• 3Q26/9M26 DPU of 2.86/8.57 Singapore cents (+12.6%/+11.7% YoY) was in line with our expectations, forming 25%/74% of our FY26e forecast. Growth was driven by the accretive acquisition of Tokyo Data Centre 3, positive rental reversions and escalations across the portfolio, and increased effective interests in Keppel DC Singapore 3 & 4. These were partially offset by the divestment of Kelsterbach Data Centre, the absence of income from Cardiff DC, and higher finance expenses.
•  3Q26 portfolio occupancy improved 0.5 ppt QoQ to 93%, while contracted power capacity edged up to c.96% (2Q26: c.95%). Rental reversions remained strong at c.16% in 3Q26 (9M26: c.14%), while revenue at Gore Hill DC will more than double as new contracts commence in 4Q26.
•  We maintain ACCUMULATE with a lower DDM-derived TP of S$2.33 (prev. S$2.46), as we raise our cost of equity by 25bps to reflect the higher interest rate environment. We raise our FY26e DPU estimate by 1% after incorporating Tokyo DC 4 & 5 and the associated private placement. Our estimates exclude contributions from the Guangdong Data Centres. We expect FY26e rental reversions to remain around the 9M26 level of c.14%, with only 1.1% of leases by GRI due for renewal in 4Q26. The Keppel DC Singapore 8 AEI remains on track for completion in 2H27, providing further upside to DPU growth. The stock currently trades at a FY26e DPU yield of 5.5%.

Overview BLOKS is a leader in China’s assembly character toys market. The company holds over 500 patents, possesses original IP capabilities, and has non-exclusive licenses for approximately 50 well-known IPs. Its product positioning is “high quality at a reasonable price.” Leveraging its product strength and supply chain advantages, BLOKS maintains cost competitiveness while continuously expanding its product categories. The company has established a multi-channel sales network, and since 2022, has primarily focused on offline channels centered on distributors. According to...
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Overview POP MART is primarily engaged in the design and development of trendy toys. It operates a comprehensive platform covering the entire industry chain of intellectual property (IP) for trendy toys, with businesses including IP incubation and operation, trendy toys and retail, theme park and experiences, and digital entertainment. The company’s products include blind boxes, figurines, ball-jointed dolls (BJD), MEGA, plush toys, and derivatives, among others. Its self-developed products primarily feature artist-owned IPs such as THE MONSTERS, MOLLY, SKULLPANDA, and...
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