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Keppel DC REIT
(SGX:AJBU)
Keppel DC REIT (AJBU) vs. iShares MSCI Singapore ETF (EWS)
Keppel DC REIT Business Overview & Revenue Model
Keppel DC REIT Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 364.42M | 310.29M | 272.92M | 286.58M | 271.06M | 265.57M |
| Gross Profit | 278.30M | 231.94M | 209.32M | 225.68M | 223.90M | 222.07M |
| EBITDA | 0.00 | 392.32M | 239.68M | 235.83M | 216.56M | 211.02M |
| Net Income | 326.15M | 300.67M | 118.53M | 230.91M | 313.66M | 168.15M |
Balance Sheet | ||||||
| Total Assets | 5.44B | 5.54B | 4.01B | 4.11B | 3.78B | 3.35B |
| Cash, Cash Equivalents and Short-Term Investments | 250.80M | 316.69M | 149.73M | 190.40M | 195.94M | 244.39M |
| Total Debt | 1.59B | 1.72B | 1.48B | 1.48B | 1.30B | 1.19B |
| Total Liabilities | 1.81B | 2.12B | 1.65B | 1.65B | 1.44B | 1.37B |
| Stockholders Equity | 3.58B | 3.37B | 2.31B | 2.41B | 2.29B | 1.94B |
Cash Flow | ||||||
| Free Cash Flow | 227.69M | 188.33M | 137.34M | 178.87M | 113.93M | 175.43M |
| Operating Cash Flow | 227.69M | 223.74M | 163.77M | 218.29M | 191.50M | 234.98M |
| Investing Cash Flow | -1.15B | -1.07B | -15.44M | -298.71M | -374.38M | -208.81M |
| Financing Cash Flow | 1.01B | 1.00B | -236.16M | 83.67M | 134.97M | 66.85M |
Keppel DC REIT Technical Analysis
Keppel DC REIT Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | S$5.47B | 13.74 | 10.81% | 4.55% | 23.81% | 89.10% | |
71 Outperform | $717.21M | 3.66 | 20.33% | 7.22% | 36.48% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.99B | 18.06 | 6.70% | 6.51% | -1.96% | 175.59% | |
59 Neutral | S$6.89B | 32.45 | 3.18% | 5.83% | -1.81% | -18.43% | |
51 Neutral | $240.22M | -15.44 | -2.12% | ― | -1.55% | 78.22% | |
46 Neutral | $127.91M | -0.53 | -48.17% | ― | -27.66% | -106.71% |
Keppel DC REIT Corporate Events
Keppel DC REIT has moved to secure a 10‑year extension of the land tenure for its Keppel DC Singapore 7 and Keppel DC Singapore 8 data centres located at 82 Genting Lane, a key data centre site in Singapore. Following unitholder approval at an extraordinary general meeting on 20 December 2024, the REIT’s sub-trust trustee, Perpetual (Asia) Limited, will pay S$350 million in lease extension consideration to the vendors, including previous shareholders, Keppel Griffin and previous noteholders, after JTC Corporation indicated it is prepared to issue a formal offer for the land tenure lease extension. The move locks in longer-term control over a fully contracted, Tier III‑equivalent, seven-storey data centre asset at KDC SGP 7, which obtained its Certificate of Statutory Completion in January 2025, and strengthens the REIT’s asset visibility and income stability in Singapore’s growing data centre market.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.
Keppel DC REIT has issued 2,435,983 new units at S$2.3834 per unit to satisfy the acquisition fee related to its purchase of a 98.47% interest in Tokyo Data Centre 3, after adjusting for its share of Keppel Japan KK’s acquisition fee. The units were priced based on the volume-weighted average price over the ten trading days before the transaction’s completion on 19 November 2025, in line with the REIT’s trust deed, which allows the manager to receive acquisition fees in a mix of units and cash. Following this issuance, the manager holds 30,025,557 units, or about 1.23% of the REIT’s 2,440,733,452 issued units, slightly increasing alignment between the manager and unitholders as the trust deepens its footprint in the Japanese data centre market.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.
Keppel DC REIT has announced that its subsidiary, KDCR Tokyo 2 TMK, has secured loan facilities and issued green bonds, collectively termed as Debt Facilities. These financial arrangements are guaranteed by Perpetual (Asia) Limited. The agreements include conditions that could trigger mandatory prepayment if there is a change in the management structure. The potential impact of such an event could affect facilities amounting to approximately S$3,193.2 million. As of now, no such event has occurred.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.
Keppel DC REIT has been recognized as a joint winner of the Singapore Corporate Governance Award in the REITs and Business Trusts category at the SIAS Investors’ Choice Awards 2025. This accolade highlights the company’s commitment to corporate governance and sustainability, reinforcing its strategy to build a future-ready data center portfolio while delivering sustainable returns for stakeholders.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.
Keppel DC REIT has issued 703,470 units as payment for its management fees, covering interests in several data centers, including those in Amsterdam, Eindhoven, Guangdong, London, Tokyo, and Singapore. This issuance reflects the company’s strategic financial management, allowing it to maintain liquidity while compensating its management team, thus potentially impacting its operational efficiency and stakeholder confidence.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.50 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.
Keppel DC REIT has announced the utilization of approximately S$45.9 million from its recent preferential offering, which raised gross proceeds of about S$404.5 million. The funds have been allocated towards extending a land lease, debt repayment, and covering offering-related expenses, with the majority still pending use for acquisitions and asset enhancements. This strategic financial move is expected to bolster the company’s asset base and enhance its market position in the data centre industry.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.64 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.
Keppel DC REIT has announced the issuance and listing of 180,562,518 new units on the Singapore Exchange as part of a preferential offering, raising approximately S$404.5 million. This strategic move is expected to enhance the trust’s capital base, potentially improving its market position and providing additional resources for future investments in the data center sector.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.64 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.
Keppel DC REIT announced the results of its preferential offering, which was approximately 168.2% subscribed, raising gross proceeds of approximately S$404.5 million. This successful offering indicates strong investor confidence and is expected to enhance the company’s financial flexibility and support its growth strategy in the data center industry.
The most recent analyst rating on (SG:AJBU) stock is a Buy with a S$2.48 price target. To see the full list of analyst forecasts on Keppel DC REIT stock, see the SG:AJBU Stock Forecast page.