Broker Name: Lim & Tan Securities
Date of Report: 29 December 2025
Excerpt from Lim & Tan Securities report.
- Keppel Ltd. and Keppel DC REIT received conditional approval for a 10-year land tenure lease extension for their Singapore data centre campus, paving the way for further data centre asset divestments and expansion, including the development of Keppel DC Singapore 9. Keppel DC REIT’s portfolio will grow to S\$6.2 billion AUM, but the report maintains an “Accumulate on Weakness” view due to relatively higher valuations and lower yield.
- KSH Holdings is focusing on Singapore’s construction sector, reducing exposure to overseas property, and expects robust growth driven by its strong order book and niche in laboratory construction. Management guides for a strong profit rebound, with undemanding valuations, attractive yield, and a healthy cash position supporting an “Accumulate” rating.
- Macro outlook: The US market is showing cautious sentiment with defensive positioning recommended, especially in government bonds. In China and among BRICS, solar energy generation has surged, with China leading the bloc. US assets are seeing continued foreign outflows, and inflation is expected to be limited by balanced labor markets.
- Recent share buybacks, insider transactions, and upcoming dividend schedules are also highlighted, along with a calendar of key corporate events ahead.
Report Summary:
- Keppel and Keppel DC REIT secure a key lease extension to support data centre growth, with robust but fairly valued prospects.
- KSH Holdings pivots to Singapore construction, expecting strong profit recovery and maintaining undemanding valuations and yields.
- Global markets are defensive; BRICS solar power output surges; US assets face foreign outflows and muted inflation risk.
Above is an excerpt from a report by Lim & Tan Securities. Clients of Lim & Tan Securities can be the first to access the full report from the Lim & Tan Securities website: https://www.limtan.com.sg
