研报 | 吉宝数据中心投资信托(KEPPEL DC REIT)

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增持 (维持)

收盘价:SGD 1.990 | 预测DIV:SGD 0.078

目标价:SGD 2.060 | 总回报:7.4%



2019年三季度NPI 和DPU 与我们的预测相符。9个月DPU 占2019财年预估值的74.2%。

投资组合指标健康;出租率上升0.7%,而收购后的杠杆率将稳定在30.3% (历史平均水平为30.7%)。

维持增持评级,并上调目标价至2.06新元 (先前目标价为2.00新元)。我们将预测提高2%,以反映数据中心市场日益趋紧的状况,这将为租赁提供支持。



业务量的增加足已弥补收入支持减少所带来的影响。KDC SG 5, KDC Dub 2 和Milian DC 的租赁支持截至2019年二季度,已得到充分利用。管理层评论,这些资产的稳定增长超过了此前的租赁支持。

投资组合出租率环比增长了0.3个百分点,从93.2% 提高至93.6%。这是因为KDC SG 1 (增加0.7个百分) 和KDC Dub 1 (增加3.9个百分点)签署的新租约。经改造后,KDC Dub 2的出租率增加了9.3个百分点,达到100%。




Basis Bay DC (马来西亚)的空置率仍顽固地没有得到改善。过去10个连续季度的出租率一直保持在63.1%。


空置,非数据中心的NLA 具有向数据中心(DCs)转换的潜力,使KDC 成为新加坡数据中心供应逐渐减少的受益者。当前,22,178 平方英尺的NLA,分别为来自KDC SG 1 的有6.4%,以及KDC SG 5 的有15.8%,均为非数据中心空间。KDC 正在争取获得政府的批准,为现场引入更多的IT供电,以便将KDC SG 5 的空间转换成数据中心空间。

维持增持评级,上调目标价至2.06新元 (先前目标价为2.00新元)




本文为英文翻译版本,仅供参考,一切请以英文版本为准。如果有想了解更多全球股市资讯,请关注微信公众共 “辉立资本新加坡” (SGPSPL)。同时提供在线免费开设股票账户,一个账户轻松交易美股,港股,新加坡股,中国A股,越南股票,韩国股票,德国股票,马来西亚股票,泰国股票,印尼股票,菲律宾股票,日本股票,澳大利亚股票,台湾股票,加拿大股票,英国股票,法国股票,荷兰股票,葡萄牙股票,比利时股票,土耳其股票





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