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Daiwa House Logistics Trust
(SGX:DHLU)
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Rating:58Neutral
Price Target:
S$0.41
▼(-17.80% Downside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by mixed financial performance: strong profitability and steady operating cash flow are offset by shrinking revenue, rising leverage, and a 2025 free-cash-flow drop to zero. Valuation is a key positive (low P/E and high yield), but technicals remain weak with the price below major moving averages and only neutral momentum signals.
Positive Factors
Strong Profitability
Consistently high gross and net margins indicate that DHLU’s properties generate substantial earnings after operating costs. This profitability provides a durable buffer against moderate expense pressure and supports recurring distributions when occupancy remains stable.
Negative Factors
Shrinking Revenue Base
A multi-year decline in revenue raises concerns about the durability of DHLU’s income base. Without renewed leasing growth, rental escalations or acquisitions, weaker top-line performance could eventually limit earnings growth and distribution resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Profitability
Consistently high gross and net margins indicate that DHLU’s properties generate substantial earnings after operating costs. This profitability provides a durable buffer against moderate expense pressure and supports recurring distributions when occupancy remains stable.
Read all positive factors
Daiwa House Logistics Trust (DHLU) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$270.11M
Dividend Yield10.28%
Average Volume (3M)311.73K
Price to Earnings (P/E)7.8
Beta (1Y)0.41
Revenue Growth1.11%
EPS Growth18.18%
CountrySG
Employees15
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)N/A
Shares Outstanding701,587,200
10 Day Avg. Volume295,920
30 Day Avg. Volume311,730
Financial Highlights & Ratios
PEG Ratio4.60
Price to Book (P/B)0.86
Price to Sales (P/S)6.73
P/FCF Ratio13.57
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$0.55Price Target Upside10.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Daiwa House Logistics Trust Business Overview & Revenue Model
Company Description
Daiwa House Logistics Trust is a Singapore real estate investment trust (REIT) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia. It...
How the Company Makes Money
DHLU makes money primarily by owning logistics and industrial properties and leasing them to tenants, generating recurring rental income under contractual lease arrangements. Its main revenue stream is gross rental and related property income (e.g...
Daiwa House Logistics Trust Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 58.01M | 58.68M | 57.10M | 59.85M | 69.86M | 71.02M |
| Gross Profit | 40.78M | 40.88M | 43.89M | 45.32M | 49.56M | 54.78M |
| EBITDA | 51.80M | 50.94M | 39.49M | 44.53M | 47.03M | 45.81M |
| Net Income | 36.27M | 35.65M | 33.92M | 43.32M | 140.29M | 27.10M |
Balance Sheet | ||||||
| Total Assets | 1.03B | 1.06B | 1.08B | 1.10B | 1.18B | 1.21B |
| Cash, Cash Equivalents and Short-Term Investments | 69.51M | 71.49M | 41.60M | 45.80M | 48.94M | 15.39M |
| Total Debt | 467.24M | 649.69M | 517.42M | 471.70M | 511.97M | 615.64M |
| Total Liabilities | 552.07M | 603.06M | 565.39M | 548.26M | 588.04M | 665.65M |
| Stockholders Equity | 474.62M | 457.29M | 518.13M | 517.70M | 589.00M | 549.25M |
Cash Flow | ||||||
| Free Cash Flow | 33.82M | 29.12M | 40.42M | 44.47M | 45.45M | -31.69M |
| Operating Cash Flow | 42.30M | 29.23M | 40.85M | 44.47M | 45.45M | -31.69M |
| Investing Cash Flow | -980.00K | -35.96M | -49.09M | -300.00K | -885.72M | -861.46M |
| Financing Cash Flow | -43.05M | -9.01M | 2.63M | -44.09M | 947.97M | 899.68M |
Daiwa House Logistics Trust Technical Analysis
Negative
0.50
Price Trends
0.45
Negative
0.47
Negative
0.49
Negative
Market Momentum
-0.02
Positive
12.39
Positive
0.18
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:DHLU, the sentiment is Negative. The current price of 0.5 is above the 20-day moving average (MA) of 0.44, above the 50-day MA of 0.45, and above the 200-day MA of 0.49, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 12.39 is Positive, neither overbought nor oversold. The STOCH value of 0.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:DHLU.
Daiwa House Logistics Trust 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% | 6.59% | -6.27% | -41.14% | |
68 Neutral | S$3.58B | 16.79 | 5.05% | 5.99% | 0.44% | 57.42% | |
66 Neutral | S$11.62B | 15.38 | 7.00% | 7.53% | 6.53% | 0.82% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | S$6.06B | 23.26 | 3.97% | 6.05% | -1.83% | 40.50% | |
61 Neutral | S$1.86B | 112.75 | 1.71% | 8.84% | 4.85% | ― | |
58 Neutral | S$270.11M | 7.79 | 7.78% | 8.04% | 1.11% | 18.18% |
* Real Estate Sector Average
SG:DHLU
Daiwa House Logistics Trust
0.40
-0.13
-24.90%
SG:A17U
CapitaLand Ascendas REIT
2.44
-0.12
-4.80%
SG:9A4U
ESR-REIT
2.30
-0.22
-8.55%
SG:M44U
Mapletree Logistics
1.17
0.02
1.56%
SG:ME8U
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1.92
-0.02
-0.78%
SG:BUOU
Frasers Logistics & Commercial Trust
0.95
0.09
10.53%
Daiwa House Logistics Trust Corporate Events
Daiwa House Logistics Trust Pays Manager in Units, Lifting Sponsor Stake to 13.55%
Aug 7, 2026
Daiwa House Logistics Trust, a Singapore-listed logistics-focused REIT managed by Daiwa House Asset Management Asia, continues to align its management and unitholders through an ownership-linked fee structure. The sponsor, Daiwa House Industry Co....
Daiwa House Logistics Trust Adjusts Board and Audit Committee in Succession Plan
Aug 5, 2026
Daiwa House Logistics Trust’s manager has announced board and audit committee changes as part of its succession planning for the REIT’s leadership. Non-Independent Non-Executive Director Yoshiyuki Takagi will step down from the board a...
Daiwa House Logistics Trust Overhauls Board in Succession Planning Move
Jun 30, 2026
Daiwa House Logistics Trust’s manager has announced board-level changes as part of its succession planning, with two directors stepping down on 30 June 2026 and two new directors joining from 1 July 2026. Independent non-executive director T...
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.