Keppel Pacific Oak US REIT (CMOU) AI Stock Analysis

• Market Cap: $219.33M
• Dividend Yield: N/A
• Average Volume (3M): 1.70M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.80
• Revenue Growth: -1.55%
• EPS Growth: 78.22%
• Country: SG
• Employees: 8
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): -0.01
• Shares Outstanding: 1,044,450,200
• 10 Day Avg. Volume: 754,120
• 30 Day Avg. Volume: 1,700,900
• PEG Ratio: 1.47
• Price to Book (P/B): 0.34
• Price to Sales (P/S): 1.62
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 3.53
• Enterprise Value/Revenue: 5.28
• Enterprise Value/Gross Profit: 10.74
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.04
• Revenue Forecast (FY): $148.50M

• Rating: 51 Neutral
• Price Target: $0.24 ▼(-1.67% Downside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is primarily constrained by financial performance—ongoing net losses and weakening cash generation with free cash flow falling to zero in 2025. Technicals are neutral overall and do not offset the fundamentals. Valuation is also pressured by the negative P/E (loss-making profile) and lack of provided dividend yield.

Positive Factors

Recurring rental income model

A core business model built on recurring lease cash flows provides durable revenue predictability versus transaction-driven businesses. Stable base rent plus recoveries and ancillary revenues underpin long-term distributable cash if occupancy and lease renewal execution remain steady.

High property-level margins

Robust gross and operating margins at the property level indicate efficient property operations and pricing power on operating expenses. These margins help absorb cyclical rent volatility and support sustained cash available for maintenance capex and distributions over a multi-quarter horizon.

Manageable leverage, improving trend

Leverage in the ~0.8–0.9 range is reasonable for an office REIT and improving versus prior years, reducing refinancing risk. Stable total assets plus moderated debt levels support financing flexibility for portfolio optimization and smoother debt-servicing through rate cycles.

Negative Factors

Recurring net losses and negative ROE

Sustained net losses and negative ROE erode unitholder equity and constrict retained capital. Over several quarters this limits the REIT's ability to grow or maintain distributions from internal earnings, increases reliance on asset sales or issuance, and weakens investor confidence.

Deteriorating cash generation

Falling operating cash and a drop to zero free cash flow materially reduce the REIT's headroom for capex, tenant improvements, debt amortization and distributions. Persistently weak cash conversion forces greater dependence on external financing or asset sales, raising structural liquidity risk.

External management fee structure

An externally managed setup creates ongoing fee leakage that reduces distributable income and can misalign incentives between manager and unitholders. Over time, higher fixed fees compress returns and limit the REIT's ability to deploy capital aggressively or cut costs during downturns.

Keppel Pacific Oak US REIT Business Overview & Revenue Model

Company Description

Keppel Pacific Oak US REIT (KORE) is a distinctive office REIT listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST) on 9 November 2017. KORE's investment strategy is to principally invest in a diversified portfolio of income-producing commercial assets and real estate-related assets in key growth markets of the United States (US) with positive economic and office fundamentals that generally outpace the US national average, and the average of the gateway cities, so as to provide sustainable distributions and strong total returns for Unitholders. KORE is managed by Keppel Pacific Oak US REIT Management Pte. Ltd., which is jointly owned by two Sponsors, Keppel Capital and KPA. KORE's portfolio comprises a balanced mix of 13 freehold office buildings and business campuses across eight key growth markets driven by innovation and technology in the US. The assets have a combined value of US$1.30 billion and an aggregate net lettable area of over 4.7 million sf. KORE has an extensive and diversified tenant base, some of which are from the growth and defensive sectors such as technology, as well as medical and healthcare, which will continue to support and drive growth. KORE is a technology-focused office REIT with over 50% of the portfolio located in the technology hubs of Seattle – Bellevue/Redmond, Austin and Denver. The remainder of the portfolio is located in the key growth markets of Houston, Dallas, Orlando, Sacramento and Atlanta.

How the Company Makes Money

Keppel Pacific Oak US REIT generates revenue primarily through rental income from its commercial properties. The REIT leases office spaces to a wide range of tenants, including multinational corporations and small businesses, ensuring a diverse income base. Additionally, the company benefits from long-term leases, which provide a stable cash flow stream. Key revenue streams include base rent from tenants, escalation clauses in leases that allow for rental increases over time, and ancillary income from services provided to tenants. The REIT may also realize capital appreciation through strategic property acquisitions and enhancements, increasing the overall value of its portfolio. Partnerships with property management firms and local real estate experts further contribute to effective asset management and operational efficiency, thereby enhancing earnings.

Keppel Pacific Oak US REIT Financial Statement Overview

Summary

Income statement shows stable revenue with a return to growth in 2025 and strong property-level margins, but recurring net losses since 2023 remain a major drag. Balance sheet leverage looks manageable for the sector, yet negative ROE since 2023 is a concern. Cash flow is the weakest area: operating cash flow fell in 2025 and free cash flow dropped to zero, reducing financial flexibility.

Income Statement

Revenue has been broadly stable with a return to growth in 2025 (up ~3% after a decline in 2024). Core profitability looks solid at the operating line with consistently strong gross profit (~51–55%) and high operating margins in most years, but bottom-line results have weakened materially since 2023, with net losses continuing in 2024–2025 (though much smaller than 2023). Overall, the income statement shows resilient property-level economics but elevated below-the-line pressure that is weighing on net profitability.

Balance Sheet

Leverage appears manageable for an office REIT, with debt-to-equity around ~0.83–0.86 in 2023–2025 (improving vs. 2021–2022), and total assets holding fairly steady. However, shareholder returns have turned negative as losses persisted (negative return on equity since 2023), which reduces balance-sheet quality over time if it continues. Net: reasonable leverage and asset stability, but weakened profitability is a key risk.

Cash Flow

Operating cash flow remains positive but has become less supportive recently, falling to ~$51M in 2025 from ~$76M in 2024. Free cash flow deteriorated sharply, dropping to zero in 2025 after positive levels in prior years, indicating reduced cash available after investment needs. Cash conversion has also weakened versus earlier years, making the cash-flow profile less dependable despite still-positive operating inflows.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	146.62M	151.54M	142.62M	150.76M	147.98M	141.26M
Gross Profit	72.07M	76.99M	74.29M	80.30M	77.72M	76.33M
EBITDA	0.00	63.60M	15.79M	-74.31M	105.59M	85.66M
Net Income	-15.57M	-4.08M	-6.89M	-67.72M	48.48M	77.35M
Balance Sheet
Total Assets	1.40B	1.39B	1.39B	1.39B	1.52B	1.51B
Cash, Cash Equivalents and Short-Term Investments	46.31M	56.29M	44.19M	43.78M	63.44M	50.98M
Total Debt	610.72M	612.93M	604.82M	599.57M	577.72M	561.60M
Total Liabilities	675.11M	677.50M	671.66M	670.47M	673.42M	659.67M
Stockholders Equity	728.05M	712.24M	716.31M	723.20M	846.08M	853.89M
Cash Flow
Free Cash Flow	69.31M	0.00	22.07M	14.56M	35.74M	55.43M
Operating Cash Flow	69.31M	51.24M	75.70M	61.26M	79.37M	82.92M
Investing Cash Flow	-42.72M	-45.33M	-50.60M	-46.69M	-7.60M	-130.89M
Financing Cash Flow	-22.23M	6.19M	-22.97M	-34.22M	-59.31M	41.63M

Keppel Pacific Oak US REIT Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.24
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:CMOU, the sentiment is Neutral. The current price of 0.24 is above the 20-day moving average (MA) of 0.23, above the 50-day MA of 0.23, and above the 200-day MA of 0.22, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 45.60 is Neutral, neither overbought nor oversold. The STOCH value of 56.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:CMOU.

Keppel Pacific Oak US REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
UD1U	65 Neutral	S$356.38M	-3.75	1.69%	8.37%	-11.29%	―
ODBU	64 Neutral	$320.90M	15.61	6.49%	8.23%	-1.34%	-6.08%
OXMU	60 Neutral	$261.62M	12.89	0.38%	2.40%	-12.01%	―
XZL	53 Neutral	$145.03M	-5.36	-5.62%	5.06%	-6.01%	-36.46%
CMOU	51 Neutral	$219.33M	-53.85	-2.12%	―	-1.55%	78.22%
BTOU	46 Neutral	$115.48M	-0.48	-48.17%	―	-27.66%	-106.71%

Keppel Pacific Oak US REIT Corporate Events

Keppel Pacific Oak US REIT Prepares New US Asset Management Tie-Up as Substantial Unitholder Mulls Exit

Keppel Pacific Oak US REIT’s manager has begun late-stage negotiations with a new third-party US asset manager and expects to terminate its current outsourcing arrangement with Pacific Oak Capital Advisors, which presently manages KORE’s US portfolio assets. The manager expects no disruption to property management during the transition, as the existing POCA asset management team is anticipated to move to the new asset manager once an agreement is signed, ensuring a seamless handover of responsibilities. Separately, Pacific Oak Strategic Opportunity REIT, which indirectly holds about 6.14% of KORE, is pursuing a plan of liquidation and has contacted KORE’s manager regarding a potential sale of its units, though no disposals have occurred to date; any substantial unit sales will trigger regulatory disclosure. The manager emphasized that KORE Pacific Advisors is independent from Pacific Oak REIT and reiterated its focus on strengthening operations through its diversified US portfolio and disciplined capital management to protect and enhance unitholder value.

The most recent analyst rating on (SG:CMOU) stock is a Hold with a $0.22 price target. To see the full list of analyst forecasts on Keppel Pacific Oak US REIT stock, see the SG:CMOU Stock Forecast page.

Keppel Pacific Oak US REIT Secures US$37.5 Million Loan, Eases 2026 Refinancing Risk

Keppel Pacific Oak US REIT has secured a new US$37.5 million term loan facility under a facility agreement dated 6 January 2026, substantially addressing its refinancing requirements for 2026, subject to any material adverse developments. The facility contains change-of-control-type covenants that would require full repayment within 10 business days if there is a change in the REIT’s manager, in the effective shareholding of the manager by its current controlling groups, or if Keppel Capital Investment Holdings’ unitholding falls below a specified threshold, with such events potentially impacting up to about US$857.5 million of facilities, although no such mandatory prepayment event has occurred as of the announcement date.

The most recent analyst rating on (SG:CMOU) stock is a Buy with a $0.40 price target. To see the full list of analyst forecasts on Keppel Pacific Oak US REIT stock, see the SG:CMOU Stock Forecast page.

Keppel Pacific Oak US REIT Secures US$115 Million Term Loan with Change-of-Control Covenants

Keppel Pacific Oak US REIT has secured a new US$115 million term loan facility via a facility agreement dated 30 December 2025, with Perpetual (Asia) Limited, in its capacity as trustee, as the borrower. The loan includes change-of-control style covenants requiring full repayment within 10 business days if there is a change of manager of the REIT or if Keppel Ltd., Pacific Oak Capital Advisors LLC and KORE Pacific Advisors Pte. Ltd. collectively cease to own all the issued share capital of the manager, and similar provisions apply across about US$820 million of the REIT’s facilities; the manager stated that none of these conditions has been breached as at the date of the announcement, underscoring the importance of ownership and management stability for its capital structure and lenders.

The most recent analyst rating on (SG:CMOU) stock is a Buy with a $0.40 price target. To see the full list of analyst forecasts on Keppel Pacific Oak US REIT stock, see the SG:CMOU Stock Forecast page.

Keppel Pacific Oak US REIT Reaffirms Non-Applicability of US Section 1446(f) Withholding Tax for Non-US Investors

Keppel Pacific Oak US REIT Management has reiterated that US withholding tax under Section 1446(f) of the Internal Revenue Code does not apply to transfers of KORE units by non-US unitholders, as the REIT is a publicly traded partnership that has operated, and intends to continue operating, in a manner that avoids being treated as engaged in a US trade or business. As a result, brokers handling transfers of KORE units do not have to withhold this tax, and non-US investors should not need to file US federal income tax returns or obtain US tax identification numbers solely due to Section 1446(f), with the manager posting a new qualified notice effective 1 January 2026—valid for 92 days—and signaling its intention to continue issuing such notices quarterly to provide ongoing tax clarity to investors and intermediaries.

The most recent analyst rating on (SG:CMOU) stock is a Buy with a $0.40 price target. To see the full list of analyst forecasts on Keppel Pacific Oak US REIT stock, see the SG:CMOU Stock Forecast page.