TTM)8.4% · Top 25%
Return on assets2.1% · Below median
Net margin (TTM)107.6% · Top 25%
Operating margin (TTM)68.7% · Top 25%
Growth and dividend
Revenue growth23.0% · Top 25%
Dividend yield (TTM)8.4% · Above median
Balance sheet
Debt / equity0.44× · Below median
Valuation Multiplesvs REIT - Office median · lower = cheaper
P/E (TTM)7.7× · Cheapest 25%
P/B0.60× · Cheaper than median
P/S (TTM)7.40× · Priciest 25%
P/FCF14.7× · Pricier than median
EV/EBITDA18.3× · Pricier than median
PEG1.87× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 35
FUTURE (revenue growth)100· sector 0
PAST (return on equity)34· sector 8
HEALTH (low debt)78· sector 66
DIVIDEND (yield)100· sector 100
VALUE 0: the price sits above our fair-value range.
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Is Keppel REIT (K71U.SI) (K71U) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of 0.3600 SGD versus a price of 0.8450 SGD, about −57% upside (overvalued).
What is the fair value of K71U?
Our model-based fair value for Keppel REIT (K71U.SI) is 0.3600 SGD (as of Sep 29, 2026), built from audited fundamentals. The current price: 0.8450 SGD.
What is the quality score of K71U?
Keppel REIT (K71U.SI) has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Keppel REIT (K71U.SI) (K71U)?
Our model-based price target is the fair value of 0.3600 SGD (as of Sep 29, 2026) from 13 valuation models. Cautious scenario 0.2700 SGD, optimistic scenario 0.4500 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Keppel REIT (K71U.SI) stock forecast for 2026?
Our models put fair value at 0.3600 SGD, about −57% upside versus a price of 0.8450 SGD (overvalued). Cautious scenario 0.2700 SGD, optimistic scenario 0.4500 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Keppel REIT (K71U.SI) (K71U)?
Keppel REIT (K71U.SI) reported trailing-twelve-month revenue of about 445M SGD (latest available figure, as of Sep 29, 2026).
Does Keppel REIT (K71U.SI) pay a dividend?
Keppel REIT (K71U.SI) currently shows a dividend yield of about 8.45% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Keppel REIT (K71U.SI) (K71U)?
For today's price to be fair in a discounted-cash-flow model, Keppel REIT (K71U.SI) would have to grow free cash flow by +13.8 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of K71U use?
Our models discount Keppel REIT (K71U.SI) at 8.3 %: a base by market capitalisation (mid), damped by beta 0.39, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Keppel REIT (K71U.SI) that is +13.8 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Keppel REIT (K71U.SI) (K71U) delivered so far?
Over the past 5 years revenue at Keppel REIT (K71U.SI) grew +10.0 % a year. The price currently implies +13.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Keppel REIT (K71U.SI) (K71U) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Keppel REIT (K71U.SI) (+13.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Keppel REIT (K71U.SI) (K71U)?
The free-cash-flow yield on the price is 6.58 %: that much free cash flow Keppel REIT (K71U.SI) produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Keppel REIT (K71U.SI) (K71U)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Keppel REIT (K71U.SI) it is 0.3600 SGD per share (as of Sep 29, 2026), against a price of 0.8450 SGD. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Keppel REIT (K71U.SI) stock overvalued or undervalued in 2026?
As of Sep 29, 2026, K71U trades above its calculated fair value: price 0.8450 SGD, fair value 0.3600 SGD, a gap of about −57% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of K71U?
No. The price is what the market pays today (0.8450 SGD); the fair value is what the company's own numbers justify (0.3600 SGD). For Keppel REIT (K71U.SI) the two are 0.4850 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Keppel REIT (K71U.SI) worth?
The market values Keppel REIT (K71U.SI) at about 4.2B SGD (market capitalisation, as of Sep 29, 2026). Per share that is 0.8450 SGD; our models calculate a fair value of 0.3600 SGD per share.
What do the bullish and bearish scenarios say about K71U?
Our models span a range for Keppel REIT (K71U.SI): cautious scenario 0.2700 SGD, base 0.3600 SGD, optimistic 0.4500 SGD per share (as of Sep 29, 2026, price 0.8450 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of K71U?
Keppel REIT (K71U.SI) trades at a price-to-earnings ratio of 7.7 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.3600 SGD is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 23.4 (reported for FY2025: 7.5). Other multiples: PEG 1.9, P/B 0.6, P/S 7.4, EV/EBITDA 18.3.
What is the PEG ratio of K71U?
The PEG ratio of Keppel REIT (K71U.SI) is 1.87 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Keppel REIT (K71U.SI) (K71U)?
Balance-sheet figures for Keppel REIT (K71U.SI) (as of Sep 29, 2026): return on equity 8.4%, debt of 0.44 per unit of equity. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is K71U from its 52-week high?
Keppel REIT (K71U.SI) trades at 0.8450 SGD, about 19% below its 52-week high of 1.04 SGD and 4% above the low of 0.8162 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.3600 SGD is for.
Which stocks are comparable to Keppel REIT (K71U.SI)?
From the same area (Real Estate) we also value BXP, Inc, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, MERLIN Properties SOCIMI, S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Keppel REIT (K71U.SI) stock attractive at the current price?
The data as of Sep 29, 2026: price 0.8450 SGD, calculated fair value 0.3600 SGD (−57%), Quality Score 58/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of K71U calculated?
We run Keppel REIT (K71U.SI) through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.3600 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Keppel REIT (K71U.SI) itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Keppel REIT (K71U.SI) (K71U)?
The closing price on Oct 2, 2026 was 0.8450 SGD. Our model-based fair value is 0.3600 SGD, about −57% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Keppel REIT (K71U.SI) right now?
The price sits above even our optimistic bull case (0.4500 SGD). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Keppel REIT (K71U.SI)
How large is the market capitalisation of Keppel REIT (K71U.SI) (K71U)?
The market capitalisation of Keppel REIT (K71U.SI) is 4.2B SGD (≈ $3.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Keppel REIT (K71U.SI) (K71U)?
The price-to-sales ratio of Keppel REIT (K71U.SI) is 12.7 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Keppel REIT (K71U.SI) (K71U)?
Earnings per share at Keppel REIT (K71U.SI) are 0.1100 SGD (price ÷ EPS = P/E 7.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Keppel REIT (K71U.SI) (K71U)?
The dividend yield of Keppel REIT (K71U.SI) is 8.4% (payout 64.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Keppel REIT (K71U.SI) (K71U)?
The net margin of Keppel REIT (K71U.SI) is 108% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Keppel REIT (K71U.SI) (K71U)?
The return on equity (ROE) of Keppel REIT (K71U.SI) is 8.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Keppel REIT (K71U.SI) (K71U)?
On an EBIT basis the return on assets of Keppel REIT (K71U.SI) is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Keppel REIT (K71U.SI) (K71U)?
The operating margin of Keppel REIT (K71U.SI) is 68.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Keppel REIT (K71U.SI) (K71U)?
Revenue at Keppel REIT (K71U.SI) is growing +23.0% versus a year earlier (3y avg +7.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Keppel REIT (K71U.SI) (K71U)?
Earnings per share at Keppel REIT (K71U.SI) are growing +2.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Keppel REIT (K71U.SI) (K71U) carry?
The net debt of Keppel REIT (K71U.SI) is 3.6B SGD (fiscal year 2025, ≈ 16.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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