Want to see SG:AJBU full AI Analyst Report?
Top Page
Keppel DC REIT
(SGX:AJBU)
Select Model
Select Model
Rating:67Neutral
Price Target:
S$2.50
▲(6.38% Upside)
Action:Downgraded
Date:08/04/26
The score is driven primarily by solid financial performance (notably the 2025 revenue acceleration and strong reported profitability), tempered by weaker recent cash conversion and rising debt. Valuation is supportive with a moderate P/E and a decent dividend yield, while technical indicators suggest subdued near-term momentum with price below key moving averages.
Positive Factors
Revenue Acceleration
The sharp 2025 revenue acceleration after a largely flat 2021–2024 period indicates improving demand or portfolio contribution. Sustained growth would strengthen recurring rental income and support distributions and reinvestment capacity.
Negative Factors
Weak Cash Conversion
Operating cash flow materially below net income raises questions about earnings conversion into distributable cash. Persistent weakness could constrain distributions, capital spending and the REIT’s ability to fund growth without additional borrowing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Acceleration
The sharp 2025 revenue acceleration after a largely flat 2021–2024 period indicates improving demand or portfolio contribution. Sustained growth would strengthen recurring rental income and support distributions and reinvestment capacity.
Read all positive factors
Keppel DC REIT (AJBU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$5.46B
Dividend Yield2.55%
Average Volume (3M)7.14M
Price to Earnings (P/E)11.9
Beta (1Y)0.38
Revenue Growth29.55%
EPS Growth13.13%
CountrySG
Employees18
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)N/A
Shares Outstanding2,447,605,200
10 Day Avg. Volume7,991,570
30 Day Avg. Volume7,140,685
Financial Highlights & Ratios
PEG Ratio1.01
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$2.76Price Target Upside17.36% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Keppel DC REIT Business Overview & Revenue Model
Company Description
Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia. Keppel DC REIT’s investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-pr...
How the Company Makes Money
Keppel DC REIT makes money primarily by earning recurring rental and related property income from leasing its data centre properties to customers (typically data centre operators and/or enterprise or cloud-related users, depending on each property...
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 | 472.10M | 456.67M | 310.29M | 272.92M | 286.58M | 271.06M |
| Gross Profit | 369.45M | 360.30M | 231.94M | 209.32M | 225.68M | 223.90M |
| EBITDA | 0.00 | 522.16M | 392.32M | 239.68M | 235.83M | 216.56M |
| Net Income | 444.55M | 427.82M | 300.67M | 118.53M | 230.91M | 313.66M |
Balance Sheet | ||||||
| Total Assets | 6.74B | 6.88B | 5.54B | 4.01B | 4.11B | 3.78B |
| Cash, Cash Equivalents and Short-Term Investments | 244.10M | 351.87M | 316.69M | 149.73M | 190.40M | 195.94M |
| Total Debt | 2.29B | 2.39B | 1.72B | 1.48B | 1.48B | 1.30B |
| Total Liabilities | 2.51B | 2.65B | 2.12B | 1.65B | 1.65B | 1.44B |
| Stockholders Equity | 4.22B | 4.17B | 3.37B | 2.31B | 2.41B | 2.29B |
Cash Flow | ||||||
| Free Cash Flow | 147.20M | 178.29M | 188.33M | 137.34M | 178.87M | 113.93M |
| Operating Cash Flow | 147.20M | 217.22M | 223.74M | 163.77M | 218.29M | 191.50M |
| Investing Cash Flow | -1.11B | -1.12B | -1.07B | -15.44M | -298.71M | -374.38M |
| Financing Cash Flow | 1.06B | 927.41M | 1.00B | -236.16M | 83.67M | 134.97M |
Keppel DC REIT Technical Analysis
Positive
2.35
Price Trends
2.21
Positive
2.23
Positive
2.20
Positive
Market Momentum
<0.01
Negative
53.20
Neutral
54.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AJBU, the sentiment is Positive. The current price of 2.35 is above the 20-day moving average (MA) of 2.22, above the 50-day MA of 2.21, and above the 200-day MA of 2.20, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.20 is Neutral, neither overbought nor oversold. The STOCH value of 54.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | S$545.65M | 8.63 | 11.35% | 6.79% | ― | ― | |
68 Neutral | S$11.47B | 15.32 | 7.00% | 7.53% | 6.53% | 0.82% | |
67 Neutral | S$5.46B | 11.93 | 10.59% | 4.55% | 29.55% | 13.13% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | S$5.45B | 27.29 | 4.42% | 6.59% | -6.27% | -41.14% | |
56 Neutral | $671.67M | 12.72 | 4.29% | 7.23% | 19.03% | -77.24% | |
54 Neutral | $982.25M | 315.00 | 0.29% | ― | ― | ― |
* Real Estate Sector Average
SG:AJBU
Keppel DC REIT
2.24
0.03
1.36%
SG:A17U
CapitaLand Ascendas REIT
2.43
-0.09
-3.42%
SG:ME8U
Mapletree Industrial
1.91
0.02
1.17%
SG:M1GU
Sabana Industrial REIT
0.49
0.11
29.29%
SG:DCRU
Digital Core REIT
0.51
0.04
7.68%
SG:NTDU
NTT DC REIT
0.95
0.05
5.35%
Keppel DC REIT Corporate Events
Keppel DC REIT issues new units to pay management fees for Q2 2026
Aug 3, 2026
Keppel DC REIT has issued 1,431,347 new units at an average price of S$2.2528 per unit to satisfy a portion of the base component of its management fees for the quarter from 1 April to 30 June 2026. The fees relate to its interests in data centres...
Keppel DC REIT Pivots Portfolio Toward Hyperscale and AI-Driven Demand
May 29, 2026
At its 2026 annual general meeting, Keppel DC REIT’s management outlined how the trust is repositioning its portfolio to tap accelerating demand from cloud computing and artificial intelligence, especially AI inference and emerging agentic A...
Keppel DC REIT unitholders back new lease and management deals for Singapore data centre
May 29, 2026
Keppel DC REIT secured unitholder approval at an extraordinary general meeting to enter into a new master lease agreement and a new facility management agreement for Keppel DC Singapore 3. The proposal, classified as an interested person transacti...
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.