Broker Name: Maybank Research Pte Ltd
Date of Report: February 2, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- Keppel DC REIT (KDCREIT) reported strong 4Q and FY25 results with a 12.9% YoY increase in quarterly DPU and a 9.8% YoY increase in full-year DPU, supported by both organic growth (rental reversions, escalations) and inorganic growth (acquisitions).
- Occupancy remained stable at 95.8%, with hyperscalers now contributing 69% of rental income and rental reversions rising 45% for the year; gearing increased due to acquisitions but cost of debt improved, while management remains focused on portfolio optimisation and further hyperscale acquisitions.
- The report maintains a BUY rating with a target price of SGD2.60, noting favourable sector tailwinds, improved DPU forecasts for FY26 and FY27, robust financials, and prudent capital management, but highlights risks such as lease non-renewals, regulatory changes, and higher operating costs.
- KDCREIT’s diversified portfolio spans 24 data centres across 10 countries, with a strong ESG framework and sustainability initiatives, financial flexibility from low gearing, and resilience against near-term refinancing risk.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : www.maybank.com/investment-banking
