Keppel Ltd Closing in on 1GW of DC capacity, in addition to >1GW DC Powerbank

Research evidence excerpt

Keppel Ltd Closing in on 1GW of DC capacity, in addition to >1GW DC Powerbank

J P M O R G A N Asia Pacific Equity Research

09 June 2026

Keppel Ltd Overweight

KPLM.SI, KEP SP

Closing in on 1GW of DC capacity, in addition to >1GW Price (09 Jun 26):S$10.51

DC Powerbank Price Target (Jun-27):S$12.05

We believe KEP is closing in on 1GW of data center (DC) capacity following Singapore/ASEAN Property and

today’s 60MW Seoul AI DC investment, building on over 800MW DC capacity REITs

(including projects under development) at end-2025. Investments in the last two Mervin Song, CFA AC

years have targeted hyper-scale level developments/sites in developed markets, (65) 6882-7829

notably in Korea, UK, Australia and Japan, alongside Singapore. Separately, KEP mervin.song@jpmorgan.com

has secured over 1GW of DC powerbank, which underpins future DC development Terence M Khi

runway. We expect incremental growth coming from (1) DC-CFA 2 in Singapore, (65) 6882-1518

(2) Aermont’s planned UK DC at Pinewood Studios, and (3) building out the terence.ml.khi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

Melbourne Powerbank site. We also view KEP SP’s asset-light strategy as J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

supportive of faster scaling, leveraging KDCF II and III and its 50%-owned fund Morgan Broking (Hong Kong) Limited

manager Aermont. This should also expand the potential pipeline of stabilized

assets for KDCREIT over time.

First entry into Korea. KEP announced 60MW AI DC development in Ansan,

Seoul, with KDCF III securing land and acquiring an effective 73% stake in the

SPV. Media reports (link) suggest development cost exceeding KRW 1tn (S

$845m).

Singapore build-outs. KEP commenced construction of its Floating DC, which is