研报 | 吉宝数据中心投资信托(KEPPEL DC REIT)

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2019年10月16日

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%

 

摘要

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。

 

积极方面

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%。

对2019年到期的所有贷款进行再融资,贷款期限为6年。借款的总成本预计将维持在1.7%左右。

 

消极方面:

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%。

 
 

前景
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)

我们将预测值提高了2%,以反映在数据中心日益趋紧的态势下,对其强劲需求的情况。我们的目标价为2.06新元,意味着2019财年末和2020财年末的DPU收益率分别为3.8%和4.46%。

 
 

 

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