Want to see SG:AJBU full AI Analyst Report?
Keppel DC REIT (AJBU) AI Stock Analysis
Keppel DC REIT
(SGX:AJBU)
The score is driven primarily by solid financial performance (notably the 2025 revenue acceleration and strong reported profitability), tempered by weaker recent cash conversion and rising debt. Valuation is supportive with a moderate P/E and a decent dividend yield, while technical indicators suggest subdued near-term momentum with price below key moving averages.
Keppel DC REIT (AJBU) vs. iShares MSCI Singapore ETF (EWS)
- Market Cap
- SGD 4.50B
- Dividend Yield
- 6.27%
- Average Volume (3M)
- 14.08M
- Price to Earnings (P/E)
- 11.2
- Beta (1Y)
- 0.39
- Revenue Growth
- 29.55%
- EPS Growth
- 13.13%
- Country
- Singapore
- Employees
- 18
- Sector
- Real Estate
- Sector Strength
- 65
- Industry
- REIT - Diversified
Keppel DC REIT Business Overview & Revenue Model
Company Description
Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia. Keppel DC REIT’s investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-produ...
How the Company Makes Money
Keppel DC REIT makes money primarily by earning recurring rental and related property income from leasing its data centre properties to customers (typically data centre operators and/or enterprise or cloud-related users, depending on each property’s...
Keppel DC REIT Financial Statement Overview
Summary
Financial statements are solid overall, supported by strong reported profitability and a meaningful 2025 revenue acceleration (+25.3% YoY). Balance sheet leverage is moderate for a REIT (debt-to-equity ~0.5–0.6) but debt rose notably in 2025, increasing rate/refinancing sensitivity. The main drag is cash conversion: operating cash flow is well below net income recently (~0.48x in 2025), and 2025 free cash flow declined ~21.7% YoY despite stronger reported earnings.
Income Statement
78PositiveBalance Sheet
74PositiveCash Flow
60Neutral| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 472.10M | 456.67M | 310.29M | 272.92M | 286.58M | 271.06M |
| Gross Profit | 369.45M | 360.30M | 231.94M | 209.32M | 225.68M | 223.90M |
| EBITDA | 176.47M | 522.16M | 405.43M | 204.93M | 235.83M | 216.56M |
| Net Income | 444.55M | 427.82M | 300.67M | 118.53M | 230.91M | 313.66M |
Balance Sheet | ||||||
| Total Assets | 6.74B | 6.88B | 5.54B | 4.01B | 4.11B | 3.78B |
| Cash, Cash Equivalents and Short-Term Investments | 244.10M | 351.87M | 316.69M | 149.73M | 190.40M | 195.94M |
| Total Debt | 2.29B | 2.39B | 1.72B | 1.48B | 1.48B | 1.30B |
| Total Liabilities | 2.51B | 2.65B | 2.12B | 1.65B | 1.65B | 1.44B |
| Stockholders Equity | 4.22B | 4.17B | 3.37B | 2.31B | 2.41B | 2.29B |
Cash Flow | ||||||
| Free Cash Flow | 147.20M | 178.29M | 188.33M | 137.34M | 178.87M | 113.93M |
| Operating Cash Flow | 147.20M | 217.22M | 223.74M | 163.77M | 218.29M | 191.50M |
| Investing Cash Flow | -1.11B | -1.12B | -1.07B | -15.44M | -298.71M | -374.38M |
| Financing Cash Flow | 1.06B | 927.41M | 1.00B | -236.16M | 83.67M | 134.97M |
Keppel DC REIT Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:AJBU, the sentiment is Neutral. The current price of 2.11 is above the 20-day moving average (MA) of 2.10, below the 50-day MA of 2.13, and below the 200-day MA of 2.18, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 51.13 is Neutral, neither overbought nor oversold. The STOCH value of 61.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:AJBU.
Keppel DC REIT Peers Comparison
Overall Rating
SG:A17U76Outperform
SG:M1GU73Outperform- SG:AJBU67Neutral
SG:DCRU64Neutral
SG:ME8U62Neutral
SG:NTDU54Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SG:A17U | 76Outperform | SGD 11.03B | 13.93 | 7.00% | 6.79% | 6.53% | 0.82% |
| SG:M1GU | 73Outperform | SGD 534.40M | 7.02 | 13.07% | 8.13% | ― | ― |
| SG:AJBU | 67Neutral | SGD 5.79B | 11.23 | 10.59% | 6.27% | 29.55% | 13.13% |
| Sector * | 65Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
| SG:DCRU | 64Neutral | $561.70M | 11.08 | 4.29% | 8.18% | 19.03% | -77.24% |
| SG:ME8U | 62Neutral | SGD 4.94B | 25.70 | 4.35% | 7.25% | -5.23% | -42.13% |
| SG:NTDU | 54Neutral | $932.08M | 298.33 | 0.29% | 6.21% | ― | ― |
* Real Estate Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SG:AJBU | Keppel DC REIT | 2.11 | -0.13 | -5.97% | |
| SG:A17U | CapitaLand Ascendas REIT | 2.21 | -0.47 | -17.44% | |
| SG:ME8U | Mapletree Industrial Trust | 1.73 | -0.27 | -13.54% | |
| SG:M1GU | Sabana Industrial Real Estate Investment Trust | 0.47 | 0.04 | 8.20% | |
| SG:DCRU | Digital Core REIT | 0.44 | -0.04 | -7.95% | |
| SG:NTDU | NTT DC REIT | 0.90 | -0.06 | -6.18% |
Keppel DC REIT Corporate Events
Keppel DC REIT issues new units to pay management fees for Q2 2026
Keppel DC REIT has issued 1,431,347 new units at an average price of S$2.2528 per unit to satisfy a portion of the base component of its management fees for the quarter from 1 April to 30 June 2026. The fees relate to its interests in data centres in...
Keppel DC REIT Pivots Portfolio Toward Hyperscale and AI-Driven Demand
At its 2026 annual general meeting, Keppel DC REIT’s management outlined how the trust is repositioning its portfolio to tap accelerating demand from cloud computing and artificial intelligence, especially AI inference and emerging agentic AI w...
Keppel DC REIT unitholders back new lease and management deals for Singapore data centre
Keppel DC REIT secured unitholder approval at an extraordinary general meeting to enter into a new master lease agreement and a new facility management agreement for Keppel DC Singapore 3. The proposal, classified as an interested person transaction...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Aug 04, 2026