Core Insights - ACS Group and Global Infrastructure Partners (GIP) have established a 50-50 joint venture to develop and operate data centres globally, starting with a portfolio of 1.7 gigawatts (GW) of assets under development [1][2] - The transaction values the initial portfolio at approximately €2 billion ($2.3 billion), with an upfront cash payment of about €1 billion and potential earn-outs of up to €1 billion based on commercial milestones [2] - The collaboration aims to meet the demands of hyperscale clients and enterprise AI workloads, focusing on rapid deployment and renewable energy sources [4][5] Company Strategy - The joint venture is a strategic move for ACS Group to lead the digital infrastructure sector globally, leveraging its development and engineering expertise alongside GIP's investment capacity [4][5] - ACS Group is currently evaluating a project pipeline exceeding 11 GW across North America, Europe, and Asia Pacific regions, indicating significant growth potential [5][6] Operational Model - The operational model of the joint venture will be based on full-lifecycle project delivery, which includes land acquisition, permitting, design, build, commissioning, and operations, provided by ACS Group subsidiaries [3] - GIP's chairman emphasized the importance of this partnership in supporting innovation and infrastructure growth in the cloud and AI sectors [3]

Core Viewpoint - In a rate-easing cycle, dividend stocks yielding above 5% are becoming more attractive for income investors, but high yield does not guarantee a good investment [1] Group 1: Mapletree Industrial Trust (MIT) - MIT is a REIT focusing on data centres and industrial properties, with a DPU of S$0.0327 for 1QFY25/26, reflecting a 4.7% YoY decline [2] - The current share price is S$2.16, resulting in a yield of 6.2% [2][3] - Occupancy rate is resilient at 91.4%, with a positive rental reversion rate of 8.2% across Singapore properties [3] - MIT has an aggregate leverage ratio of 40.1% and total borrowings of S$3.7 billion, with 79.7% of its debt fixed and hedged [3] - 54.8% of its AUM is tied to data centres, with a strategic shift towards DCs and logistics projects in Asia [4] Group 2: Singapore Airlines (SIA) - SIA has resumed paying dividends post-pandemic, with a cumulative dividend of S$1.26, representing 19% of its current share price of S$6.55 [6] - The latest dividend payment of S$0.40 per share for FY2024/2025 shows a 16.7% YoY decrease [6] - The trailing yield is 6.1% at a share price of S$6.57 [7] - The passenger load factor was 88.0% in August 2025, up from 85.7% YoY, but down from previous months [8] - Net profit decreased by nearly 59% YoY due to rising non-fuel costs, while net operating cash flow remains robust at S$4.71 billion [8][9] Group 3: Venture Corporation - Venture Corporation is a global electronics manufacturing services company with a strong dividend track record, paying S$0.75 per share annually since FY2020 [10] - The current share price is S$14.25, yielding 5.6% [11] - The company reported a net operating cash flow of S$149.8 million in 1H2025, reflecting an 11.9% margin [11] - The diverse manufacturing portfolio includes high-growth areas like life sciences and medical technology [12] Group 4: Comparative Analysis - MIT is characterized as a stable REIT with strong growth drivers in data centres and logistics [13] - SIA is identified as a cyclical business reliant on travel demand [13] - Venture Corporation is noted for its consistent dividend payments linked to global electronics cycles [13]