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← CockpitCompetitor Analysis › AJBU.SI Keppel DC REITOpen in the cockpit ↗

Keppel DC REITAJBU.SICompetitor analysis, valuation and peers

Singapore · SGD·Real Estate›Real Estate Investment Trusts

Asia's largest pure-play data center REIT, owning data center properties across Asia-Pacific and Europe.

≈ Asia's largest pure-play data center REITMomentum leader 83
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$4.67B
US dollars, full cap
Free float
82%
of shares outstanding
$/day
$19.9M
20-day average traded
Fwd P/E
18.0×
forward earnings
ROIC−WACC
n/a
WACC 5.1%
Hurdle
n/a
no reverse DCF
Next earnings
84 days
29 Jan 2027
Close · SGDS$2.17
1D-0.9%
1W+2.8%
1M+0.9%
3M-1.4%
6M-6.5%
YTD-3.6%
1Y-9.6%
ATR %2.0%
52w lowhigh10.7% off high

What Keppel DC REIT does

Asia's largest pure-play data center REIT, owning data center properties across Asia-Pacific and Europe.

Collects rent under long leases on data-centre buildings, many with fixed annual increases, and often passes power costs on to tenants, so cash flow is steady and mainly depends on occupancy and lease renewals. Assets sit in Singapore and across Asia-Pacific and Europe. The Keppel group sponsors and manages it, and supplies acquisition candidates.

In one line: Asia's largest pure-play data center REIT.

Products and services

  • Data center ownership & leasing
  • Colocation infrastructure

Customers

  • Cloud/hyperscale providers
  • Enterprise IT tenants
  • Telecom/colocation customers

Where it sits in the supply chain

  • Real estate
  • Data center REIT
  • Colocation & hyperscale infrastructure

What could go right

  • Cloud/AI compute demand driving leasing growth
  • Acquisition pipeline

What could go wrong

  • Power availability/grid constraints
  • Rising interest rates affecting REIT valuations

Moat: narrow (installed base, scale). Established data center portfolio with high switching costs from power/connectivity infrastructure lock-in.

Headquarters: Singapore · Founded: 2014 · Employees: 18

Named competitors

Keppel DC REIT at a glance

Size Keppel DC REIT (AJBU.SI) is a Singapore Real Estate company (Real Estate Investment Trusts) with a market value of $4.67B, the 26th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$2.17 on 6 Nov 2026.

Performance Over six months the shares fell 6.5%, against -1.3% for the median peer and -1.2% for the Singapore market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue grew 29.6% over the last twelve months (peer median +2.1%); the operating margin is 76.7% (peer median 34.8%).

Valuation It trades at 18.0× forward earnings against a peer median of 21.0× (7th cheapest of 19).

Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).

Relative performance

909510010511 May 202611 Aug 20266 Nov 2026Peer median 98AJBU.SI 95
Six months, rebased to 100: Keppel DC REIT against the median of its 20 peers (local-currency closes).

Keppel DC REIT financials

Reported figures in SGD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueS$472MS$441MS$310MS$281MS$277M
Revenue growth—+42%+10%+1%—
Gross profitS$390MS$365MS$253MS$228MS$225M
EBITDAS$362MS$336MS$237MS$229MS$227M
Net incomeS$445MS$428MS$301MS$119MS$231M
Free cash flowS$183MS$178MS$138MS$137MS$190M
Capital expenditureS$63.1MS$38.9MS$35.4MS$26.4MS$0
Total debtn/aS$2.39BS$1.72BS$1.48BS$1.48B

Quarterly statements and history in the cockpit →

Keppel DC REIT competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-10%0%+10%0%+10%GGCCOLDEPRCUZ8953M44USTWDAPLEN2IUSKTDXSREI-UN8952KRGRITMKRCCSH-UNMGROUTAJBU.SI6-month return →1-month return →
Up and to the right = strong over both horizons. Keppel DC REIT is the large dot.

Fundamentals: revenue growth against valuation

-20%0%+20%0×50×100×150×EPRCUZ8953M44USTWDAPLESKTDXSREI-UNKRGRITMKRCCSH-UNAJBU.SIRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Keppel DC REIT is the large dot.

Keppel DC REIT competitors and peer comparison

Head to head with its named competitors (AJBU.SI vs DLR vs EQIX vs ME8U.SI)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Keppel DC REIT AJBU.SI$4.67B-6%+30%77%18.0×n/a
Digital Realty DLR$65.9B-10%+21%20%65.9×n/a
Equinix EQIX$100B-5%+11%15%53.2×n/a
Mapletree Industrial Trust ME8U.SI$3.89B-10%-5%65%14.6×n/a
GDS Holdings Ltd. Sponsored ADR GDS$4.46B-49%+12%17%n/an/a

How Keppel DC REIT compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Keppel DC REIT against its 20 peers (data as of 6 Nov 2026)
MeasureAJBU.SIPeer medianRank in peer set
1-month return+0.9%+5.2%5th lowest of 21
6-month return-6.5%-1.3%7th lowest of 21
Distance from 52-week high-10.7%-15.5%9th highest of 21
Revenue growth (TTM)+29.6%+2.1%highest of 21
Operating margin76.7%34.8%2nd highest of 21
Forward P/E18.0×21.0×7th cheapest of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Keppel DC REIT AJBU.SISingapore$4.67B-6%+30%77%18.0×n/an/a
General de Galerias Comerciales GGC.MCSpain$4.70B0%+3%78%n/an/an/a
Americold Realty Trust COLDUnited States$4.57B+8%0%6%n/an/an/a
EPR Properties EPRUnited States$4.56B+2%+7%38%19.8×n/an/a
Cousins Properties CUZUnited States$4.87B+11%+8%24%65.6×n/an/a
Japan Metropolitan Fund Investment 8953.TJapan$4.87B-8%0%41%18.9×n/an/a
Mapletree Logistics Trust M44U.SISingapore$4.47B-6%-1%57%18.8×n/an/a
Starwood Property Trust STWDUnited States$4.46B-32%+11%73%7.7×n/an/a
Apple Hospitality REIT APLEUnited States$4.46B+34%+1%18%25.1×n/an/a
Mapletree Pan Asia Commercial Trust N2IU.SISingapore$4.89B-7%-5%64%15.6×n/an/a
Tanger SKTUnited States$4.45B+6%+11%30%34.0×n/an/a
Dexus DXS.AXAustralia$4.44B0%-28%31%10.9×n/an/a
RioCan Real Estate Investment Trust REI-UN.TOCanada$4.41B-3%-13%53%12.8×n/an/a
Nippon Prologis REIT 3283.TJapan$4.37B-8%+9%44%23.2×n/an/a
Japan Real Estate Investment 8952.TJapan$4.98B-10%-1%38%25.6×n/an/a
Kite Realty Group Trust KRGUnited States$5.04B-4%-7%23%68.2×n/an/a
Rithm Capital RITMUnited States$5.15B-6%+19%48%4.1×n/an/a
Kilroy Realty KRCUnited States$4.21B+3%-4%23%96.4×n/an/a
Chartwell Retirement Residences CSH-UN.TOCanada$5.25B+3%+24%13%147.6×n/an/a
Mirvac MGR.AXAustralia$5.27B+14%+6%20%14.8×n/an/a
OUTFRONT Media OUTUnited States$5.42B-9%+8%20%22.2×n/an/a

Questions

Who are Keppel DC REIT's main competitors?
Named competitors: Digital Realty Trust (DLR), Equinix (EQIX), Mapletree Industrial Trust (ME8U.SI), GDS Holdings (GDS). The cockpit's measured peer set (industry) also includes General de Galerias Comerciales (GGC.MC), Americold Realty Trust (COLD), EPR Properties (EPR), Cousins Properties (CUZ), Japan Metropolitan Fund Investment (8953.T), Mapletree Logistics Trust (M44U.SI).
Is Keppel DC REIT expensive compared with its peers?
On forward p/e it trades at 18.0× against a peer median of 21.0×, 7th cheapest of 19 in its peer set.
How has Keppel DC REIT stock performed?
Over six months to 6 Nov 2026 the shares returned -6.5% against -1.3% for the median peer; over one year -9.6%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.