- Keppel DC REIT (SGX:AJBU)'s FY23 revenue of S$281m grew 1.4% y-o-y; however, higher opex and S$10.5m in provision (or ~5.5 months) for doubtful receivables accrued by Guangdong Bluesea Data Development (Bluesea) wiped out topline growth, resulting in NPI falling S$7.6m (-3.0% y-o-y) and deterioration of NPI margin to 87.1% (FY22: 91.1%).
- - Read this at SGinvestors.io -
FY23 DPU missed expectation
- FY23 DPU of S$0.09383 (- 8.1% y-o-y) missed, at 91.7% of our FY23F, largely due to higher finance cost (+S$17.5m/+56% y-o-y) and the Bluesea provision, which accounted for 0.649 cents, or 6.3% of our FY23F DPU. See Keppel DC REIT's distribution dates.
- - Read this at SGinvestors.io -
- Keppel DC REIT reported positive reversions in FY23 for leases signed in Singapore, Australia, Ireland and the Netherlands.
Expecting the worst for Guangdong DC 1, 2 & 3
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Natalie ONG CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2024-01-27
Previous report by CGS-CIMB:
2023-12-18 Keppel DC REIT - Too Soon To Speculate On Bluesea Fall Out.
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 Dividends & Corporate Actions,
Keppel DC REIT News Articles
