Keppel DC REIT (AJBU) Fair Value & Analysis
Real Estate · SG · Market cap 5.5B SGD
Fair value as of: Aug 13, 2026
From 16 valuation models · updated today
Share price −3.1% over the past month.
Below-average quality, and screening another 35% overvalued on our models.
What matters now
- Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range (1.28 SGD to 2.81 SGD) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 1.36 SGD – 2.39 SGD · fair‑value band 1.28 SGD – 2.81 SGD · the 2.21 SGD price screens above the 1.43 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Keppel DC REIT (AJBU) currently trades at 2.21 SGD, while our model-based Fair Value estimate is 1.43 SGD, implying the stock looks roughly 35.4% overvalued today. The Quality Score stands at 43/100 (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 Aug 13, 2026
Our scenario range runs from 1.28 SGD (bear case) to 2.81 SGD (bull case); at 2.21 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -35%, AJBU screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 16 models by family
Widest divergence: Multiples (2.61 SGD) versus Growth DCF (1.07 SGD). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 44 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
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.
Full 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-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.
Company description, as reported by the company or data provider.
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.
AJBU screens 35% overvalued. Compare with MERLIN Properties SOCIMI, S.A →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Keppel DC REIT (KPDCF) (Half Year 2026) Earnings Call Highlights: Strong Growth in ...
- Is Keppel DC REIT (SGX:AJBU) Undervalued? Exploring Its Valuation After Recent Quiet Gains
- Keppel DC REIT secures full ownership of key data centres in Singapore
- Keppel DC REIT (SGX:AJBU) shareholders have earned a 13% CAGR over the last five years
Peer Group
REIT - Office · 71 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €5.66 | -63% |
| BXP, Inc BXP | $67.95 | $53.27 | -22% |
| Vornado Realty Trust VNORP | $51.75 | $41.59 | -20% |
| Alexandria Real Estate Equities, Inc ARE | $48.06 | $58.69 | +22% |
| Hudson Pacific Properties, Inc HPP | $14.31 | $4.28 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.27 SGD | 1.14 SGD | -10% |
| Cousins Properties Incorporated CUZ | $29.49 | $17.46 | -41% |
| Kilroy Realty Corporation KRC | $36.24 | $40.37 | +11% |
| DEXUS DXS | A$5.96 | A$4.49 | -25% |
| COPT Defense Properties, an S&P MidCap 400 Company CDP | $36.98 | $22.54 | -39% |
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Frequently asked questions
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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.
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