Keppel DC Reit ( former K-Reit Asia )

Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Thu Mar 19, 2020 11:55 am

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A safe haven

Recent price weakness an opportunity to accumulate. Upgrade to Add.

Visible earnings growth in 2020F/2021F, driven by acquisitions and AEWs.

Low income risk. Long WALE of 8.6 years; forex hedged until 1H 2021.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... C2BA27EC6A
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Wed Apr 22, 2020 9:39 am

Accumulate on weakness

1QFY20 DPU of 2.09 Scts (+8.6% yoy) came in line at 22% of our forecast.

We continue to like KDC due to the high demand for data centres.

However, we think there is limited upside given its strong price appreciation.

Downgrade from Add to Hold. Accumulate on price weakness.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 1E9F01789E
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Wed Apr 22, 2020 1:15 pm

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Keppel inks deals for floating data centre park

The company aims to explore floating data centres and LNG-to-power solutions.

Keppel Data Centres has signed separate memorandums of understanding (MOU) with Toll Group and Royal Vopak, an announcement revealed. It aims to study the feasibility of developing a floating data centre park (FDCP) and LNG-to-power infrastructure in Singapore.

Keppel Data Centres and Toll Group will explore the development of a near-shore FDCP at the Loyang Offshore Supply Base, whilst Keppel Data Centres and Royal Vopak will conduct a feasibility study of establishing LNG and possibly hydrogen infrastructure for the power and cooling plants.

The FDCP is envisioned to optimise energy usage by integrating LNG and possibly hydrogen infrastructure for onsite power generation, eliminating reliance on the national grid.

Furthermore, the adjacent LNG and possibly hydrogen infrastructure will potentially allow FDCPs to tap on cold energy generated from LNG regasification to supplement the cooling load.

The exploration of hydrogen infrastructure is part of Keppel Data Centres’ strategy to work towards the decarbonisation of its operations.

FDCP utilises seawater for cooling and avoids the use of potable or industrial water, making it more energy efficient than conventional land-based data centres.

It also frees up land for other urban uses, making it a particularly attractive proposition for land-scarce cities.

Source: Singapore Business

https://sbr.com.sg/energy-offshore/news ... entre-park
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Thu Apr 23, 2020 11:14 am

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Keppel DC REIT: In a mission critical sweet spot

Keppel DC REIT’s (KDCREIT) 1Q20 results came in within our expectations, with DPU growing 8.6% YoY to 2.085 S cents.

Its operational metrics were largely stable, with portfolio occupancy of 94.7% (-0.2 ppt QoQ) and long WALE of 8.3 years.

Management highlighted that its operations have not experienced any disruptions despite the COVID-19 outbreak, given that its data centres are mission critical facilities.

In fact, the COVID-19 pandemic has expedited the adoption of technology, and the current level of data usage is something which was only expected to be seen when 5G is rolled out commercially.

However, as clients typically contract additional rack space ahead of time, KDCREIT does not expect to see a jump in revenue during this period.

In terms of financial position, KDCREIT’s aggregate leverage was healthy at 32.2%.

We believe KDCREIT will seek to make acquisitions this year, although doing physical due diligence is a challenge now.

After adjustments, we raise our fair value estimate from S$2.26 to S$2.54. HOLD.

Source: OCBC
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Tue Apr 28, 2020 8:35 am

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Keppel Corporation Ltd Announces Sale Of 38 Mln Units In Keppel Dc REIT

April 28 (Reuters) - Keppel Corporation Ltd :

* KEPPEL CORPORATION LTD ANNOUNCES SALE OF 38 MILLION UNITS IN KEPPEL DC REIT
* DEAL FOR CONSIDERATION OF S$2.42 PER UNIT
* UNIT ENTERED INTO AGREEMENT WITH CREDIT SUISSE (SINGAPORE) LTD FOR SALE OF 38 MILLION UNITS IN KEPPEL DC REIT
* DEAL FOR AGGREGATE CASH CONSIDERATION OF S$92 MILLION
* GAIN ON DISPOSAL IS EXPECTED TO BE ABOUT S$46 MILLION

Source: Reuters
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Wed Jul 22, 2020 2:45 pm

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Keppel DC REIT: Another quarter, another affirmation of quality

Keppel DC REIT’s (KDCREIT) 1H20 results came in within our expectations, with DPU jumping 13.6% YoY to 4.375 S cents.

Operationally, its portfolio occupancy saw an improvement of 1.4 ppt QoQ to 96.1% due to the inclusion of a newly acquired property which is 100% occupied.

Overall portfolio WALE remains healthy at 7.4 years.

KDCREIT’s financial position remains solid, with an aggregate leverage ratio of 34.5%, high interest coverage ratio of 12.8x and estimated debt headroom of S$284m before reaching an aggregate leverage ratio of 40%.

Given the compression in KDCREIT’s distribution yield, this also makes it favourable for management to fund DPU accretive acquisitions with a mixture of both debt and equity.

We understand that KDCREIT is currently targeting acquisition cap rates of 6.5% and above for the deals which it is evaluating.

After adjustments, our fair value is bumped up from S$2.54 to S$2.86. HOLD.

Source: OCBC
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Mon Oct 05, 2020 1:28 pm

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Keppel DC REIT (KDCREIT SP) - Potential re-rating catalysts ahead

Keppel DC REIT is a strong proxy to growing demand for data centre space, underpinned by increasing digitalisation and cloud adoption trends.

Its tenants come from fast growing industries such as internet enterprise, information technology services, telecommunications and financial services.

It is also one of the most defensive REITs given its long portfolio weighted average lease to expiry of ~7.4 years. BUY.

Source: OCBC
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby behappyalways » Sat Oct 10, 2020 12:26 pm

Keppel secures $442m EPC contract for offshore wind sector
https://splash247.com/keppel-secures-44 ... nd-sector/
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby behappyalways » Fri Oct 16, 2020 2:36 pm

Keppel DC REIT to be included in STI from Oct 19
https://www.theedgesingapore.com/news/c ... sti-oct-19
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Re: Keppel DC Reit ( former K-Reit Asia )

Postby winston » Wed Oct 21, 2020 1:55 pm

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Keppel DC REIT (KDCREIT SP) - Another solid performance

Keppel DC REIT is a strong proxy to growing demand for data centre space, underpinned by increasing digitalisation and cloud adoption trends.

Its tenants come from fast growing industries such as internet enterprise, information technology services, telecommunications and financial services.

It is also one of the most defensive REITs given its long portfolio weighted average lease to expiry of ~7.2 years. BUY.

Source: OCBC
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