AJBU Stock Analysis: Keppel DC REIT | SG
REIT - Office | SG, Singapore | Market Cap: 5.385m SGD | 12M Return: -0.5% | SG1AF6000009 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 25.2M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Keppel DC REIT (AJBU) is a Singapore-listed real estate investment trust that was the first pure-play data centre REIT in Asia when it listed on the Singapore Exchange on 12 December 2014. Incorporated in 2011 and managed by Keppel DC REIT Management Pte. Ltd., the trust invests primarily in income-producing real estate used for data centre purposes, with a portfolio spanning colocation, fully-fitted, and shell and core assets, complemented by debt securities to enhance diversification and resilience. It is sponsored by Keppel, a global asset manager with operations across infrastructure, real estate, and connectivity.
Data centre REITs typically generate revenue through long-term leases and colocation agreements with cloud providers, enterprises, and telecommunications firms, with tenant demand driven by cloud computing, artificial intelligence workloads, and broader digital transformation trends across the Asia-Pacific region.
- AI capex boom lifts data centre rental rates
- Higher interest rates pressure DPU and valuations
- Sponsor Keppel pipeline drives portfolio acquisitions
| Net Income: 427.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -0.14 > 1.0 |
| NWC/Revenue: 43.19% < 20% (prev 19.65%; Δ 23.54% < -1%) |
| CFO/TA 0.05 > 3% & CFO 378.5m > Net Income 427.8m |
| Net Debt (-134.8m) to EBITDA (472.7m): -0.29 < 3 |
| Current Ratio: 1.42 > 1.5 & < 3 |
| Outstanding Shares: last quarter (2.44b) vs 12m ago 40.13% < -2% |
| Gross Margin: 78.10% > 18% (prev 74.66%; Δ 3.44% > 0.5%) |
| Asset Turnover: 7.10% > 50% (prev 5.60%; Δ 1.51% > 0%) |
| Interest Coverage Ratio: 3.09 > 6 (EBIT TTM 472.7m / Interest Expense TTM 153.0m) |
| A: 0.03 (Total Current Assets 649.0m - Total Current Liabilities 458.4m) / Total Assets 6.88b |
| B: 0.11 (Retained Earnings 779.0m / Total Assets 6.88b) |
| C: 0.08 (EBIT TTM 472.7m / Avg Total Assets 6.21b) |
| D: 1.54 (Book Value of Equity 4.17b / Total Liabilities 2.71b) |
| Altman-Z'' = 2.68 = A |
As of September 05, 2026, the stock is trading at SGD 2.19 with a total of 9,508,600 shares traded. Over the past week, the price has changed by -0.45%, over one month by +0.00%, over three months by -1.06% and over the past year by -0.47%.
Current recommended Stop Loss: 2.10 (which is 4.1% or 2.2 ATR below the current price).
Keppel DC REIT has no consensus analysts rating.
P/E Trailing = 11.5789
P/E Forward = 18.4162
P/S = 11.4059
P/B = 1.2804
P/EG = 1.478
Revenue TTM = 441.4m SGD
EBIT TTM = 472.7m SGD
EBITDA TTM = 472.7m SGD
Long Term Debt = 2.06b SGD (from longTermDebt, last quarter)
Short Term Debt = 312.8m SGD (from shortLongTermDebt, last quarter)
Debt = 21.3m SGD (Leases only: 21.3m)
Net Debt = -134.8m SGD (calculated: Debt 21.3m - CCE 156.1m)
Enterprise Value = 5.25b SGD (5.38b + Debt 21.3m - CCE 156.1m)
Interest Coverage Ratio = 3.09 (Ebit TTM 472.7m / Interest Expense TTM 153.0m)
EV/FCF = 23.45x (Enterprise Value 5.25b / FCF TTM 223.9m)
FCF Yield = 4.26% (FCF TTM 223.9m / Enterprise Value 5.25b)
FCF Margin = 50.73% (FCF TTM 223.9m / Revenue TTM 441.4m)
Net Margin = 96.93% (Net Income TTM 427.8m / Revenue TTM 441.4m)
Gross Margin = 78.10% ((Revenue TTM 441.4m - Cost of Revenue TTM 96.7m) / Revenue TTM)
Gross Margin QoQ = 78.40% (prev 77.78%)
Tobins Q-Ratio = 0.76 (Enterprise Value 5.25b / Total Assets 6.88b)
Interest Expense / Debt = 717.1% (Interest Expense 153.0m / Debt 21.3m)
Taxrate = 8.05% (38.0m / 472.7m)
NOPAT = 434.7m (EBIT 472.7m * (1 - 8.05%))
Current Ratio = 1.42 (Total Current Assets 649.0m / Total Current Liabilities 458.4m)
Debt / Equity = 0.01 (Debt 21.3m / totalStockholderEquity, last quarter 4.17b)
Debt / EBITDA = -0.29 (Net Debt -134.8m / EBITDA 472.7m)
Debt / FCF = -0.60 (Net Debt -134.8m / FCF TTM 223.9m)
Total Stockholder Equity = 3.37b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.89% (Net Income 427.8m / Total Assets 6.88b)
RoE = 12.69% (Net Income TTM 427.8m / Total Stockholder Equity 3.37b)
RoCE = 8.71% (EBIT 472.7m / Capital Employed (Equity 3.37b + L.T.Debt 2.06b))
RoIC = 6.79% (NOPAT 434.7m / Invested Capital 6.40b)
WACC = 6.56% (E(5.38b)/V(5.41b) * Re(6.59%) + (debt cost/tax rate unavailable))
Discount Rate = 6.59% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 83.57 | Cagr: 11.33%
[DCF] Terminal Value 77.97% ; FCFF base≈209.7m ; Y1≈240.4m ; Y5≈353.7m
[DCF] Fair Price = 2.23 (EV 5.32b - Net Debt -134.8m = Equity 5.46b / Shares 2.45b; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.0 | # QB: 0
Revenue Correlation: 92.02 | Revenue CAGR: 19.06% | SUE: 0.25 | # QB: 0
EPS current Year (2026-12-31): EPS=0.12 | Chg30d=-0.08% | Revisions=+17% | GrowthEPS=+3.5% | GrowthRev=+8.9%
EPS next Year (2027-12-31): EPS=0.12 | Chg30d=+0.16% | Revisions=+17% | GrowthEPS=+2.4% | GrowthRev=+3.4%
[Analyst] Revisions Ratio: +22% (up=4, down=2)