Keppel DC REIT Price 2026 (SGX: AJBU)

Live Price Tracker, Analyst Targets & Valuation Guide

Keppel DC REIT (SGX: AJBU) is Singapore’s first and largest data centre REIT by assets under management. As of September 2026, AJBU trades at approximately S$2.19 to S$2.31 per unit. Analyst consensus puts the 12-month target price at S$2.62, representing roughly 17% upside from current levels. Goldman Sachs upgraded the stock to Buy in mid-2026 with a S$2.57 target.

This guide covers AJBU’s current price, analyst target prices, 1H 2026 financial results, and the key factors likely to move the share price over the next 12 months.

Table of Contents

AJBU Price at a Glance (September 2026)

Keppel DC REIT listed on SGX in December 2014 at S$0.93 per unit. Since then, it has grown into Asia-Pacific’s leading data centre REIT with over 20 assets across 10 countries.

The table below summarises key price and valuation metrics as of early September 2026.

Source: SGX, Keppel DC REIT 1H 2026 results release, analyst reports. Not financial advice.

Analyst Target Prices for AJBU (Sep 2026)

Multiple brokerages cover Keppel DC REIT. The consensus skews toward Buy, driven by its dominant position in AI-related data centre infrastructure. Goldman Sachs upgraded the stock from Neutral to Buy in 2026 after stronger-than-expected 1H results.

Source: Bloomberg, analyst reports as of September 2026. Target prices change over time. This is not investment advice.

A DCF-based valuation model places fair value at S$2.70 per unit. At S$2.19, the stock trades at a roughly 19% discount to that cash-flow-based estimate.

The Goldman Sachs upgrade was partly triggered by the stronger-than-expected 1H 2026 DPU growth of 11.3% year-on-year. The broker also cited improving rental reversion rates across the portfolio and a clear pipeline for further acquisitions.

1H 2026 Financial Results: Strong Across the Board

Keppel DC REIT released its 1H 2026 results in August 2026. Distributable income grew 18.5% year-on-year to S$150.67 million, driven by acquisitions and stronger same-store rental income.

Source: Keppel DC REIT 1H 2026 Results Announcement, August 2026.

The 11.3% DPU growth was achieved despite an enlarged unit base from equity fund raisings. That signals genuine underlying income growth rather than accounting adjustments.

Aggregate leverage of 34.0% leaves approximately S$673 million of debt headroom before reaching the 40% MAS threshold. This gives management flexibility to pursue acquisitions without immediately needing a new equity raise.

DPU Yield and Income Potential

Keppel DC REIT distributes income semi-annually. The 1H 2026 DPU of 5.714 cents was paid in September 2026. An annualised estimate of 11.4 cents implies a distribution yield of roughly 5.1% to 5.2% at a share price of S$2.19.

For more detail on dividend history, ex-dates, and payment schedules, see the dedicated Keppel DC REIT Dividend Guide 2026.

DPU has grown steadily over the past three years. Key milestones are shown below.

Source: SGX filings, Keppel DC REIT results announcements. FY2026 annualised estimate based on 1H 2026 DPU of 5.714 cents x 2. Not investment advice.

Key Price Drivers in 2026

Upside: AI Data Centre Demand

The global surge in AI model training and inference has dramatically increased demand for data centre capacity. Keppel DC REIT holds data centres across Singapore, Australia, Europe, and Japan — markets where hyperscaler demand growth outpaces new supply. About 95% of the portfolio’s contracted power capacity was occupied as of June 2026.

Upside: Federal Reserve Rate Cuts

The US Federal Reserve is expected to cut rates at its September 17-18, 2026 FOMC meeting. Rate cuts tend to benefit S-REITs in two ways. They reduce refinancing costs on existing debt. They also make yield-generating assets like REITs more attractive relative to bonds and savings accounts.

Keppel DC REIT’s average cost of debt stands at 2.6%, which is already competitive. A further reduction in the risk-free rate could compress REIT cap rates and support higher unit prices.

Risk: Cardiff Data Centre Occupancy Gap

Portfolio occupancy dipped to 92.5% in 1H 2026. This reflects the contract expiry at the Cardiff Data Centre in the UK. Management has flagged active leasing discussions for this asset. If Cardiff is re-leased at market rates, occupancy should recover toward the high-90s and DPU could see further upside.

Risk: Enlarged Unit Base from Equity Raises

Keppel DC REIT raised equity in both 1H 2025 and 1H 2026 to fund acquisitions. A larger unit count dilutes DPU per unit unless the acquired assets generate income at or above the cost of the raise. The 11.3% DPU growth in 1H 2026 shows that, so far, management has executed well. Investors should watch whether any future fundraise is yield-accretive.

For a broader view of data centre REITs and the S-REIT market, the Best S-REITs 2026 guide covers the sector in detail. For ETF-based exposure, see the Singapore REIT ETF guide.

How to Invest in Keppel DC REIT

Singapore retail investors can buy AJBU units through any SGX-connected brokerage account. Two popular platforms for Singapore-listed REITs are FSMOne and Interactive Brokers (IBKR), both of which offer direct SGX access.

FSMOne offers competitive brokerage rates for SGX-listed REITs and allows CPF OA/SRS funds to be used for investments. Use referral code P0544985 when signing up. More details on the FSMOne referral page.

Interactive Brokers (IBKR) is suitable for investors who also hold global ETFs or international stocks alongside their Singapore REIT positions. Use referral code jianxiong368 when registering.

For a full breakdown of how Keppel DC REIT compares to other S-REITs, see the Keppel DC REIT investor guide.

Frequently Asked Questions