Keppel DC REIT: Hold Rating Amid Growth and Risks from Recent Acquisitions and Unresolved Issues
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Darren Chan maintains a Hold rating on Keppel DC REIT, citing growth in distribution per unit (DPU) from acquisitions and contract renewals, but notes dilution from a recent preferential offering. Concerns include overdue rent from Bluesea and increased leverage from the Tokyo DC 3 acquisition. Despite stable occupancy and strong rental reversions, unresolved issues with Guangdong data centers and no major lease renewals lead to a cautious outlook. Chan has an average return of 8.7% and a 69.64% success rate on stock recommendations.
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