Keppel DC REIT - Phillip Securities 2023-04-21: Resilient Demand Amid Tight Supply

• Keppel DC REIT (SGX:AJBU)'s 1Q23 DPU rose 3% y-o-y to S$0.02541, due to the acquisitions of Guangdong Data Centre 2 and 3; completed asset enhancement initiatives (AEI); renewals and income escalations; and tax savings from the approval of the NetCo Bonds being qualified as Qualifying Project Debt Securities (QPDS).
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• Downgrade Keppel DC REIT from BUY to ACCUMULATE. Target price for Keppel DC REIT lowered from S$2.58 to S$2.26 on higher interest expense and cost of equity. The current Keppel DC REIT's share price implies FY23e/24e DPU yields of 4.7%/4.9%.

The Positives

Portfolio occupancy remained stable at 98.5% q-o-q, with a portfolio WALE of 8.2 years.

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Prudent capital management, with 73% of debt on fixed rate.

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Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-10-27 Keppel DC REIT - Dpu Growth Despite The Preferential Offering.

Previous report by Phillip:
2025-07-28 Keppel DC REIT - Yet Another Quarter Of Exceptional Rental Reversion.

Price targets by other brokers at Keppel DC REIT Target Prices.

Listing of research reports at Keppel DC REIT Analyst Reports.

Relevant links:
Keppel DC REIT Share Price History,
Keppel DC REIT Announcements,
Keppel DC REIT Dividend Payout Dates & Corporate Actions,
Keppel DC REIT News