- Keppel DC REIT reported a strong set of 2H24 results, as net property income (NPI) rose 8.5% y-o-y to S$127.6m. The buoyant results were driven by strong rental reversions for multiple major contract renewals in Singapore and contribution from a data centre acquired in Tokyo, Japan. This culminated in FY24 NPI of S$260.3m, representing an increase of 6.3%.
2H24 DPU beat our expectations
- - Read this at SGinvestors.io -
- Keppel DC REIT's DPU of 9.451 Singapore cents for FY24 was slightly higher than FY23’s 9.383 Singapore cents by 0.7%, and was above our 9.21 Singapore cents forecast by 2.6%.
Robust portfolio rental reversions of 39% in FY24 due largely to Singapore renewals
- - Read this at SGinvestors.io -
- Looking ahead, management expects its strong momentum in Singapore to continue, although the level of rental reversion would depend on the vintage of the lease (smaller reversions expected if lease was renewed in recent years).
Solid Turnaround Story
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2025-01-27
Previous report by OCBC:
2024-12-27 Keppel DC REIT - Better Positioned For Growth.
Price targets by 2 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
