Keppel DC REIT

SGX:AJBU Stock Report

Market Cap: S$3.7b

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.

Below Fair Value: AJBU (SGD2.12) is trading below our estimate of fair value (SGD3.88)

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 Ratio24.3x
EarningsS$150.77m
Market CapS$3.66b

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 Average21.4x
J69U Frasers Centrepoint Trust
19.2x4.5%S$3.8b
T82U Suntec Real Estate Investment Trust
18.2x4.8%S$3.4b
K71U Keppel REIT
26.2x12.2%S$3.2b
BUOU Frasers Logistics & Commercial Trust
21.8x11.1%S$3.2b
AJBU Keppel DC REIT
24.3x13.5%S$3.7b

Price-To-Earnings vs Peers: AJBU is expensive based on its Price-To-Earnings Ratio (24.3x) compared to the peer average (21.4x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
AJBU 24.3xIndustry Avg. 18.6xNo. of Companies6PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AJBU is expensive based on its Price-To-Earnings Ratio (24.3x) compared to the Global Specialized REITs industry average (18.6x).

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 Ratio24.3x
Fair PE Ratio21.2x

Price-To-Earnings vs Fair Ratio: AJBU is expensive based on its Price-To-Earnings Ratio (24.3x) compared to the estimated Fair Price-To-Earnings Ratio (21.2x).

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$2.12
S$2.37
+11.6%
6.6%S$2.64S$2.16n/a13
Dec ’25S$2.22
S$2.36
+6.3%
6.8%S$2.64S$2.16n/a13
Nov ’25S$2.27
S$2.23
-1.8%
8.3%S$2.50S$1.79n/a12
Oct ’25S$2.18
S$2.06
-5.4%
9.8%S$2.30S$1.72n/a12
Sep ’25S$2.13
S$1.95
-8.6%
9.6%S$2.29S$1.65n/a12
Aug ’25S$2.09
S$1.91
-8.4%
10.1%S$2.29S$1.65n/a12
Jul ’25S$1.81
S$1.88
+3.9%
9.7%S$2.20S$1.60n/a12
Jun ’25S$1.80
S$1.88
+4.2%
9.3%S$2.20S$1.60n/a12
May ’25S$1.71
S$1.90
+11.0%
9.7%S$2.20S$1.60n/a13
Apr ’25S$1.74
S$1.90
+9.3%
9.1%S$2.20S$1.60n/a13
Mar ’25S$1.69
S$1.90
+12.5%
9.1%S$2.20S$1.60n/a13
Feb ’25S$1.68
S$1.96
+16.5%
9.6%S$2.26S$1.60n/a14
Jan ’25S$1.95
S$2.14
+9.5%
10.8%S$2.53S$1.60n/a13
Dec ’24S$1.92
S$2.12
+10.6%
11.1%S$2.53S$1.60S$2.2213
Nov ’24S$1.70
S$2.12
+24.9%
11.1%S$2.53S$1.60S$2.2713
Oct ’24S$2.08
S$2.25
+8.2%
7.3%S$2.53S$1.92S$2.1813
Sep ’24S$2.20
S$2.23
+1.2%
8.2%S$2.53S$1.90S$2.1314
Aug ’24S$2.17
S$2.23
+2.9%
8.2%S$2.53S$1.90S$2.0914
Jul ’24S$2.16
S$2.18
+1.0%
7.3%S$2.40S$1.90S$1.8114
Jun ’24S$2.10
S$2.19
+4.0%
7.4%S$2.40S$1.90S$1.8014
May ’24S$2.15
S$2.13
-0.8%
9.3%S$2.40S$1.83S$1.7114
Apr ’24S$2.06
S$2.09
+1.5%
9.2%S$2.39S$1.83S$1.7413
Mar ’24S$1.99
S$2.06
+3.7%
9.6%S$2.39S$1.83S$1.6912
Feb ’24S$2.11
S$2.04
-3.3%
9.3%S$2.39S$1.79S$1.6812
Jan ’24S$1.77
S$1.97
+11.5%
5.8%S$2.20S$1.79S$1.9512
Dec ’23S$1.88
S$2.01
+7.0%
8.0%S$2.40S$1.79S$1.9212

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 Analysis2024/12/20 17:50
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Keppel DC REIT is covered by 24 analysts. 12 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
Siti Bte SalikinCFRA Equity Research
Justin JenkinsCGS International