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Analysts stay positive on Keppel DC REIT but with trimmed TPs

Chloe Lim
Chloe Lim1/25/2022 4:40 PM GMT+08  • 5 min read
Analysts stay positive on Keppel DC REIT but with trimmed TPs
CGS-CIMB and DBS Group Research analysts observe upbeat FY2021 earnings reported by Keppel DC REIT (KDC)
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CGS-CIMB and DBS Group Research analysts observe upbeat FY2021 earnings reported by Keppel DC REIT (KDC), driven by acquisitions, AEIs, and higher occupancy rate.

However, for CGS-CIMB analysts Eing Kar Mei and Lock Mun Yee, they’ve lowered their target price on this stock to $2.70 from $2.78 previously, to take into account higher cost of equity assumptions in view of the increasing interest rate environment.

The analysts, who are keeping their “add” call on KDC, noted that its FY2021 revenue increased 2.1% y-o-y to $271.1 million, driven by asset enhancement initiative contributions from Dublin and Singapore assets, full-year contribution from Kelsterbach and Amsterdam DC, as well as the acquisitions of Eindhoven and Guangdong DC.

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