Broker: DBS Group Research
Date of Report: 14 May 2026

Excerpt from DBS Group Research report.

Report Summary

• Stock: NTT DC REIT (NTTDCR SP)
• Action: BUY (Reiterate)
• Target Price (12-mth): USD1.30
• Last Traded Price: USD1.02
• Key Idea: Maiden FY25/26 results beat IPO forecast, with DPU 2.6% ahead on stronger leasing income and lower borrowing costs. Portfolio occupancy improved to 95.1% with strong rental reversions (+8.5%).
• Highlights:
  • DBS raises target price to USD1.30 after strong results and improved forecasts.
  • DPU CAGR projected above 2% over next two years, supported by high committed occupancy, positive rental reversions, and strong tenant retention rates.
  • NTTDCR is backed by NTT Group, the world’s third-largest data centre provider, with strong acquisition pipeline and ample debt headroom (~USD320mn) for growth.
  • Risks: Slowdown in pricing momentum and weaker demand for data centre capacity.
• Actionable Insight: BUY NTT DC REIT for upside to USD1.30 target price, supported by strong organic growth, high occupancy, robust sponsor backing, and positive rental outlook.

above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com.sg