Keppel Pacific Oak US REIT Outlook Bright on Tech Job Migration -- Market Talk

Dow Jones2022-06-01

0442 GMT - Keppel Pacific Oak US REIT is likely to benefit from a growing number of U.S. tech jobs moving to cities outside the Silicon Valley, UOB Kay Hian analyst Jonathan Koh says in a research note. Tech jobs are moving to Atlanta, Dallas, Denver and Orlando, which account for around 34.4% of the REIT's asset-under-management, the analyst notes. The REIT, which has a presence in six out of the 20 fastest growing states in the U.S., will also likely continue to hunt for investment opportunities in places such as Phoenix in Arizona and San Antonio in Texas, he says. UOB Kay Hian maintains a buy rating and a $1.07 target price on the units, which are 0.7% lower at $0.69. (justina.lee@wsj.com)

$(END)$ Dow Jones Newswires

June 01, 2022 00:42 ET (04:42 GMT)

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KSHoSG
2022-08-11
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