Keppel DC REIT (SG:AJBU)
SGX:AJBU
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Keppel DC REIT
(SGX:AJBU)
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Rating:71Outperform
Price Target:
S$2.50
▲(12.61% Upside)
Action:ReiteratedDate:01/31/26
The score is primarily driven by improved 2025 revenue growth and a rebound in reported earnings, balanced against weaker recent cash conversion and rising debt. Valuation and income appeal (P/E ~12 and ~4.37% yield) are supportive, while technicals are mildly positive but not strongly trending.
Positive Factors
Revenue Growth
The significant revenue growth indicates robust demand for data center services, enhancing long-term financial stability and market position.
Negative Factors
Decline in Free Cash Flow
The decline in free cash flow growth could impact future liquidity, potentially limiting the company's ability to fund new projects or distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
The significant revenue growth indicates robust demand for data center services, enhancing long-term financial stability and market position.
Read all positive factors
Keppel DC REIT (AJBU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.43B
Dividend Yield4.55%
Average Volume (3M)7.14M
Price to Earnings (P/E)12.0
Beta (1Y)0.50
Revenue Growth23.81%
EPS Growth89.10%
CountrySG
Employees16
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)0.05
Shares Outstanding2,444,525,600
10 Day Avg. Volume7,991,570
30 Day Avg. Volume7,140,685
Financial Highlights & Ratios
PEG Ratio1.02
Price to Book (P/B)1.23
Price to Sales (P/S)11.27
P/FCF Ratio28.86
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$2.60Price Target Upside17.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.12
Revenue Forecast (FY)S$465.60M
Keppel DC REIT Business Overview & Revenue Model
Company Description
Listed on 12 December 2014, Keppel DC REIT is the first pure-play data centre REIT listed in Asia and on the Singapore Exchange (SGX-ST). Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portf...
How the Company Makes Money
Keppel DC REIT generates revenue primarily through leasing its data center facilities to various tenants, including technology companies, cloud service providers, and telecommunications firms. The rental income from these leases constitutes a sign...
Keppel DC REIT Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 364.42M | 456.67M | 310.29M | 272.92M | 286.58M | 271.06M |
| Gross Profit | 278.30M | 360.30M | 231.94M | 209.32M | 225.68M | 223.90M |
| EBITDA | 0.00 | 349.19M | 392.32M | 239.68M | 235.83M | 216.56M |
| Net Income | 326.15M | 427.82M | 300.67M | 118.53M | 230.91M | 313.66M |
Balance Sheet | ||||||
| Total Assets | 5.44B | 6.88B | 5.54B | 4.01B | 4.11B | 3.78B |
| Cash, Cash Equivalents and Short-Term Investments | 250.80M | 351.87M | 316.69M | 149.73M | 190.40M | 195.94M |
| Total Debt | 1.59B | 2.39B | 1.72B | 1.48B | 1.48B | 1.30B |
| Total Liabilities | 1.81B | 2.65B | 2.12B | 1.65B | 1.65B | 1.44B |
| Stockholders Equity | 3.58B | 4.17B | 3.37B | 2.31B | 2.41B | 2.29B |
Cash Flow | ||||||
| Free Cash Flow | 227.69M | 178.29M | 188.33M | 137.34M | 178.87M | 113.93M |
| Operating Cash Flow | 227.69M | 217.22M | 223.74M | 163.77M | 218.29M | 191.50M |
| Investing Cash Flow | -1.15B | -1.12B | -1.07B | -15.44M | -298.71M | -374.38M |
| Financing Cash Flow | 1.01B | 927.41M | 1.00B | -236.16M | 83.67M | 134.97M |
Keppel DC REIT Technical Analysis
Neutral
2.22
Price Trends
2.24
Negative
2.23
Positive
2.24
Negative
Market Momentum
-0.02
Positive
48.32
Neutral
27.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AJBU, the sentiment is Neutral. The current price of 2.22 is below the 20-day moving average (MA) of 2.25, below the 50-day MA of 2.24, and below the 200-day MA of 2.24, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 48.32 is Neutral, neither overbought nor oversold. The STOCH value of 27.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:AJBU.
Keppel DC REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | S$5.43B | 12.03 | 8.88% | 4.55% | 23.81% | 89.10% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.59B | 16.12 | 6.73% | 6.51% | -1.96% | 175.59% | |
64 Neutral | $635.49M | ― | 19.81% | 7.22% | 36.48% | ― | |
54 Neutral | S$5.93B | 41.02 | 2.73% | 5.83% | -1.81% | -18.43% | |
51 Neutral | $188.00M | ― | -2.16% | ― | -1.55% | 78.22% | |
43 Neutral | $103.04M | -2.04 | -36.54% | ― | -27.66% | -106.71% |
* Real Estate Sector Average
SG:AJBU
Keppel DC REIT
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Keppel DC REIT Corporate Events
Keppel DC REIT to Pay S$350 Million for 10‑Year Land Lease Extension at Singapore Data Centres
Dec 26, 2025
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 ...
Keppel DC REIT Issues New Units to Pay Acquisition Fee for Tokyo Data Centre 3
Dec 23, 2025
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 un...
Keppel DC REIT Secures Loan Facilities and Issues Green Bonds
Nov 17, 2025
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...
Keppel DC REIT Wins Prestigious Corporate Governance Award
Nov 12, 2025
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 ...
Keppel DC REIT Issues Units for Management Fee Payment
Nov 5, 2025
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 st...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.