OUE Commercial Real Estate Investment Trust (TS0U) AI Stock Analysis

• Market Cap: S$2.07B
• Dividend Yield: 6.03%
• Average Volume (3M): 2.87M
• Price to Earnings (P/E): 78.1
• Beta (1Y): 0.64
• Revenue Growth: -11.65%
• EPS Growth: -137.98%
• Country: SG
• Employees: 66
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): >-0.01
• Shares Outstanding: 5,519,345,000
• 10 Day Avg. Volume: 2,857,760
• 30 Day Avg. Volume: 2,865,621
• PEG Ratio: -0.51
• Price to Book (P/B): 0.60
• Price to Sales (P/S): 7.27
• P/FCF Ratio: 20.71
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: S$0.38 ▲(5.00% Upside)

The score is driven mainly by mixed financial performance: a reasonably stable balance sheet and generally positive operating cash flow are offset by 2025 revenue decline and earnings/free-cash-flow volatility. Technicals are mildly constructive with neutral momentum, while valuation is pressured by a very high P/E despite a solid dividend yield.

Positive Factors

Supportive balance sheet with declining debt

Total debt has trended down and leverage sits at moderate sector levels, which strengthens financial flexibility. Over the next 2–6 months this supports refinancing ability, funding for maintenance or selective acquisitions, and reduces short-term default or covenant risk.

Consistent operating cash flow

Multi-year positive operating cash flow indicates the core portfolio generates recurring cash to cover distributions and routine capex. Even with 2025 weakness, a history of positive OCF lowers reliance on new debt or equity issuance and supports steady payout capacity.

Attractive dividend yield

A ~5.8% yield provides a meaningful income cushion for unitholders and can stabilise investor base. Combined with moderate leverage and positive OCF, this yield level helps maintain access to capital markets and supports long-term distribution credibility if operating performance stabilises.

Negative Factors

Material 2025 revenue decline

A ~12.7% revenue drop materially reduces rental income and distributable cash for a REIT. Unless offset by new leasing or asset rotation, the decline weakens medium-term payout sustainability and growth prospects and raises the need for active asset or tenant management.

Volatile earnings and free cash flow

A ~52% fall in free cash flow and earnings swings increase funding and dividend risk. Volatility impairs the REIT's ability to fund capex, debt amortisation, or opportunistic acquisitions, and may force heavier reliance on external financing or asset sales during downturns.

Inconsistent profitability and ROE

Profitability swings and a loss year show operating performance is sensitive to market cycles or one-offs. Persistent inconsistency limits retained earnings accumulation, undermines reinvestment capacity, and constrains long-term NAV growth and strategic asset improvements.

OUE Commercial Real Estate Investment Trust Business Overview & Revenue Model

Company Description

OUE Real Estate Investment Trust engages in investing in income-producing properties used for commercial purposes in financial and business hubs. It operates through the Commercial and Hospitality segments. The company was founded on October 10, 2013 and is headquartered in Singapore.

How the Company Makes Money

OUE Commercial Real Estate Investment Trust generates revenue primarily through rental income from its portfolio of properties. The REIT leases out office spaces, retail outlets, and hotel rooms, benefitting from long-term lease agreements and high occupancy rates. Additionally, the trust may earn income through property management services and ancillary services related to its properties. OUE C-REIT's revenue model is bolstered by its strategic partnerships with property management firms and tenants, allowing it to maintain stable cash flows and optimize property performance. Furthermore, the trust may engage in strategic acquisitions of new properties, enhancing its portfolio and potential revenue streams.

OUE Commercial Real Estate Investment Trust Financial Statement Overview

Summary

Balance sheet is relatively supportive with moderate leverage and declining total debt, and operating cash flow has generally stayed positive. However, revenue fell notably in 2025 and both earnings and free cash flow have been volatile, reducing near-term visibility.

Income Statement

Revenue has been volatile, with modest growth in 2023–2024 followed by a notable decline in 2025 (annual revenue down ~12.7%). Profitability is also uneven: strong profits in 2022–2023 swung to a loss in 2024, then returned to a small profit in 2025. The business shows it can generate meaningful earnings in good years, but the recent revenue drop and earnings instability reduce visibility.

Balance Sheet

Leverage appears moderate for the sector, with debt-to-equity around ~0.59–0.62 in 2021–2024, and equity remaining sizable relative to total assets. Total debt has trended down from 2020 to 2025, which is supportive. However, returns on equity have been inconsistent (positive in 2021–2023, negative in 2024), suggesting performance is sensitive to operating conditions and valuation/other non-core impacts.

Cash Flow

Operating cash flow has generally been positive across the period, but it weakened materially in 2025 versus 2024, and free cash flow fell sharply in 2025 (down ~52%). Cash conversion has at times looked strong (free cash flow broadly tracking reported earnings in several years), but the decline in cash generation and uneven coverage in weaker years point to variability in underlying cash performance.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	312.23M	272.62M	295.52M	285.06M	241.51M	249.88M
Gross Profit	238.73M	200.20M	216.98M	217.31M	180.16M	184.65M
EBITDA	237.82M	196.46M	209.10M	296.19M	369.79M	139.01M
Net Income	-74.02M	28.45M	-68.32M	200.11M	275.57M	38.88M
Balance Sheet
Total Assets	5.94B	5.57B	5.94B	6.07B	5.99B	5.83B
Cash, Cash Equivalents and Short-Term Investments	355.76M	103.32M	361.67M	54.23M	49.48M	59.55M
Total Debt	2.15B	1.89B	2.12B	2.08B	2.07B	2.01B
Total Liabilities	2.32B	2.01B	2.28B	2.29B	2.28B	2.24B
Stockholders Equity	3.36B	3.31B	3.40B	3.52B	3.45B	3.34B
Cash Flow
Free Cash Flow	200.28M	95.76M	176.54M	202.78M	135.73M	109.90M
Operating Cash Flow	200.29M	109.83M	200.62M	213.39M	183.53M	166.80M
Investing Cash Flow	283.50M	20.21M	287.72M	1.46M	-30.85M	902.52M
Financing Cash Flow	-174.79M	-388.28M	-180.40M	-208.94M	-159.12M	-1.10B

OUE Commercial Real Estate Investment Trust Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:TS0U, the sentiment is Positive. The current price of 0.36 is below the 20-day moving average (MA) of 0.37, above the 50-day MA of 0.36, and above the 200-day MA of 0.32, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 62.32 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:TS0U.

OUE Commercial Real Estate Investment Trust Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BUOU	71 Outperform	S$3.83B	18.57	4.77%	6.04%	2.01%	38.17%
H13	69 Neutral	S$1.65B	10.93	4.10%	1.83%	-8.06%	―
F17	67 Neutral	S$2.91B	27.15	2.22%	3.20%	4.58%	-14.92%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
TS0U	57 Neutral	S$2.07B	78.13	-2.15%	6.03%	-11.65%	-137.98%
9A4U	56 Neutral	S$2.21B	-19.27	-4.88%	7.91%	10.51%	-40.93%

OUE Commercial Real Estate Investment Trust Corporate Events

OUE REIT Secures S$45 Million Unsecured Facility With Sponsor-Linked Covenants

OUE REIT has entered into a new S$45 million unsecured loan facility, with proceeds earmarked for capital expenditure, working capital, general corporate purposes, refinancing of existing unsecured borrowings, and associated transaction costs, providing the trust with added financial flexibility. The facility agreement embeds change-of-control and ownership covenants tied to OUE Limited’s stake and control over both the REIT manager and the trust, as well as the continued role of OUE REIT Management as manager, meaning any significant reduction in the sponsor’s ownership or control, or a change of manager without lender consent, could trigger mandatory prepayment or events of default, underscoring lender emphasis on sponsor stability and governance continuity for the REIT’s financing arrangements.

The most recent analyst rating on (SG:TS0U) stock is a Buy with a S$0.40 price target. To see the full list of analyst forecasts on OUE Commercial Real Estate Investment Trust stock, see the SG:TS0U Stock Forecast page.

OUE Commercial REIT in Exclusive Talks on Partial Stake in Sydney’s Salesforce Tower

OUE Commercial Real Estate Investment Trust has confirmed it is in exclusive talks with Mitsubishi Estate Asia Pte. Ltd. regarding a potential acquisition of a partial stake in Salesforce Tower in Sydney, as part of its strategy to pursue growth opportunities in major gateway cities outside its core Singapore market. The manager emphasized that negotiations remain ongoing, no binding agreement has been signed, and there is no certainty a deal will materialize, while advising unitholders and potential investors to exercise caution when trading OUE REIT units pending any further material developments to be disclosed via SGXNET.

The most recent analyst rating on (SG:TS0U) stock is a Buy with a S$0.40 price target. To see the full list of analyst forecasts on OUE Commercial Real Estate Investment Trust stock, see the SG:TS0U Stock Forecast page.

OUE REIT Secures S$100 Million Facility with Ownership Conditions

OUE Commercial Real Estate Investment Trust has announced that DBS Trustee Limited, acting as trustee, has secured a S$100 million unsecured facility. The funds are intended for capital expenditures, working capital, and other corporate purposes. The facility agreement includes specific ownership conditions related to OUE Limited, the sponsor, which, if not met, could trigger mandatory prepayment or default events, impacting the trust’s financial operations.

The most recent analyst rating on (SG:TS0U) stock is a Buy with a S$0.40 price target. To see the full list of analyst forecasts on OUE Commercial Real Estate Investment Trust stock, see the SG:TS0U Stock Forecast page.

OUE REIT Issues New Units as Base Fee Payment

OUE REIT Management Pte. Ltd. has issued 5,722,544 new units in OUE Real Estate Investment Trust at an issue price of S$0.3454 per unit. These units were issued as part of the payment for the base fee for the third quarter of 2025 and will be sold to OUE Limited. This issuance increases the total number of units to 5,519,345,062, potentially impacting the market dynamics and investor perceptions of OUE REIT.

The most recent analyst rating on (SG:TS0U) stock is a Hold with a S$0.50 price target. To see the full list of analyst forecasts on OUE Commercial Real Estate Investment Trust stock, see the SG:TS0U Stock Forecast page.