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STOCK COMPARISON

Keppel REIT (K71U.SI) vs Merlin Properties SOCIMI: Fair Value & Quality

Both stocks run through our valuation models. Here is how Keppel REIT (K71U.SI) (K71U) and Merlin Properties SOCIMI (MRL) compare, as of Aug 19, 2026.

As of Aug 19, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Keppel REIT (K71U.SI) trades at S$0.88 versus a fair value of S$0.36 (-59%), while Merlin Properties SOCIMI trades at €14.13 versus €9.81 (-31%).
Keppel REIT (K71U.SI)
K71U.SG · SGD · Real Estate
-59%
upside to fair value
overvalued
PriceS$0.88
Fair ValueS$0.36
Quality61/100
Merlin Properties SOCIMI
MRL.MC · EUR · Real Estate
-31%
upside to fair value
overvalued
Price€14.13
Fair Value€9.81
Quality53/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Keppel REIT (K71U.SI)Merlin Properties SOCIMI
Valuation
8.0×P/E (TTM)10.3×
8.38×P/S (TTM)18.68×
0.61×P/B1.34×
20.4×EV/EBITDA31.9×
1.97×PEG1.31×
6.1%Dividend yield1.3%
S$0.05Dividend per share
Profitability
114%Net margin134%
69%Operating margin74%
9%Return on equity9%
2%Return on assets2%
Growth
5%Revenue growth (YoY)10%
7.8%Avg. growth/yr (3Y)7.1%
10.0%Avg. growth/yr (5Y)3.9%
Balance & size
0.44×Debt / equity0.52×
$3BMarket cap$11B
mixedGrowth qualitymixed

Keppel REIT (K71U.SI) leads: 9 to 5 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Keppel REIT (K71U.SI)of which business quality 57 · market factors 50 Merlin Properties SOCIMIof which business quality 54 · market factors 57
ProfitabilityMargins and returns on capital today
37
39
Quality GrowthAre margins and returns improving?
66
63
CashflowEarnings quality: real cash, not paper profit
75
76
Fin. StrengthBalance sheet, leverage, solvency risk
41
57
InvestmentDisciplined investing over empire-building
92
81
Low VolatilityCalm price path (market factor)
98
74
MomentumPrice trend over the last 3–12 months (market factor)
35
47
52W MomentumDistance to the 52-week high (market factor)
22
54
Net IssuanceBuybacks instead of dilution
48
8

What the models say

The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.

Keppel REIT (K71U.SI)

DCF ModelsS$0.12
MultiplesS$0.28
Asset-BasedS$0.75
Growth DCFS$0.21
Economic ProfitS$0.98

10 of 12 models see the stock below the current price.

Merlin Properties SOCIMI

DCF Models€7.82
Dividend Discount€3.25
Multiples€19.96
Asset-Based€8.74
Growth DCF€7.52
Economic Profit€12.30

10 of 15 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Keppel REIT (K71U.SI)
Bear S$0.27Fair Value S$0.36Bull S$0.45
S$0.88 = current price (white tick)
Merlin Properties SOCIMI
Bear €9.09Fair Value €9.81Bull €11.65
€14.13 = current price (white tick)

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Keppel REIT (K71U.SI) · Real Estate

Quality score61 · Top 25%
Fair value upside-59% · bottom 25%

Merlin Properties SOCIMI · Real Estate

Quality score53 · above median
Fair value upside-31% · below median

Bottom line

As of Aug 19, 2026, Fair Value Calculator sees Merlin Properties SOCIMI as the less overvalued of the two: Keppel REIT (K71U.SI) trades at S$0.88 versus a fair value of S$0.36 (-59%), while Merlin Properties SOCIMI trades at €14.13 versus €9.81 (-31%).

Keppel REIT (K71U.SI) has the higher quality score (61/100).

See the full analysis →

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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.