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ESR-REIT
(SGX:9A4U)
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Rating:61Neutral
Price Target:
S$2.50
▲(8.70% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by moderate financial fundamentals: profitability has recovered and cash flow is steady, but leverage remains meaningful and returns are low. Technicals are supportive with the stock trading above major moving averages and exhibiting low beta. Valuation is the main headwind due to an extremely high P/E, only partly balanced by the high dividend yield.
Positive Factors
Stable rental-income model
The REIT’s focus on leased industrial and logistics assets provides a recurring contractual income base rather than relying primarily on transactional sales. This supports distribution visibility and gives management several durable levers, including lease renewals, occupancy management and asset enhancements.
Negative Factors
Meaningful leverage
Elevated debt relative to equity reduces financial flexibility and makes the REIT more sensitive to refinancing conditions and funding costs. Although leverage improved from 2025 to TTM, the remaining debt burden could constrain acquisitions, asset enhancements and distributions if operating or financing conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable rental-income model
The REIT’s focus on leased industrial and logistics assets provides a recurring contractual income base rather than relying primarily on transactional sales. This supports distribution visibility and gives management several durable levers, including lease renewals, occupancy management and asset enhancements.
Read all positive factors
ESR-REIT (9A4U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.79B
Dividend Yield9.95%
Average Volume (3M)1.18M
Price to Earnings (P/E)109.3
Beta (1Y)0.50
Revenue Growth4.85%
EPS GrowthN/A
CountrySG
Employees39
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.02
Shares Outstanding809,575,440
10 Day Avg. Volume998,030
30 Day Avg. Volume1,182,136
Financial Highlights & Ratios
PEG Ratio-3.08
Price to Book (P/B)1.06
Price to Sales (P/S)4.80
P/FCF Ratio14.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$3.43Price Target Upside49.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.2
Revenue Forecast (FY)S$420.23M
ESR-REIT Business Overview & Revenue Model
Company Description
ESR-REIT is recognized as a forward-looking, leading Asia Pacific S-REIT specializing in New Economy assets. Listed on the Singapore Exchange Securities Trading Limited since July 25, 2006, it strategically invests in high-quality, income-generati...
How the Company Makes Money
ESR-REIT primarily makes money by generating rental and related property income from leasing its industrial and logistics properties to tenants under contractual lease agreements. Its key revenue stream is base rent collected from tenants occupyin...
ESR-REIT Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
54
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 449.21M | 453.89M | 370.50M | 386.35M | 348.57M | 248.99M |
| Gross Profit | 306.75M | 312.61M | 261.65M | 251.24M | 228.38M | 173.26M |
| EBITDA | 0.00 | 302.85M | 8.56M | 51.37M | 223.21M | 195.19M |
| Net Income | 42.58M | 31.66M | -127.78M | -67.45M | -278.26M | 101.52M |
Balance Sheet | ||||||
| Total Assets | 5.59B | 5.86B | 6.01B | 5.11B | 5.65B | 3.33B |
| Cash, Cash Equivalents and Short-Term Investments | 231.70M | 60.29M | 83.94M | 41.98M | 45.58M | 24.15M |
| Total Debt | 2.62B | 3.84B | 2.86B | 2.15B | 2.61B | 1.41B |
| Total Liabilities | 3.04B | 3.28B | 3.33B | 2.34B | 2.81B | 1.58B |
| Stockholders Equity | 2.48B | 2.06B | 2.62B | 2.77B | 2.75B | 1.75B |
Cash Flow | ||||||
| Free Cash Flow | 266.80M | 152.97M | 243.43M | 167.27M | 95.06M | 124.29M |
| Operating Cash Flow | 266.80M | 199.08M | 269.62M | 260.08M | 193.63M | 152.77M |
| Investing Cash Flow | 405.40M | -38.31M | -436.95M | 360.85M | -267.02M | -149.34M |
| Financing Cash Flow | -506.88M | -183.03M | 200.41M | -626.33M | 93.14M | 2.62M |
ESR-REIT Technical Analysis
Negative
2.30
Price Trends
2.32
Negative
2.31
Negative
2.36
Negative
Market Momentum
-0.03
Positive
28.77
Positive
3.03
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:9A4U, the sentiment is Negative. The current price of 2.3 is below the 20-day moving average (MA) of 2.30, below the 50-day MA of 2.32, and below the 200-day MA of 2.36, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 28.77 is Positive, neither overbought nor oversold. The STOCH value of 3.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:9A4U.
ESR-REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | S$5.51B | 27.43 | 4.42% | 6.54% | -6.27% | -41.14% | |
68 Neutral | S$3.47B | 16.07 | 5.05% | 6.52% | 0.44% | 57.42% | |
66 Neutral | S$11.14B | 14.75 | 7.00% | 6.41% | 6.53% | 0.82% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$5.86B | 22.47 | 3.97% | 6.43% | -1.83% | 40.50% | |
61 Neutral | S$1.79B | 109.31 | 1.71% | 9.95% | 4.85% | ― | |
58 Neutral | S$280.63M | 7.79 | 7.78% | 9.90% | 1.11% | 18.18% |
* Real Estate Sector Average
SG:9A4U
ESR-REIT
2.23
-0.42
-15.94%
SG:A17U
CapitaLand Ascendas REIT
2.34
-0.32
-11.96%
SG:M44U
Mapletree Logistics
1.13
-0.05
-4.24%
SG:ME8U
Mapletree Industrial
1.92
-0.08
-4.05%
SG:BUOU
Frasers Logistics & Commercial Trust
0.91
0.02
2.49%
SG:DHLU
Daiwa House Logistics Trust
0.40
-0.15
-26.85%
ESR-REIT Corporate Events
ESR-REIT Secures S$200 Million Sustainability-Linked Credit Facility
Aug 24, 2026
ESR-REIT has secured a S$200 million sustainability-linked unsecured revolving credit facility from Oversea-Chinese Banking Corporation Limited, which will serve as lender and sustainability coordinator. The facility, which carries no security and...
ESR-REIT Faces A$12.2 Million Rent Arrears After ACFS Port Logistics Enters Administration
Aug 7, 2026
ESR-REIT has disclosed a rental payment default by ACFS Port Logistics, the tenant of three Australian logistics properties, which has fallen into arrears of about A$12.2 million. The REIT plans to draw down bank guarantees to cut the shortfall to...
ESR-REIT Secures Long-Term PSB Academy Leases After Completing Tai Seng Upgrades
Aug 4, 2026
ESR-REIT has completed its asset enhancement initiative at 29 Tai Seng Street in Singapore, securing a Temporary Occupation Permit and achieving BCA Green Mark GoldPLUS (Provisional) certification, underscoring the trust’s push into sustaina...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.