Keppel T&T may pose some growth from its investment in greenfield development and divestment of mature assets to Keppel DC REIT. Other than that, I do not see any meaning growth from its another two divisions.
As for its moat, I believe it’s mainly lies on its two major investment; m1 and Keppel DC REIT. Both companies have a great deal of recurring income and you may want to take note, M1 faces risk from fourth telco players. Keppel DC REIT, on the other hand, gave Keppel T&T a stable recurring income from its rental and management fees.