Keppel DC REIT (AJBU) Fair Value & Analysis
Real Estate · SG · Market cap 5.5B SGD
Fair value as of: Jul 4, 2026
From 26 valuation models · updated today
Share price −0.9% over the past month.
Price vs Fair Value (12 months)
12‑month range 2.09 SGD – 2.39 SGD · fair‑value band 1.51 SGD – 3.31 SGD · the 2.25 SGD price screens above the 1.68 SGD fair value. As of Jul 4, 2026.
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Keppel DC REIT (AJBU) currently trades at 2.25 SGD, while our model-based Fair Value estimate is 1.68 SGD — implying the stock looks roughly 25.3% overvalued today. We read business quality at 48/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).
Over the trailing twelve months, Keppel DC REIT generated revenue of 457M SGD at a net margin of 94.9%. Revenue grew 14.5% year over year. It earns a return on equity of 11.4%. Net debt stands at 2.0B SGD. Fundamentals as of Jul 4, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 4, 2026. TTM = trailing twelve months.
About the company
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-producing real estate assets which are used primarily for data centre purposes, as well as real estate and assets necessary to support the digital economy. Keppel DC REIT's investments comprise a mix of colocation, fully-fitted and shell and core assets, as well as debt securities, thereby reinforcing the diversity and resiliency of its portfolio. Keppel DC REIT is managed by Keppel DC REIT Management Pte. Ltd. (the Manager) and is sponsored by Keppel, a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Keppel DC REIT was incorporated in 2011 in Singapore.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Keppel DC REIT reported revenue of 441M SGD in FY2025 versus 271M SGD in FY2021, a compound +13.0%/yr. Reported net income was 428M SGD in FY2025, compounding +8.1%/yr from FY2021.
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Recent news
- Singapore Colocation Data Center Portfolio Report 2026: Detailed Analysis of 45 Existing & 6 Upcoming Data Centers 2025-2029 By White-Fl
- Is Keppel DC REIT (SGX:AJBU) Undervalued? Exploring Its Valuation After Recent Quiet Gains
- Here are the Top 10 Singaporean Analysts, According to TipRanks
- Keppel DC REIT secures full ownership of key data centres in Singapore
External third-party headlines (Yahoo Finance, Reuters and others) — not an editorial selection, not financial advice.
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| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €8.74 | -43% |
| BXP, Inc BXP | $64.14 | $53.27 | -17% |
| Alexandria Real Estate Equities, Inc A1RE34 | R$67.00 | R$62.43 | -7% |
| Vornado Realty Trust VNORP | $51.75 | $47.22 | -9% |
| Gecina GECFF | $87.89 | $118.75 | +35% |
| Hudson Pacific Properties, Inc HPP | $14.62 | $0.9700 | -93% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.