Australian REITs - CNI & CIP: ResetData Investor Day

研报英文原文证据摘录

Australian REITs - CNI & CIP: ResetData Investor Day

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

17 June 2026

Australian REITs - CNI & CIP

ResetData Investor Day

We attended CNI’s ResetData and CIP Investor Day. ResetData is CNI’s 50%- Australia

owned NeoCloud JV acquired in August 2024 for $42m. ResetData provides

Australian REITs

certified AI compute capability; Centuria brings real estate expertise, and CIP

provides potential powered land / shell / turnkey opportunities. However, Richard Jones, CFA AC

ResetData remains sub-scale, loss-making and with limited disclosure on margins (61-3) 9633-4038

richard.b.jones@jpmorgan.com

and its path to profitability. The next catalysts include signed customer contracts,

Connor Eldridge

progress on AI-F2, confirmation of power allocations, clarity on funding, and CIP (61-2) 9003-6415

land monetisation evidence. Our key takeaways from the day were: connor.eldridge@jpmorgan.com

• ResetData sees its differentiation as being one of only three NVIDIA Cloud Adam(61-2) 9003-8010West

Partners in Australia. AI-F1 is Australia’s first sovereign public AI Factory adam.west@jpmorgan.com

with an NVIDIA H200 GPU cluster deployed. J.P. Morgan Securities Australia Limited

• Near-term revenue impact is immaterial. AI-F1 first phase is 100% leased

to an international offtake customer, with revenue expected to scale as

utilisation ramps. 1H26 revenue was $0.8m and is guided to lift to $3.4m in

2H26 (assuming one-third of the 1.1MW utilised) and on an assumed 100%

utilisation would annualise to $15m in FY27. CNI noted heads of agreement

for ~13MW of third-party power, subject to customer commitments, and a

potential pathway to 200MW+ of power from existing Centuria assets.

• CIP’s opportunity is undervalued by the market. It has a series of assets