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ESR-REIT
(SGX:9A4U)
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Rating:46Neutral
Price Target:
S$2.50
▲(1.21% Upside)
Action:Reiterated
Date:02/05/26
The score is primarily constrained by weaker fundamentals—rising leverage and a 2025 free-cash-flow drop to zero—despite improving revenue and a return to profitability. Technicals are broadly neutral, while valuation is pressured by an extremely high P/E despite a strong dividend yield.
Positive Factors
Revenue Growth Momentum
A clear revenue rebound in 2025 indicates improving leasing demand and better portfolio utilization. Sustained top-line growth over several quarters can support distributable income, improve negotiating leverage on lease renewals, and provide a more stable base for medium-term cash flow generation.
Negative Factors
Rising Leverage
A sharp jump in leverage materially reduces financial flexibility and increases vulnerability to higher interest costs. Elevated debt ratios constrain the REIT's ability to fund acquisitions or absorb rent shocks without dilutive financing, making distributions and growth plans more sensitive to rate and refinancing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Momentum
A clear revenue rebound in 2025 indicates improving leasing demand and better portfolio utilization. Sustained top-line growth over several quarters can support distributable income, improve negotiating leverage on lease renewals, and provide a more stable base for medium-term cash flow generation.
Read all positive factors
ESR-REIT (9A4U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$1.87B
Dividend Yield7.91%
Average Volume (3M)897.06K
Price to Earnings (P/E)341.2
Beta (1Y)0.60
Revenue Growth15.33%
EPS GrowthN/A
CountrySG
Employees83
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)<0.01
Shares Outstanding808,057,700
10 Day Avg. Volume792,330
30 Day Avg. Volume897,061
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 Upside38.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.19
Revenue Forecast (FY)S$416.43M
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 generates revenue primarily from leasing its industrial and logistics properties to tenants. Its key revenue streams include (1) base rental income from long- and short-term leases across its portfolio; (2) property-related recoveries and...
ESR-REIT Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
45
Neutral
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 453.89M | 370.50M | 386.35M | 348.57M | 248.99M |
| Gross Profit | 312.61M | 261.65M | 251.24M | 228.38M | 173.26M |
| EBITDA | 302.85M | 8.56M | 51.37M | 223.21M | 195.19M |
| Net Income | 31.66M | -127.78M | -67.45M | -278.26M | 101.52M |
Balance Sheet | |||||
| Total Assets | 5.86B | 6.01B | 5.11B | 5.65B | 3.33B |
| Cash, Cash Equivalents and Short-Term Investments | 60.29M | 83.94M | 41.98M | 45.58M | 24.15M |
| Total Debt | 3.84B | 2.86B | 2.15B | 2.61B | 1.41B |
| Total Liabilities | 3.28B | 3.33B | 2.34B | 2.81B | 1.58B |
| Stockholders Equity | 2.06B | 2.62B | 2.77B | 2.75B | 1.75B |
Cash Flow | |||||
| Free Cash Flow | 152.97M | 243.43M | 167.27M | 95.06M | 124.29M |
| Operating Cash Flow | 199.08M | 269.62M | 260.08M | 193.63M | 152.77M |
| Investing Cash Flow | -38.31M | -436.95M | 360.85M | -267.02M | -149.34M |
| Financing Cash Flow | -183.03M | 200.41M | -626.33M | 93.14M | 2.62M |
ESR-REIT Technical Analysis
Negative
2.47
Price Trends
2.38
Negative
2.39
Negative
2.52
Negative
Market Momentum
-0.02
Positive
44.63
Neutral
51.52
Neutral
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 2.47 is above the 20-day moving average (MA) of 2.34, above the 50-day MA of 2.38, and below the 200-day MA of 2.52, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.63 is Neutral, neither overbought nor oversold. The STOCH value of 51.52 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | S$3.67B | 17.14 | 5.05% | 6.04% | 0.44% | 57.42% | |
67 Neutral | S$11.95B | 15.15 | 7.40% | 5.43% | 4.93% | -1.28% | |
66 Neutral | S$5.54B | 26.22 | 4.52% | 6.51% | -4.81% | -37.31% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | S$6.30B | 24.65 | 4.03% | 5.83% | -2.59% | 36.34% | |
60 Neutral | S$336.56M | 9.52 | 7.30% | 8.04% | -0.74% | 1.84% | |
46 Neutral | S$1.87B | 341.18 | -1.13% | 7.91% | 15.33% | ― |
* Real Estate Sector Average
SG:9A4U
ESR-REIT
2.32
0.07
3.20%
SG:A17U
CapitaLand Ascendas REIT
2.52
-0.09
-3.52%
SG:M44U
Mapletree Logistics
1.23
0.13
11.41%
SG:ME8U
Mapletree Industrial
1.94
0.05
2.75%
SG:BUOU
Frasers Logistics & Commercial Trust
0.97
0.17
20.78%
SG:DHLU
Daiwa House Logistics Trust
0.48
-0.04
-8.05%
ESR-REIT Corporate Events
ESR-REIT Launches S$2 Billion Debt Programme to Bolster Growth and Funding Flexibility
Jun 2, 2026
ESR-REIT has set up a S$2 billion Euro Medium Term Securities Programme through issuing vehicles ESR-REIT MTN Pte. Ltd. and its trustee, allowing the trust to issue notes and perpetual securities in various currencies and structures, with Oversea-...
ESR-REIT Unitholders Approve FY2025 Accounts and Expand Issuance Mandate at AGM
May 13, 2026
ESR-REIT held its 17th annual general meeting in Singapore on 24 April 2026, where unitholders reviewed the trust’s performance for 2025 and received an outlook for 2026 from the chief executive officer. The meeting confirmed a quorum, intro...
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.