Keppel DC REIT Share Price Target 2026: What 5 Analysts Are Predicting (Buy/Hold/Sell Verdict)

Consensus target, individual broker calls, and the full 2026 verdict for SGX: AJBU — with sources and dates for every figure.

Keppel DC REIT (SGX: AJBU) traded at S$2.24 as at 31 July 2026. Of the 15 analysts covering the stock, 14 rate it a Buy, with a consensus 12-month target of S$2.50 — about 11.6% upside. UOB Kay Hian and Lim & Tan Securities both see further gains, citing strong AI-driven data centre demand, positive rental reversions, and 1H2026 distributable income up 18.5% year-on-year.

Not financial advice. All figures are for educational reference only. Data as at 31 July 2026 unless noted.

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Keppel DC REIT Share Price Today

Keppel DC REIT (ticker AJBU) is Asia’s first pure-play data centre REIT listed on the SGX Mainboard. As at 30-31 July 2026, shares traded around S$2.24, up modestly on the day. It’s one of the most closely watched S-REITs on the exchange right now — AI infrastructure spending has turned data centre landlords into a structural growth story, and Keppel DC REIT’s 1H2026 results gave analysts fresh reason to raise their targets.

If you want the full quarter-by-quarter breakdown of those results, we’ve covered them separately in our Keppel DC REIT 1H2026 results breakdown. This article focuses specifically on what analysts think the share price is worth going into the rest of 2026.

Key Facts at a Glance

Source: Lim & Tan Securities research note (23 Jul 2026, via Minichart.com.sg), SGinvestors.io target price page (accessed 1 Aug 2026)

What Analysts Are Predicting for Keppel DC REIT in 2026

Here’s the thing about “the” analyst target — there isn’t just one. Different brokers publish different numbers, at different times, based on different assumptions. So instead of quoting a single figure, here’s the actual spread of calls on Keppel DC REIT as at end-July 2026.

UOB Kay Hian analyst Jonathan Koh maintains a Buy rating with a target price of S$2.55. Lim & Tan Securities, in a report dated 23 July 2026, rated the stock Accumulate with a S$2.65 target — they flagged it as a 13.2% upside at the time, based on their own reference price of roughly S$2.34. Using the more recent 31 July closing price of S$2.24 instead, that same S$2.65 target actually implies closer to 18.3% upside — a good reminder that “upside %” quoted in any report is only ever accurate as of that report’s publish date.

Phillip Securities / POEMS has an older Accumulate call from 17 April 2026 with a S$2.37 target — worth noting this predates the 1H2026 results, so it may understate where Phillip would land today. Maybank published a research note titled “Still Riding Data Centre Tailwinds” on 24 July 2026, maintaining a positive stance on the counter without a headline figure we could independently verify at time of writing.

Pooling all 15 analysts who cover the stock, the consensus 12-month target sits at S$2.50, with estimates ranging from a low of S$2.10 to a high of S$2.71.

Source: UOB Kay Hian, Lim & Tan Securities (via Minichart.com.sg), Phillip Securities/POEMS, SGinvestors.io consensus data. Upside figures independently recalculated by The Kopi Notes against the S$2.24 closing price on 31 Jul 2026 — treat individual broker “upside %” claims with their own report date in mind.

Why Analysts Are Bullish on Keppel DC REIT

The bull case isn’t complicated. Cloud computing and AI workloads need physical data centre capacity, and Keppel DC REIT owns a lot of it. That demand is showing up directly in the numbers.

1H2026 distributable income grew 18.5% year-on-year. DPU (Distribution Per Unit — basically how much cash each unit pays you) rose 11.3% year-on-year. Portfolio occupancy sits at a healthy 92.5%, and gearing is 34% — comfortably under the Monetary Authority of Singapore’s single 50% aggregate leverage limit for all REITs. That headroom matters: it means Keppel DC REIT can still take on more debt to fund DPU-accretive acquisitions without breaching MAS limits, which is exactly the kind of growth lever analysts like to see.

Here’s a worked example. A Singapore investor holding 5,000 units of Keppel DC REIT (worth roughly S$11,200 at S$2.24) would see a paper gain of about S$1,300 if the share price reaches the S$2.50 consensus target — on top of roughly S$560 a year in distributions at the current ~5% yield. That combination of income plus potential capital appreciation is the core of the bull case analysts are making.

For a direct read on how Keppel DC REIT stacks up against its closest listed peer, see our Keppel DC REIT vs Digital Core REIT comparison. We’ve also covered Digital Core REIT’s own 2026 outlook separately if you want a second data centre counter to compare against.

Risks to the Share Price Target

No target price is a guarantee, and it’s worth being upfront about what could push Keppel DC REIT below — or above — these estimates.

Interest rate sensitivity. Like most S-REITs, Keppel DC REIT’s valuation is sensitive to the 10-year Singapore Government Securities (SGS) yield. If risk-free rates rise, the yield spread investors demand from REITs typically has to widen too, which can compress REIT valuation multiples even if the underlying business keeps growing.

Currency exposure. Part of Keppel DC REIT’s income comes from data centres outside Singapore. Currency swings on those overseas earnings, once translated back into SGD, can add noise to reported DPU growth from one period to the next.

Sector concentration. Unlike a diversified REIT spanning retail, office, and industrial assets, Keppel DC REIT is a pure-play on one property type. That’s the source of its AI-driven upside — but it also means a slowdown in data centre demand, or faster-than-expected new supply from rivals like Digital Core REIT and NTT DC REIT, would hit Keppel DC REIT harder than a diversified peer.

Analyst targets are estimates, not promises. The S$2.10–S$2.71 range across just three named brokers above shows how much individual analyst targets can disagree. Treat the S$2.50 consensus as a reasonable base case, not a floor or a certainty.

Is Keppel DC REIT a Buy in 2026?

Keppel DC REIT may suit you if you want exposure to the AI/data centre structural growth theme through a REIT wrapper rather than direct tech stocks, you’re comfortable holding a single-sector counter, and you’re an income-plus-growth investor who likes the current ~5% yield stacked on top of double-digit consensus upside.

Consider alternatives if you’d rather have diversified S-REIT exposure across multiple property types — our best S-REITs in Singapore 2026 guide is a good starting point — or if you specifically want to compare data centre pure-plays before choosing one, in which case the Keppel DC REIT vs Digital Core REIT comparison linked above walks through the trade-offs directly.

Before buying any individual REIT counter, it’s worth checking the underlying balance sheet health yourself rather than relying purely on analyst commentary — our S-REIT Gearing Ratio & ICR Calculator lets you plug in a REIT’s own numbers and see how much headroom it really has before covenants get tight.

Keppel DC REIT (AJBU) trades on the SGX Mainboard and can be bought through any SGX-linked brokerage — Interactive Brokers, UOB Kay Hian, moomoo, or Syfe’s brokerage platform are all common choices among Singapore investors. As always, check your own broker’s fees and whether the counter fits your existing portfolio’s REIT exposure before adding it.

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