• 1Q26 DPU of 2.833 Singapore cents (+13.2% YoY) was in line with our expectations, forming 26% of our FY26e estimates. Growth was driven by the acquisitions of Tokyo Data Centre 3 and the remaining interests in Keppel DC Singapore 3 & 4, as well as stronger contributions from contract renewals and escalations, partially offset by the divestment of Kaltenbach Data Centre.
• 1Q26 portfolio rental reversion remained strong at +51% (FY25: +45%), though this was based on a very small percentage of total leases (c.0.3%). Cost of debt declined by 20bps QoQ (40bps YoY) to 2.6% and is expected to remain stable through FY26e. Portfolio occupancy eased slightly, by 0.2 ppt, to 95.6%, due to client downsizing of non–data centre space, while portfolio WALE stayed healthy at 6.5 years.
• We maintain ACCUMULATE with an unchanged DDM-derived TP of S$2.37. There is no change to our forecast. Potential recovery of over S$55mn in overdue rent from Bluesea remains a key catalyst, though still unresolved. We expect rental reversions to remain strong, but potentially lumpy for the 6% of rental income due for renewal per annum in FY26 and FY27, depending on lease maturities. There is limited first-order impact from the ongoing Middle East conflict, as electricity costs are fully passed through to colocation tenants; only common areas and vacant spaces are borne by KDCREIT, accounting for less than 3% of operating expenses. The stock trades at an FY26e DPU yield of 4.6%.

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Overview Laopu Gold (6181.HK) is the top heritage gold jewelry brand in China. Based on data of Frost & Sullivan, Laopu Gold was the first brand in the industry to introduce diamond-inlaid pure gold jewelry, leading trends for the industry. In 2025, the company’s average annualized sales per shopping mall approached nearly RMB 1 billion. According to Frost & Sullivan data, among global luxury groups operating in mainland China in 2025, the company ranked first in both sales per shopping...
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