For 1Q17, it reflected four months of contribution from
SGP3.
Shareholders of Keppel DC REIT can expect a good year for
the group, as it completed its acquisition of 90% interest in an SGP 3 in the
past month.
According to CIMB, an agreement was reached so that the economic
effect of the acquisition would have occurred on December.
"Hence, 1Q17 distributable income would have four
months of contributions from SGP 3," CIMB said, noting that for the whole
year, DPU could increase 1.7%. It noted this additional one-month contribution
from SGP 3 in 1Q17 could lend some support to unit price strength.
It added, "The acquisitions in FY16 would boost FY17
headline DPU growth by 21.3% yoy or 11.6% yoy vs. adjusted FY16 numbers,
excluding pro-rata preferential offering and one-off property tax
refund."
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