# Keppel DC REIT (KPDCF.US)

Canonical: https://gigainvestors.com/s/KPDCF

Analysis as of: 2026-10-16T07:33:38.163Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $1.66 per share; close as of 2026-10-14.

Estimated value: low $0.93 per share, central $1.04 per share, high $1.20 per share. Buy at or below the central value $1.04 per share. Valuation as of 2026-10-16T07:33:38.163Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.04×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.78×

- FY2020: 0.80×

- FY2021: 0.80×

- FY2022: 0.79×

- FY2023: 0.76×

- FY2024: 0.71×

- FY2025: 0.75×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 4.0 pp

- Typical gross margin (annual median): 81.4%

- Recent gross margin (lower of latest and 3-year median): 77.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.4%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 5.1%

- FY2020: 6.4%

- FY2021: 5.8%

- FY2022: 5.2%

- FY2023: 5.1%

- FY2024: 4.2%

- FY2025: 4.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.64×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 889M

- Net income, five-year total: SGD 1.4B

- Return on incremental invested capital: 4.7%

- Working capital / revenue, annual change: -8.4 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.36×

- FY2022: 0.77×

- FY2023: 1.56×

- FY2024: 0.63×

- FY2025: 0.52×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.8% vs 4.9%

- Per-share earnings: 0.10 to 0.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.0%

- Diluted shares, 5-year annual growth: 7.0%

- Per-share value growth: 13.5%

- Per-share value change: SGD 0.07

- Per-share value, starting three-year median: SGD 0.10

- Per-share value, ending three-year median: SGD 0.17

- Average buyback yield: 1.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2019: SGD 0.08

- FY2020: SGD 0.10

- FY2021: SGD 0.18

- FY2022: SGD 0.13

- FY2023: SGD 0.07

- FY2024: SGD 0.17

- FY2025: SGD 0.19

### accounting: pass

- Sloan accruals: 2.4%

- Receivables to sales index (DSRI): 1.35×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -1.7%

- FY2020: -2.0%

- FY2021: 3.2%

- FY2022: 0.3%

- FY2023: -2.3%

- FY2024: 1.4%

- FY2025: 2.4%

## Holders

## Price story

Down 25% since Feb 2026 · sales +42.2%

Story as of 2026-10-16T09:59:56.259Z; price observation 2026-10-14.

Price needs cash profits to grow 7.2% a year for ten years

### Sales · FY2024–2025

sales +42.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: SGD 195M 

- FY2020: SGD 266M 

- FY2021: SGD 271M 

- FY2022: SGD 277M 

- FY2023: SGD 281M 

- FY2024: SGD 310M 

- FY2025: SGD 441M 

### Gross margin · FY2025

gross margin 78.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 82.8% 

- FY2020: 83.6% 

- FY2021: 82.6% 

- FY2022: 81.4% 

- FY2023: 77.4% 

- FY2024: 74.7% 

- FY2025: 78.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are SGD 441.4 million.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2025-12-31 (filed 2026-10-16T07:33:38.163Z); FY2025: revenue 441362000; grossProfit 344988000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 74.7% to 78.2% during 2023–25; it earns 5.1% on its capital.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2023-12-31 (filed 2026-10-16T07:33:38.163Z); FY2023: grossProfit / revenue = 77.4%.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2024-12-31 (filed 2026-10-16T07:33:38.163Z); FY2024: grossProfit / revenue = 74.7%.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2025-12-31 (filed 2026-10-16T07:33:38.163Z); FY2025: grossProfit / revenue = 78.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.163Z); 7-year return on capital observations [[2019,0.0513131077682908],[2020,0.06439901274353893],[2021,0.05780637115828192],[2022,0.0517015274690043],[2023,0.051189703163636927],[2024,0.04196503330564314],[2025,0.04864842420507406]]; median 0.0513131077682908. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2019-12-31 (filed 2026-10-16T07:33:38.163Z); FY2019: growth capex 0; upkeep 0; owner earnings 110865000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2020-12-31 (filed 2026-10-16T07:33:38.163Z); FY2020: growth capex 0; upkeep 59557000; owner earnings 175427000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2021-12-31 (filed 2026-10-16T07:33:38.163Z); FY2021: growth capex 0; upkeep 77571000; cash acquisitions 55718000; owner earnings 113930000. Growth capex plus acquisitions / owner earnings = 0.48905468269990343.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2022-12-31 (filed 2026-10-16T07:33:38.163Z); FY2022: growth capex 0; upkeep 39422000; cash acquisitions 0; owner earnings 178869000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2023-12-31 (filed 2026-10-16T07:33:38.163Z); FY2023: growth capex 0; upkeep 26436000; owner earnings 184348000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2024-12-31 (filed 2026-10-16T07:33:38.163Z); FY2024: growth capex 0; upkeep 35409000; owner earnings 188326000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/KPDCF.US.json#2025-12-31 (filed 2026-10-16T07:33:38.163Z); FY2025: growth capex 0; upkeep 38923000; owner earnings 223906000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.163Z); Dividend observations: [[2019,126541000],[2020,103272000],[2021,181962000],[2022,146876000],[2023,175671000],[2024,152960000],[2025,203994000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KPDCF.US SharesStats.PercentInsiders = 0.038 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.163Z); Ten-year compound average after fade. Initial solved rate 0.09003573774622442. Price 1.66; FX 0.7802; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-14.

## Monthly share-price history (USD per share)

- 2019-10: $1.55 per share

- 2019-11: $1.55 per share

- 2019-12: $1.55 per share

- 2020-01: $1.64 per share

- 2020-02: $1.64 per share

- 2020-03: $1.50 per share

- 2020-04: $1.50 per share

- 2020-05: $1.50 per share

- 2020-06: $1.75 per share

- 2020-07: $1.75 per share

- 2020-08: $2.00 per share

- 2020-09: $2.08 per share

- 2020-10: $2.15 per share

- 2020-11: $2.25 per share

- 2020-12: $2.11 per share

- 2021-01: $2.10 per share

- 2021-02: $2.15 per share

- 2021-03: $2.10 per share

- 2021-04: $2.20 per share

- 2021-05: $1.87 per share

- 2021-06: $1.89 per share

- 2021-07: $1.94 per share

- 2021-08: $1.90 per share

- 2021-09: $1.90 per share

- 2021-10: $1.73 per share

- 2021-11: $1.73 per share

- 2021-12: $1.76 per share

- 2022-01: $1.76 per share

- 2022-02: $1.76 per share

- 2022-03: $1.76 per share

- 2022-04: $1.76 per share

- 2022-05: $1.76 per share

- 2022-06: $1.76 per share

- 2022-07: $1.45 per share

- 2022-08: $1.45 per share

- 2022-09: $1.22 per share

- 2022-10: $1.20 per share

- 2022-11: $1.20 per share

- 2022-12: $1.33 per share

- 2023-01: $1.33 per share

- 2023-02: $1.33 per share

- 2023-03: $1.57 per share

- 2023-04: $1.56 per share

- 2023-05: $1.56 per share

- 2023-06: $1.58 per share

- 2023-07: $1.58 per share

- 2023-08: $1.58 per share

- 2023-09: $1.58 per share

- 2023-10: $1.52 per share

- 2023-11: $1.40 per share

- 2023-12: $1.40 per share

- 2024-01: $1.15 per share

- 2024-02: $1.15 per share

- 2024-03: $1.20 per share

- 2024-04: $1.23 per share

- 2024-05: $1.23 per share

- 2024-06: $1.36 per share

- 2024-07: $1.44 per share

- 2024-08: $1.23 per share

- 2024-09: $1.79 per share

- 2024-10: $1.75 per share

- 2024-11: $1.70 per share

- 2024-12: $1.63 per share

- 2025-01: $1.60 per share

- 2025-02: $1.33 per share

- 2025-03: $1.33 per share

- 2025-04: $1.86 per share

- 2025-05: $1.80 per share

- 2025-06: $1.80 per share

- 2025-07: $1.90 per share

- 2025-08: $1.84 per share

- 2025-09: $1.88 per share

- 2025-10: $1.85 per share

- 2025-11: $1.51 per share

- 2025-12: $1.66 per share

- 2026-01: $1.68 per share

- 2026-02: $2.20 per share

- 2026-03: $1.74 per share

- 2026-04: $1.92 per share

- 2026-05: $1.80 per share

- 2026-06: $1.74 per share

- 2026-07: $1.77 per share

- 2026-08: $1.75 per share

- 2026-09: $1.61 per share

- 2026-10: $1.66 per share

## Annual estimated value (USD per share)

- FY2023: low $0.96 per share, central $1.08 per share, high $1.25 per share

- FY2024: low $1.11 per share, central $1.24 per share, high $1.42 per share

- FY2025: low $1.12 per share, central $1.25 per share, high $1.44 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations