ESR REAL ESTATE INVESTMENT TRUST U (9A4U) Fair Value & Analysis
Real Estate · SG · Market cap 1.9B SGD
Fair value as of: Aug 13, 2026
From 13 valuation models · updated 4 days ago
Share price +3.1% over the past month.
A solid business, but screening 16% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (1.98 SGD). The favourable scenario is already priced in.
- Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range 1.84 SGD – 3.59 SGD · fair‑value band 1.17 SGD – 1.98 SGD · the 2.36 SGD price screens above the 1.98 SGD fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
ESR REAL ESTATE INVESTMENT TRUST U (9A4U) currently trades at 2.36 SGD, while our model-based Fair Value estimate is 1.98 SGD, implying the stock looks roughly 16.1% overvalued today. The Quality Score stands 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 REAL ESTATE INVESTMENT TRUST U 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 Aug 13, 2026
Our scenario range runs from 1.17 SGD (bear case) to 1.98 SGD (bull case); at 2.36 SGD, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 16% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -43% fair-value upside, at -16%, 9A4U screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Dividend Discount (3.06 SGD) versus Multiples (0.6700 SGD). Highest evidence: Growth DCF (80).
Notify me when 9A4U reaches fair value
Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 49
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
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.
Full company description
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 owned by ESR (99.0%) and Shanghai Summit Pte. Ltd. (1.0%), respectively. ESR-REIT was establised on March 31, 2006 and incorporated in Singapore.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2025 · reported fiscal years
ESR REAL ESTATE INVESTMENT TRUST U 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.
9A4U screens 16% overvalued. Compare with Prologis, Inc →
Peer Group
REIT - Industrial · 59 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Industrial median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $140.73 | $61.28 | -56% |
| Public Storage, a member of the S&P 500, PSA | $323.58 | $162.43 | -50% |
| Extra Space Storage Inc EXR | $149.40 | $78.38 | -48% |
| EastGroup Properties, Inc EGP | $203.45 | $81.41 | -60% |
| Lineage, Inc LINE | $41.50 | $47.91 | +15% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.44 SGD | 2.00 SGD | -18% |
| CubeSmart CUBE | $41.22 | $25.06 | -39% |
| First Industrial Realty Trust, Inc FR | $63.34 | $20.72 | -67% |
| Rexford Industrial Realty, Inc REXR | $36.39 | $20.69 | -43% |
| STAG Industrial, Inc STAG | $36.94 | $21.64 | -41% |
Compare ESR REAL ESTATE INVESTMENT TRUST U with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Real Estate stocks →
Frequently asked questions
Is ESR REAL ESTATE INVESTMENT TRUST U (9A4U) overvalued or undervalued?
What is the fair value of 9A4U?
What is the quality score of 9A4U?
What is the revenue of ESR REAL ESTATE INVESTMENT TRUST U (9A4U)?
What is the net profit margin of 9A4U?
Does ESR REAL ESTATE INVESTMENT TRUST U pay a dividend?
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.
Track ESR REAL ESTATE INVESTMENT TRUST U and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.