Excerpts from DBS Group research report KEPPEL DC REIT (SGX: AJBU) Keppel DC Reit recent acquisitions to drive organic growth The recent completion of the Guangdong Data Centre and London Data Centre has reignited optimism for Keppel DC Reit (KDCREIT)’s growth trajectory. With data centres becoming increasingly expensive, KDCREIT has these recent acquisitions to rely on to drive organic growth in the near term while it continues to hunt for the next accretive acquisition. Near-term challenges, but fundamentals still positive Higher utility costs and rising interest rates will pose as near-term risks to KDCREIT’s earnings. Although accretion from recent acquisitions have been eroded by higher operating costs, we believe the bulk of these impacts have already been felt and factored into current share price. Going forward, growing demand for data centres and positive fundamentals in the sector will help KDCREIT return to its organic growth path....