NTT DC REIT (SG:NTDU)
SGX:NTDU
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NTT DC REIT
(SGX:NTDU)
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Rating:54Neutral
Price Target:
$1.00
▲(4.17% Upside)
Action:N/A
Date:06/02/26
The score is held back primarily by weak cash-flow quality (large, persistent negative free cash flow) despite improved profitability and a moderately strengthening balance sheet. Technical indicators are supportive with a positive trend and momentum, while valuation is pressured by an extremely high P/E even though the dividend yield is attractive.
Positive Factors
High EBITDA margin (~42%)
Sustained ~42% EBITDA margins indicate resilient property-level cash earnings from data centre operations. High EBITDA supports distributable income and covers fixed costs, providing durable operating cash generation that can withstand short-term revenue variability and supports long-term asset economics.
Negative Factors
Deeply negative free cash flow (~-1.19B)
Persistent free cash flow of ~-1.19B shows capital spending or acquisitions far exceed operating cash generation. This structural negative FCF requires ongoing external financing or equity issuance, constraining distributable cash, increasing leverage/ refinancing needs and weakening long-term cash-flow quality.
Read all positive and negative factors
Positive Factors
Negative Factors
High EBITDA margin (~42%)
Sustained ~42% EBITDA margins indicate resilient property-level cash earnings from data centre operations. High EBITDA supports distributable income and covers fixed costs, providing durable operating cash generation that can withstand short-term revenue variability and supports long-term asset economics.
Read all positive factors
NTT DC REIT (NTDU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
$1.00B
Dividend YieldN/A
Average Volume (3M)4.33M
Price to Earnings (P/E)330.7
Beta (1Y)0.05
Revenue GrowthN/A
EPS GrowthN/A
CountrySG
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)<0.01
Shares Outstanding1,033,950,800
10 Day Avg. Volume6,497,930
30 Day Avg. Volume4,329,943
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.81
Price to Sales (P/S)6.16
P/FCF Ratio-0.80
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price Target
$1.43Price Target Upside48.96% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)<0.01
Revenue Forecast (FY)$202.82M
NTT DC REIT Business Overview & Revenue Model
Company Description
NTT DC REIT is a Singapore-domiciled real estate investment trust dedicated to assembling a diverse portfolio of established, income-generating real estate assets globally. Its core investment objective is to acquire properties primarily utilized ...
How the Company Makes Money
NTT DC REIT makes money primarily by leasing data centre space and related infrastructure to tenants under contractual lease arrangements. Revenue is mainly generated from (1) recurring rental income for colocation/wholesale data centre premises (...
NTT DC REIT Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
63
Positive
Cash Flow
36
Negative
| Breakdown | Mar 2026 | Mar 2024 |
|---|---|---|
Income Statement | ||
| Total Revenue | 155.11M | 146.16M |
| Gross Profit | -33.81M | 33.11M |
| EBITDA | 66.16M | 61.15M |
| Net Income | 3.13M | -30.87M |
Balance Sheet | ||
| Total Assets | 1.77B | 1.53B |
| Cash, Cash Equivalents and Short-Term Investments | 45.99M | 7.46M |
| Total Debt | 512.14M | 525.29M |
| Total Liabilities | 592.38M | 554.94M |
| Stockholders Equity | 1.18B | 977.39M |
Cash Flow | ||
| Free Cash Flow | -1.19B | -1.21B |
| Operating Cash Flow | 59.50M | 70.84M |
| Investing Cash Flow | -1.25B | -1.28B |
| Financing Cash Flow | 1.24B | 1.24B |
NTT 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$5.60B | 21.87 | 6.32% | 4.55% | 40.22% | 9.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $628.57M | 3.06 | 19.83% | 7.22% | 53.27% | -76.82% | |
54 Neutral | $1.00B | 330.71 | ― | ― | ― | ― | |
51 Neutral | $189.05M | -99.68 | -0.27% | ― | 2.57% | 40.91% | |
49 Neutral | $115.44M | -7.93 | -6.69% | 5.06% | -5.96% | -13.94% | |
42 Neutral | S$226.75M | -1.74 | ― | ― | -59.44% | -264.02% |
* Real Estate Sector Average
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NTT DC REIT Corporate Events
NTT DC REIT Details FY25/26 Distribution and U.S. Tax Treatment
May 25, 2026
NTT DC REIT has announced a distribution for the FY25/26 period amounting to 5.56 U.S. cents per unit, with a record date of 20 May 2026 and payment scheduled for 29 June 2026. The REIT has certified that no portion of this distribution is subject...
NTT DC REIT Beats IPO Forecasts as Data Center Portfolio Gains Value
May 22, 2026
NTT DC REIT reported stronger-than-forecast results for FY25/26, with net property income, distributable income and distribution per unit all exceeding its IPO projections, aided by operational strength and favorable foreign exchange movements. Th...
NTT DC REIT Pays Manager Fees in New Units, Lifting Manager Stake to 0.36%
May 13, 2026
NTT DC REIT has issued 3,741,246 new units to its manager, NTT DC REIT Manager Pte. Ltd., as payment of the base component of management fees for the periods from 14 July to 30 September 2025 and from 1 October to 31 December 2025. The units were ...
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.