UOB Kay Hian's Jonathan Koh has kept his "buy" call on Keppel DC REIT, given the recent "upsurge" in positive rental reversion for colocation data centre leases in Singapore is seen to sustain into this year and next as new capacity will only be ready in 2027.
Also, two of Keppel DC REIT's newly acquired data centres, SGP7 and SGP8, will start contributing in 1HFY2025, adding 8.1% to its distribution per unit over 1HFY2024, on a pro forma basis, says Koh, who has a target price of $2.55, slightly raised from $2.53 earlier.
The REIT is actively reshaping its portfolio. In Feb, it announced the sale of a data centre in Frankfurt for the equivalent of $70.6 million, which is a 28% premium over the property's valuation.
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