Keppel DC REIT - CGS-CIMB Research 2024-01-27: Turning Bearish On Missed Rental Payments

Keppel DC REIT - Turning Bearish On Missed Rental Payments

Keppel DC REIT (SGX:AJBU) | SGinvestors.ioKeppel DC REIT (SGX:AJBU)
  • 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%).
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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.
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  • 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

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

Natalie ONG CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | 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 3 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


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