Australian Real Estate Sector Update "Clocking in at the AI factory" Shield

研报英文原文证据摘录

Australian Real Estate Sector Update "Clocking in at the AI factory" Shield

Global Research

17 June 2026ab

Australian Real Estate Sector Update Equities

AustraliaClocking in at the AI factory

Real Estate

Cody Shield, CFA

Investor Day highlights AI opportunity, returns/funding a watching brief Analyst

The Centuria and ResetData Investor Day saw high attendance from real estate cody.shield@ubs.com

specialists and equities generalists alike with strong interest in CNI's nascent AI +61-2-9324 2903

exposure. Per the recent briefing, the customer demand/revenue opportunity is Solomon Zhang, CFA

meaningful (see below), underpinned by ResetData's certification as an NVIDIA Cloud Analyst

Partner (one of three in Australia) which brings GPU access and support with customers/ solomon.zhang@ubs.com

marketing. Further contracting is yet to be achieved - so it's possible the business is only +61-2-9324 2007

breakeven in 1H27 - although deals could provide earnings accretion and evidence of Miriam Pritchard

operating momentum for ResetData into FY27+. With some level of execution now Analyst

arguably priced in following the briefing on 28-May (NTM P/E +22%, A-REIT 200 +3%), miriam.pritchard@ubs.com

we look for clarity on capex, returns and funding, noting: 1) the first AI Factory (AI-F1) +61-2-9324 2270

was a 'test case' so it's difficult to extrapolate spend (limited detail provided) and delivery Aman Madhyastha

time to future contracting/opportunities; 2) ResetData's chip payback period is 2-3y Associate Analyst

with a useful life of 4-5y. However, they have 6-7y old GPUs still generating revenue, aman.madhyastha@ubs.com

supporting value creation through the outer years and underpinning potentially +61-2-9324 2000