SG Property Intelligence KDCREIT - Assessing development optionality at SGP 1; MINT - Still challenging outlook

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SG Property Intelligence KDCREIT - Assessing development optionality at SGP 1; MINT - Still challenging outlook

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

12 May 2026

SG Property Intelligence

KDCREIT - Assessing development optionality at SGP

1; MINT - Still challenging outlook

Singapore/ASEAN Property and

REITs

Keppel DC REIT - Assessing development optionality at SGP 1 We AC Terence M Khi

believe KDCREIT’s potential redevelopment of SGP 1 could deliver 2.9-5.0% FY28

(65) 6882-1518

DPU accretion on the back of 36-52% efficiency gains and a 114-173% uplift in NPI, terence.ml.khi@jpmorgan.com

while the DPU drag arising from the income loss may be offset by a doubling of AC Mervin Song, CFA

management fees paid in units. The redevelopment will demonstrate KDCREIT’s (65) 6882-7829

growing capability, though near-term acquisitions remain a priority, given potential mervin.song@jpmorgan.com

income loss from the M1 divestment and lease expiries at Cardiff (mid-26) and GV J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

7 (2027). Maintain OW, underpinned by a strong 6.4% 3yr DPU CAGR arising from Morgan Broking (Hong Kong) Limited

higher Singapore income and lower interest costs. Our FY26/27E DPU is ~2% above

the Street. Link (Source: J.P. Morgan)

Mapletree Industrial Trust - Still challenging outlook We maintain our UW rating.

MINT’s outlook remains challenging due to upcoming US vacancies (~4.5% of GRI),

USD weakness, the impact of prior divestments, and higher borrowing costs, which

we expect to drive ~8% YoY decline in FY27 DPU. Despite MINT underperforming

the S-REIT index by ~16% since end-2024, we recommend investors avoid the

REIT given its weak earnings profile and the likelihood of further Bloomberg