Keppel DC REIT

SGX:AJBU Stock Report

Market Cap: S$5.8b

Keppel DC REIT Valuation

Is AJBU undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AJBU when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

S$4
Fair Value
39.5% undervalued intrinsic discount
15
Number of Analysts

Below Fair Value: AJBU (SGD2.42) is trading below our estimate of fair value (SGD4)

Significantly Below Fair Value: AJBU is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AJBU?

Key metric: As AJBU is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AJBU. This is calculated by dividing AJBU's market cap by their current earnings.
What is AJBU's PE Ratio?
PE Ratio18.1x
EarningsS$326.15m
Market CapS$5.83b

Price to Earnings Ratio vs Peers

How does AJBU's PE Ratio compare to its peers?

The above table shows the PE ratio for AJBU vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16x
DCRU Digital Core REIT
3.3x-73.53%US$665.0m
ME8U Mapletree Industrial Trust
17.6x4.61%S$5.8b
N2IU Mapletree Pan Asia Commercial Trust
11.3x-10.49%S$7.8b
M44U Mapletree Logistics Trust
31.8x11.85%S$6.7b
AJBU Keppel DC REIT
18.1x0.54%S$5.9b

Price-To-Earnings vs Peers: AJBU is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the peer average (16x).

Price to Earnings Ratio vs Industry

How does AJBU's PE Ratio compare vs other companies in the Global Specialized REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
AJBU 18.1xIndustry Avg. 17.0xNo. of Companies6PE01224364860+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AJBU is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the Global Specialized REITs industry average (17x).

Price to Earnings Ratio vs Fair Ratio

What is AJBU's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AJBU PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.1x
Fair PE Ratio17.3x

Price-To-Earnings vs Fair Ratio: AJBU is expensive based on its Price-To-Earnings Ratio (18.1x) compared to the estimated Fair Price-To-Earnings Ratio (17.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AJBU forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$2.42
S$2.60
+7.46%
5.40%S$2.83S$2.30n/a15
Nov ’26S$2.39
S$2.59
+8.42%
4.98%S$2.80S$2.30n/a15
Oct ’26S$2.39
S$2.50
+4.77%
6.58%S$2.70S$2.10n/a15
Sep ’26S$2.37
S$2.50
+5.63%
6.74%S$2.71S$2.10n/a15
Aug ’26S$2.29
S$2.48
+8.27%
6.02%S$2.70S$2.10n/a15
Jul ’26S$2.32
S$2.46
+6.16%
7.51%S$2.87S$2.10n/a14
Jun ’26S$2.19
S$2.44
+11.35%
6.09%S$2.70S$2.10n/a14
May ’26S$2.16
S$2.43
+12.57%
6.37%S$2.70S$2.10n/a14
Apr ’26S$2.15
S$2.44
+13.70%
6.62%S$2.70S$2.10n/a13
Mar ’26S$2.07
S$2.45
+18.58%
5.70%S$2.70S$2.25n/a13
Feb ’26S$2.20
S$2.41
+9.65%
4.67%S$2.60S$2.25n/a13
Jan ’26S$2.18
S$2.37
+8.57%
6.56%S$2.64S$2.16n/a13
Dec ’25S$2.22
S$2.36
+6.27%
6.77%S$2.64S$2.16n/a13
Nov ’25S$2.27
S$2.23
-1.76%
8.31%S$2.50S$1.79S$2.3912
Oct ’25S$2.18
S$2.06
-5.43%
9.75%S$2.30S$1.72S$2.3912
Sep ’25S$2.13
S$1.95
-8.57%
9.61%S$2.29S$1.65S$2.3712
Aug ’25S$2.09
S$1.91
-8.41%
10.06%S$2.29S$1.65S$2.2912
Jul ’25S$1.81
S$1.88
+3.87%
9.69%S$2.20S$1.60S$2.3212
Jun ’25S$1.80
S$1.88
+4.21%
9.35%S$2.20S$1.60S$2.1912
May ’25S$1.71
S$1.90
+10.98%
9.73%S$2.20S$1.60S$2.1613
Apr ’25S$1.74
S$1.90
+9.28%
9.13%S$2.20S$1.60S$2.1513
Mar ’25S$1.69
S$1.90
+12.52%
9.13%S$2.20S$1.60S$2.0713
Feb ’25S$1.68
S$1.96
+16.50%
9.56%S$2.26S$1.60S$2.2014
Jan ’25S$1.95
S$2.14
+9.55%
10.77%S$2.53S$1.60S$2.1813
Dec ’24S$1.92
S$2.12
+10.58%
11.11%S$2.53S$1.60S$2.2213
Nov ’24S$1.70
S$2.12
+24.89%
11.11%S$2.53S$1.60S$2.2713
S$2.6
Fair Value
6.9% undervalued intrinsic discount
15
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/11 17:20
End of Day Share Price 2025/11/11 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Keppel DC REIT is covered by 23 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Donald ChuaBofA Global Research
Mun Yee LockCGS International
Justin JenkinsCGS International