Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>Validation of power scarcity: The Macquarie, GIC, and Anthropic deal proves grid access is the ultimate moat, establishing a massive valuation floor for existing powered data center assets.</li>
<li>Disintermediation threat: Sovereign funds acting as direct developers bypass traditional REITs, structurally shrinking the future pipeline of stabilized mega-assets available for public market drop-downs.</li>
<li>Asian operators hold the keys: Developers like GDS with actionable power pipelines in high-demand corridors are prime targets for sovereign joint ventures, offering desperately needed grid access.</li>
</ul>


Validation of power scarcity: The Macquarie, GIC, and Anthropic deal proves grid access is the ultimate moat, establishing a massive valuation floor for existing powered data center assets.
Disintermediation threat: Sovereign funds acting as direct developers bypass traditional REITs, structurally shrinking the future pipeline of stabilized mega-assets available for public market drop-downs.
Asian operators hold the keys: Developers like GDS with actionable power pipelines in high-demand corridors are prime targets for sovereign joint ventures, offering desperately needed grid access.


Macquarie, GIC, Anthropic: A Sovereign Threat: How the Theseus AI Deal Rewires Data Center Equities

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

<ul>
<li>Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.</li>
<li>Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.</li>
<li>Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).</li>
</ul>


Data centres trade as real estate but do not behave like it: value is set by secured, energised power, execution capability and regulation, not by location or floor space.
Valuation requires triangulation across various methodologies. The metrics that matter are contracted versus energised MW, WALE by contract type, PUE trajectory and ESG compliance against regulatory thresholds.
Six SGX-listed vehicles offer differentiated exposure: three pure-plays (Keppel DC REIT, Digital Core REIT, NTT DC REIT) and three diversified names (CapitaLand Ascendas REIT, Mapletree Industrial Trust, CapitaLand India Trust).


<ul>
<li>Power is the product. Data centres are sold by the megawatt, not the square metre. Whoever secures the electricity controls the value.</li>
<li>The usual property metrics mislead. Cap rates and occupancy metrics, borrowed from real estate, hide the huge mandatory upgrade cycles these assets demand. Standard valuation reaches the wrong answer.</li>
<li>Governments now decide. Grid access and planning approval, not customer demand, determine which projects get built. Regulators in Singapore, Ireland and US states have become the real gatekeepers of supply.</li>
</ul>


Power is the product. Data centres are sold by the megawatt, not the square metre. Whoever secures the electricity controls the value.
The usual property metrics mislead. Cap rates and occupancy metrics, borrowed from real estate, hide the huge mandatory upgrade cycles these assets demand. Standard valuation reaches the wrong answer.
Governments now decide. Grid access and planning approval, not customer demand, determine which projects get built. Regulators in Singapore, Ireland and US states have become the real gatekeepers of supply.


Data Centres: The Asset Class Powering the Digital Economy

Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

<ul>
<li>Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.</li>
<li>The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.</li>
<li>Singapore remains the region’s premium node even as expansion becomes harder.</li>
</ul>


Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme.
The sector sells reliable digital capacity built on power, cooling, connectivity, and resilience, so the economics are driven less by digital demand in the abstract and more by access to scarce physical inputs, execution quality, and operating discipline.
Singapore remains the region’s premium node even as expansion becomes harder.


Singapore Data Center Primer: Premium Node in a Constrained Market

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Centurion Accommodation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Centurion Accomodation REIT IPO - Thoughts on Valuation

Singapore

Keppel DC REIT is Asia's first pure-play data centre real estate investment trust, investing in a diversified portfolio of income-producing real estate assets used primarily for data centre purposes and assets supporting the digital economy. Its properties are leased as colocation, fully fitted, and shell and core data centers across Asia and Europe. Headquartered in Singapore, the company was founded in 2014.

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Keppel DC (KDCREIT SP)

Macquarie, GIC, Anthropic: A Sovereign Threat: How the Theseus AI Deal Rewires Data Center Equities

Validation of power scarcity: The Macquarie, GIC, and Anthropic deal proves grid access is the ultimate moat, establishing a massive valuation...

Jacob Cheng

Investing in Data Centres

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

Data Centres: The Asset Class Powering the Digital Economy

From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...

Golden Section Capital

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

Centurion Accomodation REIT IPO - Thoughts on Valuation

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Macquarie, GIC, Anthropic: A Sovereign Threat: How the Theseus AI Deal Rewires Data Center Equities

Validation of power scarcity: The Macquarie, GIC, and Anthropic deal proves grid access is the ultimate moat, establishing a massive valuation...

Jacob Cheng

Investing in Data Centres

​Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

Golden Section Capital

Data Centres: The Asset Class Powering the Digital Economy

​From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...

Golden Section Capital

Singapore Data Center Primer: Premium Node in a Constrained Market

Singapore data centers should be understood as constrained infrastructure rather than as a broad technology theme. The sector sells reliable...

ICAM

Centurion Accomodation REIT IPO - Thoughts on Valuation

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about valuations.

Sumeet Singh

Data centres are valued based on secured power, execution capability, and regulation, not location or floor space. Six SGX-listed vehicles offer...

From megawatts and Tier ratings to valuation, power risk and regulation, the foundations required to evaluate one of the decade's defining asset...