Daiwa House Logistics Trust (DHLU) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Daiwa House Logistics Trust S$0.44, price S$0.41, upside +8.6%, quality 69 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
58‑month range 0.3783 SGD – 0.5980 SGD · fair‑value band 0.3300 SGD – 0.5300 SGD · the 0.4050 SGD price screens below the 0.4400 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Daiwa House Logistics Trust is a Singapore real estate investment trust (REIT) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.
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Daiwa House Logistics Trust is a Singapore real estate investment trust (REIT) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia. Its portfolio currently comprises 18 high-quality logistics properties across Japan and one property in Vietnam, with an aggregate net lettable area more than 499,000 sqm. DHLT is managed by Daiwa House Asset Management Asia Pte. Ltd., a wholly owned subsidiary of its Sponsor, Daiwa House Industry Co., Ltd. Daiwa House Logistics Trust was incorporated in Singapore.
Stock analysis
Daiwa House Logistics Trust (DHLU) currently trades at 0.4050 SGD, while our model-based Fair Value estimate is 0.4400 SGD, so the stock looks roughly fairly valued today (gap 8.0%).
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Valuation
Bull case: the Economic Profit group reads highest at a median of 0.5400 SGD per share, and 7 of the 12 models we run sit above the 0.4050 SGD price.
Bear case: the DCF Models group reads lowest at 0.2600 SGD, and 5 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 0.3300 SGD (bear) to 0.5300 SGD (bull), the price of 0.4050 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Daiwa House Logistics Trust reported revenue of 57.8M SGD in FY2025 versus 58.7M SGD in FY2019, a compound −0.3%/yr. Reported net income was 35.7M SGD in FY2025, compounding +10.5%/yr from FY2019.
Key figures
Market cap 284M SGD (≈ $222M) · P/E ratio 8.1 · P/S ratio 5.00 · EPS (TTM) 0.0500 SGD · Dividend yield 9.6% · Net margin 61.7% · Return on equity 7.3% · Return on assets (EBIT) 3.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 27% fair-value upside, at 9%, DHLU screens richer than that median.
Fair Value models
Bear 0.3300 SGDFair Value 0.4400 SGDBull 0.5300 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.0083 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.0%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
’18
’19
’20
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+14.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.9%
Dividend (yield on the price)9.6%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +7.9% a year for the price.
Compare Daiwa House Logistics Trust with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.REIT - Industrial · 53 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside+8.6% · Above median
Profitability
Return on equity (TTM)7.3% · Above median
Return on assets2.2% · Bottom 25%
Net margin (TTM)66.7% · Above median
Operating margin (TTM)68.1% · Above median
Growth and dividend
Revenue growth−11.8% · Bottom 25%
Dividend yield (TTM)9.6% · Top 25%
Balance sheet
Debt / equity0.51× · Above median
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Daiwa House Logistics Trust Fair Value". https://www.fairvalue-calculator.com/stock/DHLU
Frequently asked questions
Is Daiwa House Logistics Trust (DHLU) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 0.4400 SGD versus a price of 0.4050 SGD, about +9% upside (fairly valued).
What is the fair value of DHLU?
Our model-based fair value for Daiwa House Logistics Trust is 0.4400 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 0.4050 SGD.
What is the quality score of DHLU?
Daiwa House Logistics Trust has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Daiwa House Logistics Trust (DHLU)?
Our model-based price target is the fair value of 0.4400 SGD (as of Sep 27, 2026) from 12 valuation models. Cautious scenario 0.3300 SGD, optimistic scenario 0.5300 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Daiwa House Logistics Trust stock forecast for 2026?
Our models put fair value at 0.4400 SGD, about +9% upside versus a price of 0.4050 SGD (fairly valued). Cautious scenario 0.3300 SGD, optimistic scenario 0.5300 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Daiwa House Logistics Trust (DHLU)?
Daiwa House Logistics Trust reported trailing-twelve-month revenue of about 54.4M SGD (latest available figure, as of Sep 27, 2026).
Does Daiwa House Logistics Trust pay a dividend?
Daiwa House Logistics Trust currently shows a dividend yield of about 9.63% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Daiwa House Logistics Trust (DHLU)?
For today's price to be fair in a discounted-cash-flow model, Daiwa House Logistics Trust would have to grow free cash flow by +10.1 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -4.0 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of DHLU use?
Our models discount Daiwa House Logistics Trust at 12.0 %: a base by market capitalisation (micro), damped by beta 0.83, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Daiwa House Logistics Trust that is +10.1 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Daiwa House Logistics Trust (DHLU) delivered so far?
Over the past 5 years revenue at Daiwa House Logistics Trust grew -4.0 % a year. The price currently implies +10.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Daiwa House Logistics Trust (DHLU) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Daiwa House Logistics Trust (+10.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Daiwa House Logistics Trust (DHLU)?
The free-cash-flow yield on the price is 13.63 %: that much free cash flow Daiwa House Logistics Trust produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Daiwa House Logistics Trust (DHLU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Daiwa House Logistics Trust it is 0.4400 SGD per share (as of Sep 27, 2026), against a price of 0.4050 SGD. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Daiwa House Logistics Trust stock overvalued or undervalued in 2026?
As of Sep 27, 2026, DHLU trades below its calculated fair value: price 0.4050 SGD, fair value 0.4400 SGD, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DHLU?
No. The price is what the market pays today (0.4050 SGD); the fair value is what the company's own numbers justify (0.4400 SGD). For Daiwa House Logistics Trust the two are 0.0350 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Daiwa House Logistics Trust worth?
The market values Daiwa House Logistics Trust at about 284M SGD (market capitalisation, as of Sep 27, 2026). Per share that is 0.4050 SGD; our models calculate a fair value of 0.4400 SGD per share.
What do the bullish and bearish scenarios say about DHLU?
Our models span a range for Daiwa House Logistics Trust: cautious scenario 0.3300 SGD, base 0.4400 SGD, optimistic 0.5300 SGD per share (as of Sep 27, 2026, price 0.4050 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DHLU?
Daiwa House Logistics Trust trades at a price-to-earnings ratio of 8.1 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 0.4400 SGD is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 10.8 (reported for FY2025: 8.0). Other multiples: P/B 0.6, P/S 5.2, EV/EBITDA 12.1.
How solid is the balance sheet of Daiwa House Logistics Trust (DHLU)?
Balance-sheet figures for Daiwa House Logistics Trust (as of Sep 27, 2026): return on equity 7.3%, debt of 0.51 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is DHLU from its 52-week high?
Daiwa House Logistics Trust trades at 0.4050 SGD, about 25% below its 52-week high of 0.5431 SGD and 5% above the low of 0.3850 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 0.4400 SGD is for.
Which stocks are comparable to Daiwa House Logistics Trust?
From the same area (Real Estate) we also value Public Storage, a member of the S&P 500,, Prologis, Inc, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Daiwa House Logistics Trust stock attractive at the current price?
The data as of Sep 27, 2026: price 0.4050 SGD, calculated fair value 0.4400 SGD (+9%), Quality Score 69/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DHLU calculated?
We run Daiwa House Logistics Trust through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.4400 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Daiwa House Logistics Trust currently trades 8 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Daiwa House Logistics Trust (DHLU)?
The closing price on Oct 2, 2026 was 0.4050 SGD. Our model-based fair value is 0.4400 SGD, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Daiwa House Logistics Trust right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Daiwa House Logistics Trust
How large is the market capitalisation of Daiwa House Logistics Trust (DHLU)?
The market capitalisation of Daiwa House Logistics Trust is 284M SGD (≈ $222M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Daiwa House Logistics Trust (DHLU)?
The price-to-sales ratio of Daiwa House Logistics Trust is 5.00 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Daiwa House Logistics Trust (DHLU)?
Earnings per share at Daiwa House Logistics Trust are 0.0500 SGD (price ÷ EPS = P/E 8.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Daiwa House Logistics Trust (DHLU)?
The dividend yield of Daiwa House Logistics Trust is 9.6% (payout 106%, on adjusted earnings, reported 78.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Daiwa House Logistics Trust (DHLU)?
The net margin of Daiwa House Logistics Trust is 61.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Daiwa House Logistics Trust (DHLU)?
The return on equity (ROE) of Daiwa House Logistics Trust is 7.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Daiwa House Logistics Trust (DHLU)?
On an EBIT basis the return on assets of Daiwa House Logistics Trust is 3.7% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Daiwa House Logistics Trust (DHLU)?
The operating margin of Daiwa House Logistics Trust is 68.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Daiwa House Logistics Trust (DHLU)?
Revenue at Daiwa House Logistics Trust is growing −11.8% versus a year earlier (3y avg −6.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Daiwa House Logistics Trust (DHLU)?
Earnings per share at Daiwa House Logistics Trust are growing +5.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Daiwa House Logistics Trust (DHLU) carry?
The net debt of Daiwa House Logistics Trust is 319M SGD (fiscal year 2025, ≈ 8.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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