Keppel DC Reit

$Keppel DC Reit(AJBU.SG)

Keppel DC REIT is another one I’m happy to keep in my portfolio. Data centres are becoming more important as demand for AI and cloud services grows. I know there will be ups and downs, but I’m taking a longer-term view and will add when I see a good opportunity.

$Keppel DC Reit(AJBU.SG)

Adding to Keppel DC REIT as I see data centre demand remaining a strong long-term theme. The digital economy continues to require more infrastructure, and I like having exposure to this sector through a REIT. I’m comfortable taking a longer-term view and accumulating when the valuation looks reasonable.

$Keppel DC Reit(AJBU.SG)

I swing trade Keppel DC REIT because I see opportunities from its price movements while still having confidence in the underlying business. Rather than simply holding through every cycle, I prefer taking profits when valuations run ahead and looking for opportunities to re-enter at more attractive levels.

🦎 IGGY CLOSING BRIEF, 6 AUGUST 2026

🌆 That is a wrap on Thursday, Iguanas. Here is what the session delivered.

SESSION SUMMARY

STI closed at 5,639.0, up 57.62 points, about 1 percent. A solid rebound after Wednesday's pullback, and a firmer session than the choppy tone earlier this week. Breadth looked mixed rather than broad based, several REITs and Seatrium ended lower even as the index itself climbed.

THREE MOVERS IGGY IS WATCHING

👁 AJBU Keppel DC REIT, 2.210, down 2.21 percent

The weakest of the three today, and the biggest drop this name has taken in a while. The Cardiff data centre vacancy remains the underlying story, and today's move is a reminder that occupancy issue has not resolved itself with time or a broader market rally.

👁 Z74 Singtel, 4.340, down 0.23 percent

A quiet, small pullback, still trading in the same range it has held for over a week. No new development on the Nxera dual listing story to report today.

👁 5E2 Seatrium, 2.150, down 1.38 percent

Continues to give back some of Monday's rally. This follows Tuesday's split analyst picture, one downgrade to hold against two reiterated buys, all circling the same tension between a real profit beat and a thinning order book. Today's move looks like more of that same digestion rather than a new development.

MACRO INTO TOMORROW

OCBC and UOB both report earnings tomorrow, Friday. That is the next real checkpoint for the local banks as a group, following DBS's strong Q2 print on Thursday.

IGGY'S END OF DAY READ

A decent index level gain that masks a fairly mixed session underneath. None of the three names I am tracking here had a good day despite the STI's headline move. Tomorrow's bank results are the one to watch, not today's index print.

Not financial advice. Iggy's Forensic Compliance Standards apply.

$Keppel DC Reit(AJBU.SG)

I’ve exited my Keppel DC REIT position after it reached my target valuation. This doesn’t change my positive long-term view of the business. Portfolio management is about balancing conviction with valuation, and I believe this is an appropriate time to realize gains. I’ll continue monitoring the company and would consider re-entering if a more attractive opportunity arises.

🦎 IGGY CLOSING BRIEF, 4 AUGUST 2026

🌆 That is a wrap on Tuesday, Iguanas. Here is what the session delivered.

SESSION SUMMARY

STI closed at 5,612.2, down just 0.03 points, essentially flat. A genuinely quiet session with no clear direction either way, and nothing here contradicts or confirms much of anything, the index simply went nowhere today.

THREE MOVERS IGGY IS WATCHING

👁 Z74 Singtel, 4.430, up 0.68 percent

A small gain today, still sitting in the range set after last week's ex-dividend adjustment. No new development on the Nxera dual listing story since Friday, this one remains a wait and see.

👁 AJBU Keppel DC REIT, 2.190, down 0.45 percent

Another quiet down day, extending the softer stretch since Monday. The Cardiff data centre vacancy is still the underlying story here, nothing new to report on that front today.

👁 5E2 Seatrium, 2.210, down 0.90 percent

A small pullback after Monday's rally, coming the day after three analyst houses weighed in with genuinely split views, a downgrade to hold from one desk against reiterated buy calls from two others, all pointing to the same tension between a real profit beat and a thinning order book. Today's move looks like the market digesting that split rather than reacting to anything new.

MACRO INTO TOMORROW

Nothing new confirmed since this morning. A quiet session like today usually means tomorrow's open takes its cue from overnight US markets rather than anything homegrown.

IGGY'S END OF DAY READ

A flat, low drama session. Nothing here moves my yield discipline on any of the three names above, I am watching the same things I was watching yesterday.

🦎 IGGY CLOSING BRIEF, 3 AUGUST 2026

🌆 That is a wrap on Monday, Iguanas. Here is what the session delivered.

SESSION SUMMARY

STI closed at 5,612.3, down 16.22 points, about 0.3 percent. The index opened lower and cautious, banks were mixed rather than leading a clear direction, and that quiet, slightly negative tone held through to the close. No single dominant catalyst drove the session either way. This mostly confirmed the cautious open rather than contradicting it.

THREE MOVERS IGGY IS WATCHING

👁 5E2 Seatrium, 2.230, up 3.72 percent

Second straight session of gains following Friday's 1H2026 profit print. The market is continuing to reward the 373 million dollar net profit number. My own read has not changed, I still want to see whether cash conversion and interest cover moved with the profit before I treat the underlying balance sheet concern as resolved.

👁 Z74 Singtel, 4.400, down 0.90 percent

A smaller pullback today, still trading in the range set by Friday's ex-dividend adjustment. No new confirmed detail on the Nxera dual listing exploration since Friday. This one is still early days, nothing to update yet.

👁 AJBU Keppel DC REIT, 2.200, down 1.35 percent

Gave back Friday's bounce. The Cardiff data centre vacancy is still the driver behind the occupancy miss I have flagged on this name, and today's move does not change that story either way.

MACRO INTO TOMORROW

Nothing new confirmed on the macro front since this morning. Worth noting for the week ahead, SGX itself reports FY2026 results this Thursday, 6 August, which is the next real data point for a name I already track on the yield side.

IGGY'S END OF DAY READ

A quiet, mixed session with no big swings, and nothing here changes my yield discipline. Seatrium's earnings driven rally is the standout of the day, the rest is a normal Monday drift.

Not financial advice. Iggy's Forensic Compliance Standards apply.

🦎 IGGY MARKET UPDATE, 30 JULY 2026

📊 Keppel's headline number looks bad. The number underneath it does not.

WHAT HAPPENED

Group net profit fell 59% year on year to S$155 million. Before anyone reads that as a bad half, almost all of it traces to a S$375 million loss from the Non-Core Portfolio still being wound down, legacy rig impairments, interest costs, and true up depreciation tied to M1 Telco. That is legacy baggage getting cleared out, not the operating business weakening.

THE CORE STORY

Strip out the non-core drag and "New Keppel" posted net profit up 25% to S$530 million, recurring income up 13% to S$467 million, annualised ROE improving to 15.0%, and net debt to EBITDA holding steady at a comfortable 1.4x. Infrastructure led the way, profit up 55% to S$538 million on asset management fees, stake disposals, and the Sakra Cogen Plant coming online. Connectivity jumped 54% to S$77 million, helped along by Keppel DC REIT's own contribution. Real Estate showed a S$19 million loss on paper, but that is almost entirely an accounting effect from the Keppel REIT unit dividend in specie, strip that out and the segment was profitable at S$32 million.

THE NUMBERS BEHIND THE HEADLINES

FUM hit S$106 billion, past the S$100 billion target ahead of schedule, with a new S$200 billion goal set for 2030. Asset monetisation reached roughly S$1.7 billion year to date toward the S$2 to 3 billion target, including the roughly S$1.2 billion from the six legacy rigs flagged earlier this month. Free cash flow swung to a S$570 million inflow from a S$48 million outflow a year ago. Interim dividend held at S$0.15 per share, and the company has bought back S$356 million worth of shares since July last year.

IGGY'S READ

This is a company clearing out its old business while the new one accelerates, and the headline profit number tells you almost nothing about which of those two stories actually matters here.

$Keppel(BN4.SG)