“Demand for data centres is correlated to new product cycles rather than import tariffs,” he adds.
Amid the wider wild swings of global markets, Jonathan Koh of UOB Kay Hian maintains his positive outlook for Singapore-listed data centre REITs. Besides keeping his “overweight” sector call, Koh has also kept his “buy” call and respective target prices for Keppel DC REIT, Mapletree Industrial Trust (SGX:ME8U
) and Digital Core REIT.
“Reasoning artificial intelligence [AI] models consume over 100 times more resources versus conventional AI models. The advent of new reasoning AI models, including OpenAI GPT-5, will drive the next wave of demand for data centres,” says Koh in his April 11 note.
