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Alignment Elite	25-May-2026 20:54        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	35-45% upside target prices for a REIT!
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Joelton Supreme	19-May-2026 10:37        Joelton About Contact  Quote this Post!
x 0   x 0  Alert Admin	DBS, UOB Kay Hian raise respective target prices for NTT DC REIT Analysts have raised their respective target prices for NTT DC REIT after it reported higher than expected numbers for its FY2026, thanks to higher tenant fit out income, higher co-location revenue, lower taxes and favourable forex. For the year to March, revenue reached US$164.8 million, up 2.5% above the forecast provided at the time of its IPO last July, while net property income of US$74.9 million was 2.3% ahead. Distribution per unit for the July 14 to March 31 period was 5.56 US cents, 2.6% above forecast, thanks partly to lower borrowing costs. On an annualised basis, DPU would have been 7.81 US cents. As at March 31, portfolio occupancy improved 0.5 percentage points q-o-q to 95.1%, while committed occupancy was higher at 98.5%. Rental reversion, meanwhile, was up 8.5% for FY2026, or a jump of 13.7% including the NTT Singapore renewal at SG1, the Singapore-sited data centre, that will be recorded in 1Q FY2027 and portfolio valuation up 11.3% to US$1.67 billion. Gearing was down 29.2% from 32.5% q-o-q while total debt fell to US$517 million from US$523 million. In his May 14 note, Dale Lai of DBS Group Research has not only kept his " buy" call on this stock, he has raised his target price slightly as well from US$1.20 to US$1.30, after he raised his FY2027 DPU estimates by 2.5% to reflect better-than-expected operational numbers. " Forward earnings visibility remains well supported by NTT DC REIT&rsquo s high committed occupancy, positive rental reversions, and strong tenant retention rates across its portfolio," says Lai. " Based on our understanding, management is already in advanced renewal discussions with the respective tenants and remains confident of securing renewals at healthy positive rental reversions, underpinned by continued robust demand for high-quality data centre capacity," adds Lai. Lai sees several potential near-term catalysts that could further support a re-rating of the stock. These include a potential revision to the management fee structure targeted for implementation sometime in 3Q FY2027 possible index inclusion following the publication of its first annual report, likely in July, and also, the announcement of a maiden accretive acquisition. Jonathan Koh of UOB Kay Hian has similarly stayed bullish on this stock. From an initial target price of US$1.42, he figures NTT DC REIT is worth US$1.43, with an " attractive" FY2027 DPU yield of 7.7% and 8.0% for FY2028, which is the highest among data centre REITs, NTT DC REIT remains a " buy" for Koh. The REIT, according to Koh, is exploring various acquisitions, including a hyperscale 24MW DC in Frankfurt valued at US$450 - 500 million in 1HFY2027, which is expected to provide an NPI yield of above 6%. The REIT is also in talks with other entities within the NTT Group to acquire stabilised data centres within Japan, including a 20MW DC in Tokyo, which is expected to provide an NPI yield of above 5%. NTT DC REIT units closed at US$1.01, down 1.94% for the day.
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chengwh1 Elite	15-May-2026 20:11        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thank you, Alignment. Ok. Perhaps I did not read the small prints closely enough. I' d like to point out too that the Vienna Data Center (VIE1) started contributing rental income two weeks earlier, from 1.7.25, whereas the other properties started contributing from the Listing Date, 14.7.25. For myself, I must say this is the first time I' m seeing an IPO DPU Forecasts for a REIT being so ' complicated' to read. This year' s dpu would be better than the forecast too, after SG1 having been renewed at a good deal. SG1' s lease started on 1.4.26. This REIT looks to be good. Alignment      ( Date: 13-May-2026 19:48) Posted: Commercially speaking WxWxWx is definitely correct. The company is only paying out 9 mnths worth of DPU, because from the IPO to the end financial date has been 9 months. As to the language you point to, my guess is that the date of constitution is when the REIT was formed, but at that point in time it was an empty shell. The assets the REIT now owns were only injected into the REIT immediately before the IPO, so in terms of the assets' financial contribution to the REIT there have only been 9 months. For the first 3 months the REIT was empty. You can see this from the revenue line. The 1H figure is a lot lower than the 2H figure. chengwh1      ( Date: 13-May-2026 10:04) Posted: Reading the documents again closely, including the Prospectus, the following details are referred to. On pg 5 of the FY25-26 Results, small print Note (2) :- The actual financial results reported cover the period from 28 March 2025 (the &ldquo Date of Constitution&rdquo ) to 31 March 2026 and include the financial performance of the properties from their respective Completion Dates. The above clearly says the financial results cover from 28.3.25 last year till this year, 31.3.26, which would be a few days more than 365-days. So, why are we saying it' s 9 mths ? Hey,... thank you for helping out here, bro,..
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Alignment Elite	13-May-2026 19:48        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Commercially speaking WxWxWx is definitely correct. The company is only paying out 9 mnths worth of DPU, because from the IPO to the end financial date has been 9 months. As to the language you point to, my guess is that the date of constitution is when the REIT was formed, but at that point in time it was an empty shell. The assets the REIT now owns were only injected into the REIT immediately before the IPO, so in terms of the assets' financial contribution to the REIT there have only been 9 months. For the first 3 months the REIT was empty. You can see this from the revenue line. The 1H figure is a lot lower than the 2H figure. chengwh1      ( Date: 13-May-2026 10:04) Posted: Reading the documents again closely, including the Prospectus, the following details are referred to. On pg 5 of the FY25-26 Results, small print Note (2) :- The actual financial results reported cover the period from 28 March 2025 (the &ldquo Date of Constitution&rdquo ) to 31 March 2026 and include the financial performance of the properties from their respective Completion Dates. The above clearly says the financial results cover from 28.3.25 last year till this year, 31.3.26, which would be a few days more than 365-days. So, why are we saying it' s 9 mths ? Hey,... thank you for helping out here, bro,... WxWxWx      ( Date: 13-May-2026 08:51) Posted: It is listed for 9 months and therefore can only pay out 9 months dividend. So, use 75 percent mulitply by the full year dividend on prospectus.
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Joelton Supreme	13-May-2026 10:07        Joelton About Contact  Quote this Post!
x 0   x 0  Alert Admin	NTT DC Reit posts H2 DPU of US$0.0387, beating IPO forecast by 2.4% This comes as revenue &ndash at US$115.3 million &ndash also exceeds earlier projections [SINGAPORE] The manager of NTT DC Real Estate Investment Trust (Reit) on Tuesday (May 12) reported a distribution per unit (DPU) of US$0.0387 for its second half ended Mar 31. This beat the DPU of US$0.0378 forecast in the Reit&rsquo s initial public offering by 2.4 per cent. NTT DC Reit debuted on the mainboard of the Singapore Exchange in July 2025. Revenue came in at US$115.3 million for the half-year, exceeding its IPO forecast of US$112.1 million by 2.8 per cent. The manager attributed this to higher revenue from the Reit&rsquo s colocation and power services, as well as an increase in tenant fit-out revenue from &ldquo heightened leasing activity and additional customisation works&rdquo for its US portfolio. Net property income (NPI) beat the IPO forecast by 2.5 per cent, at US$52.4 million for H2 FY2026. Besides higher revenue, this was also driven by lower-than-expected real estate taxes and a favourable foreign-exchange impact. These, however, were partially offset by higher repair and maintenance costs and other property expenses. Distributable income stood at US$40.1 million, versus US$39.2 million in the IPO forecast. The distribution will be paid out on Jun 29. For the full year ended Mar 31, NTT DC Reit&rsquo s revenue was US$164.8 million, coming in 2.5 per cent higher than the IPO forecast. NPI, at US$74.9 million, beat the forecast by 2.3 per cent. Full-year DPU was US$0.0556, exceeding the IPO forecast of US$0.0542. Distributable income was also higher than expected, at US$57.5 million. The manager said that the Reit&rsquo s outlook is &ldquo underpinned by strong leasing demand, consistent execution of strategic initiatives and favourable tailwinds in the data centre industry&rdquo . It added that it &ldquo remains mindful of ongoing geopolitical uncertainties and the potential impact on global demand, supply chains and capital market conditions&rdquo .
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chengwh1 Elite	13-May-2026 10:04        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Reading the documents again closely, including the Prospectus, the following details are referred to. On pg 5 of the FY25-26 Results, small print Note (2) :- The actual financial results reported cover the period from 28 March 2025 (the &ldquo Date of Constitution&rdquo ) to 31 March 2026 and include the financial performance of the properties from their respective Completion Dates. The above clearly says the financial results cover from 28.3.25 last year till this year, 31.3.26, which would be a few days more than 365-days. So, why are we saying it' s 9 mths ? Hey,... thank you for helping out here, bro,... WxWxWx      ( Date: 13-May-2026 08:51) Posted: It is listed for 9 months and therefore can only pay out 9 months dividend. So, use 75 percent mulitply by the full year dividend on prospectus.
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WxWxWx Member	13-May-2026 08:51        WxWxWx About Contact  Quote this Post!
x 0   x 0  Alert Admin	It is listed for 9 months and therefore can only pay out 9 months dividend. So, use 75 percent mulitply by the full year dividend on prospectus.
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chengwh1 Elite	13-May-2026 01:22        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I have some uncertainties here. Based on the IPO Prospectus earlier, it was said that NTT DC REIT has an indicative distribution yield of 7.5% at the Offer Price of USD1.00. Working into this prediction, a distribution yield of 7.5% against USD1.00 would provide a dividend payout of 7.5 US Cts. Why are the BT Article and the ' FY25-26 Results MR.pdf' say the full-year DPU as per the IPO forecast is ONLY US$0.0542 ? Small-prints (b) in the Media Release is ' confusing' ,... Hoped somebody can shed some light here,... Thank you,.. Note : I was expecting at least 7.5 US cts payout this round. WxWxWx      ( Date: 12-May-2026 21:47) Posted: Combed through the results and did not find stuff that are bad. Media report also didnt find anything that is really bad. https://www.businesstimes.com.sg/companies-markets/ntt-dc-reit-posts-h2-dpu-us0-0387-beating-ipo-forecast-2-4
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WxWxWx Member	12-May-2026 21:47        WxWxWx About Contact  Quote this Post!
x 0   x 0  Alert Admin	Combed through the results and did not find stuff that are bad. Media report also didnt find anything that is really bad. https://www.businesstimes.com.sg/companies-markets/ntt-dc-reit-posts-h2-dpu-us0-0387-beating-ipo-forecast-2-4
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JurongW Elite	12-May-2026 19:33        JurongW About Contact  Quote this Post! Style: Combined   Mood: Yells: "Earnings give weight, Chart give wings"
x 0   x 0  Alert Admin	NTT DC REIT Delivers FY25/26 DPU of 5.56 US cents, 2.6% Above IPO Forecast https://links.sgx.com/1.0.0/corporate-announcements/TKVC2GLR5JBL9TYG/888502_FY25-26%20Results%20MR.pdf
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Alignment Elite	27-Apr-2026 10:08        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Trump has now TACOed on pursing Powell with the DOJ, opening the way for lower interest rates with the new Fed Chairman coming in. Good obviously for US$ denominated bonds and REITs including this one.
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chengwh1 Elite	23-Apr-2026 12:23        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	I would believe the prbs faced by a USD-denominated share be smaller compared to other-currency-denominated ctrs, with the universal acceptance of the USD globally. SGX too wold not allow such listings if the demand is not there, but, without proper figures, all these discussions remain academic and postulations. I always travel,... I wouldn' t want to pay option fees to hedge my USD earnings. The USD will always have a chance to strengthen back. Alignment      ( Date: 11-Apr-2026 10:24) Posted: Different types of investors will have different perspectives and constraints. Most retail investors won' t hedge because they are either not sophisticated enough or they will be happy with taking the US$ risk and/or see it as a diversifer to their S$ assets. International institutional investors especially those denominated in US$ will also not need to hedge. The main problem is faced by those local institutional investors denominated in S$. These people are unlikely to want to live with the currency risk, so either they hedge or they don' t invest. Either has a negative impact on demand for the share. The proportion of these people as a % of total demand for the stock is likely to be not small given this stock is listed on SGX. That' s a problem of being a US$ denominated stock on SGX. If you don' t need/want to hedge then clearly the yield is attractive.  There are a number of ways to hedge, but one common way is the following: say you start off in S$ cash. You do a spot trade sell S$ buy US$ which gives you the US$ to buy this stock. At the same time you enter into a one year forward transaction to sell US$ buy S$, reversing the spot trade. The one year forward rate will depend on the relative interest rates of US$ and S$. Largely because of Trump' s recent actions the US$ rate has gone up recently so there is a 2% or more differential between US$ and S$ rates. Hence the one year forward rate will give you back about 2% less S$ than what you used in the spot transaction to buy US$. Look at it as a 2% spread between the spot rate and the 1 year foward. You are buying US$ now and at the same time selling US$ in one year at a 2% discount to the rate you are buying now, locking yourself into a 2% loss on FX in a year. Hopefully you more than make it up from the stock itself. chengwh1      ( Date: 10-Apr-2026 22:48) Posted: Since the dividend will be paid-out in USD, I think there is no problem holding-on to some USDs. The USD might strengthen in future,... currencies are cyclical too.  How do unitholders hedge from USD to S$ pls ? How to pay the 2%
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Alignment Elite	22-Apr-2026 18:46        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Creeping back towards $1. Now the highest it has been since the US war with Iran started.
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Alignment Elite	11-Apr-2026 10:24        Alignment About Contact  Quote this Post! Style: Fundamental
x 1   x 0  Alert Admin	Different types of investors will have different perspectives and constraints. Most retail investors won' t hedge because they are either not sophisticated enough or they will be happy with taking the US$ risk and/or see it as a diversifer to their S$ assets. International institutional investors especially those denominated in US$ will also not need to hedge. The main problem is faced by those local institutional investors denominated in S$. These people are unlikely to want to live with the currency risk, so either they hedge or they don' t invest. Either has a negative impact on demand for the share. The proportion of these people as a % of total demand for the stock is likely to be not small given this stock is listed on SGX. That' s a problem of being a US$ denominated stock on SGX. If you don' t need/want to hedge then clearly the yield is attractive.  There are a number of ways to hedge, but one common way is the following: say you start off in S$ cash. You do a spot trade sell S$ buy US$ which gives you the US$ to buy this stock. At the same time you enter into a one year forward transaction to sell US$ buy S$, reversing the spot trade. The one year forward rate will depend on the relative interest rates of US$ and S$. Largely because of Trump' s recent actions the US$ rate has gone up recently so there is a 2% or more differential between US$ and S$ rates. Hence the one year forward rate will give you back about 2% less S$ than what you used in the spot transaction to buy US$. Look at it as a 2% spread between the spot rate and the 1 year foward. You are buying US$ now and at the same time selling US$ in one year at a 2% discount to the rate you are buying now, locking yourself into a 2% loss on FX in a year. Hopefully you more than make it up from the stock itself. chengwh1      ( Date: 10-Apr-2026 22:48) Posted: Since the dividend will be paid-out in USD, I think there is no problem holding-on to some USDs. The USD might strengthen in future,... currencies are cyclical too.  How do unitholders hedge from USD to S$ pls ? How to pay the 2% ? Alignment      ( Date: 09-Apr-2026 20:22) Posted: I' m talking about the fact that this NTT REIT is denominated in US$. Holders of this REIT can themselves hedge into S$, but this is costly, up to 2% p.a.due a lot as I mentioned due to Trump' s policies. Of course if you don' t want to hedge then you don' t need to pay this cost. But given this is listed on SGX then many investors will see US$ as a risk given a mismatch against their S$ liabilities and hence may consider hedging. And this is a reason why NTT REIT' s DPU yield is higher than it otherwise might be, to factor in the cost of hedging.
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chengwh1 Elite	10-Apr-2026 22:48        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Since the dividend will be paid-out in USD, I think there is no problem holding-on to some USDs. The USD might strengthen in future,... currencies are cyclical too.  How do unitholders hedge from USD to S$ pls ? How to pay the 2% ? Alignment      ( Date: 09-Apr-2026 20:22) Posted: I' m talking about the fact that this NTT REIT is denominated in US$. Holders of this REIT can themselves hedge into S$, but this is costly, up to 2% p.a.due a lot as I mentioned due to Trump' s policies. Of course if you don' t want to hedge then you don' t need to pay this cost. But given this is listed on SGX then many investors will see US$ as a risk given a mismatch against their S$ liabilities and hence may consider hedging. And this is a reason why NTT REIT' s DPU yield is higher than it otherwise might be, to factor in the cost of hedging.   chengwh1      ( Date: 09-Apr-2026 14:12) Posted: Forex risks is mitigated thru hedging, as has been done successfully by many other REITs
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Alignment Elite	09-Apr-2026 20:22        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	I' m talking about the fact that this NTT REIT is denominated in US$. Holders of this REIT can themselves hedge into S$, but this is costly, up to 2% p.a.due a lot as I mentioned due to Trump' s policies. Of course if you don' t want to hedge then you don' t need to pay this cost. But given this is listed on SGX then many investors will see US$ as a risk given a mismatch against their S$ liabilities and hence may consider hedging. And this is a reason why NTT REIT' s DPU yield is higher than it otherwise might be, to factor in the cost of hedging.   chengwh1      ( Date: 09-Apr-2026 14:12) Posted: Forex risks is mitigated thru hedging, as has been done successfully by many other REITs. Alignment      ( Date: 08-Apr-2026 13:52) Posted: Good point. Just finished my review of the sector as a whole, and this REIT is definitely one of the best valued in the space. Two positive points to note which may not be obvious in terms of relative value are 1) most REITs have recently paid dividends but this one has not so you are getting about a 3.6% dividend value in the share price, and 2) this REIT is one of the lowest geared at 32.5% with no pref shares, so there is a lot of scope to push DPU up by doing deals without stretching the balance sheet. One negative or reason why the DPU yield should be higher is the US$ denomination. Trump' s policies are negative for that although arguably you should look through to the underlying assets although the market may not do so.
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chengwh1 Elite	09-Apr-2026 14:12        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Forex risks is mitigated thru hedging, as has been done successfully by many other REITs. Alignment      ( Date: 08-Apr-2026 13:52) Posted: Good point. Just finished my review of the sector as a whole, and this REIT is definitely one of the best valued in the space. Two positive points to note which may not be obvious in terms of relative value are 1) most REITs have recently paid dividends but this one has not so you are getting about a 3.6% dividend value in the share price, and 2) this REIT is one of the lowest geared at 32.5% with no pref shares, so there is a lot of scope to push DPU up by doing deals without stretching the balance sheet. One negative or reason why the DPU yield should be higher is the US$ denomination. Trump' s policies are negative for that although arguably you should look through to the underlying assets although the market may not do so.
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chengwh1 Elite	09-Apr-2026 14:10        chengwh1 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Tenant concentration risk would be one risk here, regardless of whether is able to mitigate this or not,.... in terms of finding a better replacement tenant or tightness of the data centre mkt out there. another way to put it is : finding a good replacement tenant is a risk and may need time too. JAMMIE      ( Date: 08-Apr-2026 11:00) Posted: any change in tenant is not a bad deal too. Look at DC CORE REIT, who signed a new tenant with a much higher rent and longer term tenure. With limited DC capacity available, a concentration is not a risk.
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Alignment Elite	08-Apr-2026 13:52        Alignment About Contact  Quote this Post! Style: Fundamental
x 0   x 0  Alert Admin	Good point. Just finished my review of the sector as a whole, and this REIT is definitely one of the best valued in the space. Two positive points to note which may not be obvious in terms of relative value are 1) most REITs have recently paid dividends but this one has not so you are getting about a 3.6% dividend value in the share price, and 2) this REIT is one of the lowest geared at 32.5% with no pref shares, so there is a lot of scope to push DPU up by doing deals without stretching the balance sheet. One negative or reason why the DPU yield should be higher is the US$ denomination. Trump' s policies are negative for that although arguably you should look through to the underlying assets although the market may not do so.
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JAMMIE Member	08-Apr-2026 11:00        JAMMIE About Contact  Quote this Post!
x 0   x 0  Alert Admin	any change in tenant is not a bad deal too. Look at DC CORE REIT, who signed a new tenant with a much higher rent and longer term tenure. With limited DC capacity available, a concentration is not a risk.
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