ESR-REIT (9A4U) Fair Value & Analysis
Real Estate · SG · Market cap 1.9B SGD
Fair value as of: Jul 4, 2026
From 22 valuation models · updated today
Share price −2.5% over the past month.
Price vs Fair Value (12 months)
12‑month range 2.23 SGD – 2.79 SGD · fair‑value band 1.17 SGD – 1.98 SGD · the 2.30 SGD price screens above the 1.98 SGD fair value. As of Jul 4, 2026.
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ESR-REIT (9A4U) currently trades at 2.30 SGD, while our model-based Fair Value estimate is 1.98 SGD — implying the stock looks roughly 13.9% overvalued today. We read business quality at 59/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: medium).
Over the trailing twelve months, ESR-REIT generated revenue of 449M SGD at a net margin of 7.1%. Revenue grew 17.4% year over year. It earns a return on equity of 2.0%. Net debt stands at 2.2B SGD. Fundamentals as of Jul 4, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 4, 2026. TTM = trailing twelve months.
About the company
ESR-REIT is a leading New Economy and future-ready Asia Pacific S-REIT. Listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, ESR-REIT invests in quality income-producing industrial properties in key gateway markets. As at 31 December 2025, ESR-REIT holds interests in a diversified portfolio of logistics properties, high-specifications industrial properties, business parks and general industrial properties with total assets of approximately 5.9 billion US dollar. Its portfolio comprises 70 properties (excluding 48 Pandan Road held through a joint venture) located across the developed markets of Singapore (50 assets), Australia (18 assets) and Japan (2 assets), with a total gross floor area of approximately 2.4 million sqm, as well as investments in three property funds in Australia. ESR-REIT is also a constituent of the FTSE EPRA Nareit Global Real Estate Index. ESR-REIT is managed by ESR-REIT Management (S) Limited and sponsored by ESR. The Manager is …
Revenue & earnings trend
FY2022 – FY2025 · reported fiscal years
ESR-REIT reported revenue of 446M SGD in FY2025 versus 343M SGD in FY2022, a compound +9.1%/yr. Reported net income was 31.7M SGD in FY2025.
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.