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Malaysian (KLSE) Retail REITs Industry Analysis

UpdatedMay 05, 2026
DataAggregated Company Financials
Companies7
  • 7D2.5%
  • 3M-1.5%
  • 1Y24.9%
  • YTDn/a

The Retail REITs is pretty flat in the last 7 days, but IGB Real Estate Investment Trust has stood out, gaining 4.5%. As for the the longer term, the industry is up 22% over the past 12 months. Looking forward, earnings are forecast to decline by 2.6% per year.

Industry Valuation and Performance

Has the Malaysian Retail REITs Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 05 May 2026RM 33.5bRM 3.6bRM 2.2b15.5x15.3x9.2x
Thu, 02 Apr 2026RM 31.2bRM 3.5bRM 2.1b14.7x14.7x8.8x
Sat, 28 Feb 2026RM 33.7bRM 3.5bRM 2.1b16.4x15.9x9.5x
Mon, 26 Jan 2026RM 34.1bRM 3.4bRM 2.0b16.1x16.7x9.9x
Wed, 24 Dec 2025RM 31.4bRM 3.4bRM 2.0b15.4x15.4x9.1x
Fri, 21 Nov 2025RM 29.3bRM 3.4bRM 2.0b15.5x14.4x8.5x
Sun, 19 Oct 2025RM 29.5bRM 3.3bRM 2.0b15.8x15x8.9x
Tue, 16 Sep 2025RM 28.6bRM 3.3bRM 2.0b15.9x14.5x8.6x
Thu, 14 Aug 2025RM 28.8bRM 3.3bRM 2.0b14.9x14.6x8.7x
Sat, 12 Jul 2025RM 26.6bRM 3.0bRM 1.8b13.5x14.7x8.8x
Mon, 09 Jun 2025RM 24.0bRM 3.0bRM 1.8b13x13.3x7.9x
Wed, 07 May 2025RM 23.0bRM 3.0bRM 1.8b12.7x12.9x7.7x
Fri, 04 Apr 2025RM 22.7bRM 2.9bRM 1.8b13.3x12.9x7.7x
Sun, 02 Mar 2025RM 23.0bRM 2.9bRM 1.8b13.8x13x7.8x
Tue, 28 Jan 2025RM 22.7bRM 2.9bRM 1.7b12.7x13.3x7.9x
Thu, 26 Dec 2024RM 22.3bRM 2.9bRM 1.5b11.7x15.1x7.7x
Sat, 23 Nov 2024RM 21.9bRM 2.9bRM 1.5b11.9x14.8x7.6x
Mon, 21 Oct 2024RM 22.3bRM 2.8bRM 1.6b12.1x13.6x7.9x
Wed, 18 Sep 2024RM 21.1bRM 2.8bRM 1.6b11.8x12.9x7.4x
Fri, 16 Aug 2024RM 20.7bRM 2.8bRM 1.6b11.4x13.2x7.3x
Sun, 14 Jul 2024RM 20.4bRM 2.7bRM 1.6b10.9x13x7.4x
Tue, 11 Jun 2024RM 20.2bRM 2.7bRM 1.6b11x12.9x7.4x
Thu, 09 May 2024RM 19.8bRM 2.7bRM 1.6b10.4x12.5x7.2x
Sat, 06 Apr 2024RM 19.0bRM 2.6bRM 1.5b10.9x12.3x7.2x
Mon, 04 Mar 2024RM 18.8bRM 2.6bRM 1.5b10.8x12.2x7.1x
Wed, 31 Jan 2024RM 18.9bRM 2.6bRM 1.5b10.9x12.8x7.3x
Fri, 29 Dec 2023RM 18.4bRM 2.5bRM 1.5b10.7x12.5x7.3x
Sun, 26 Nov 2023RM 18.3bRM 2.5bRM 1.5b10.7x12.5x7.2x
Tue, 24 Oct 2023RM 18.0bRM 2.4bRM 1.5b10.8x12.4x7.4x
Thu, 21 Sep 2023RM 17.8bRM 2.4bRM 1.3b12.9x13.8x7.4x
Sat, 19 Aug 2023RM 17.8bRM 2.4bRM 1.3b12.7x13.8x7.3x
Mon, 17 Jul 2023RM 18.1bRM 2.3bRM 1.3b13x14x7.8x
Wed, 14 Jun 2023RM 18.1bRM 2.3bRM 1.3b12.9x14x7.8x
Fri, 12 May 2023RM 18.1bRM 2.3bRM 1.3b12.8x14x7.8x
Price to Earnings Ratio

14x


Total Market Cap: RM 18.1bTotal Earnings: RM 1.3bTotal Revenue: RM 2.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Malaysian Retail REITs Industry Price to Earnings3Y Average 13.8x202420252026
Current Industry PE
  • Investors are relatively neutral on the Malaysian Retail REITs industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 13.8x.
  • The 3-year average PS ratio of 7.9x is lower than the industry's current PS ratio of 9.0x.
Past Earnings Growth
  • The earnings for companies in the Retail REITs industry have grown 19% per year over the last three years.
  • Revenues for these companies have grown 16% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Malaysian Retail REITs compare with similar industries?

MY Market0.89%
Real Estate2.45%
REITS-0.53%
Retail REITs2.46%
Hotel and Resort REITs0%0
Healthcare REITs0%0
Diversified REITs-0.53%
Office REITs-0.77%
Industrial REITs-1.30%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
IGBREIT IGB Real Estate Investment TrustRM 2.994.5%
+RM 562.3m
27.2%PB2x
SUNREIT Sunway Real Estate Investment TrustRM 2.502.5%
+RM 205.5m
31.6%PB1.5x
PAVREIT Pavilion Real Estate Investment TrustRM 1.841.1%
+RM 78.6m
26.9%PB1.3x
KIPREIT KIP Real Estate Investment TrustRM 0.860.6%
+RM 4.8m
1.2%PB0.8x
HEKTAR Hektar Real Estate Investment TrustRM 0.431.2%
+RM 3.5m
0%PB0.4x

Latest News

Hektar REIT:零售资产逐步企稳,非零售布局开始发力,前景正在慢慢改善

如果过去市场对 Hektar REIT 的印象,还是停留在“传统零售商场 REIT”,那现在可能要开始重新看了。因为从最新的发展来看,Hektar 的故事已经不只是等商场人流复苏,而是逐步走向 “零售企稳 + 非零售扩张” 的双主线。 先看最新业绩。根据 Hektar REIT 公布的 2025年第四季业绩 ,集团季度营业额按年增长 2.4% 至 RM30.75 million ,税后净利按年增长 11.1% 至 RM5.90 million 。同时,管理层也宣布派发 每单位 1.13仙 的分派。对 REIT 投资者来说,这种“业绩改善 + 继续派息”的组合,本身就是一个比较正面的讯号。 零售组合方面,情况也比市场想象中稳。Hektar 表示,截至 2025 年底,其 零售资产组合承租率(committed occupancy)提升至 85.8% ,同时录得 2.5% 正租金调整(positive rental reversion) 。如果再看业绩简报里的数据,2025年第四季整体租金调整更达到 5.3% 。这说明什么?说明它旗下商场虽然未必进入非常强劲的扩张期,但至少租赁情况已经不像过去那样疲弱,反而开始出现比较明确的企稳迹象。 更值得留意的是,Hektar 现在的前景,已经越来越不只是靠商场。管理层在最新发布中明确提到,集团正通过 三项非零售、具收益增值(yield-accretive)的收购 来推动多元化,并预计这些新资产会从 2026年第一季开始贡献收入 。这一点很重要,因为它意味着 Hektar 正在主动降低对零售租金的单一依赖,把投资组合带往更稳定、更可预测的租金模式。 其中最受关注的一项,就是位于槟城 Bayan Lepas 的轻工业资产收购,作价 RM30 million 。根据公开资料,这项资产具备 三净租约(triple-net lease) 架构,并且有大约 7.5% 的收益率 。对 REIT 来说,这类工业资产通常比零售资产更容易提供稳定现金流,而三净租约更意味着物业营运成本大部分由租户承担,收入质量会相对更高。 除了工业资产,Hektar 也在布局教育相关资产。它在 2025 年宣布收购与 Kolej Yayasan Saad 相邻的土地,并签下 30年租赁协议 ,租金还附带 每3年调高10% 的机制。这样的资产,对 REIT 来说价值不只是“有租收”,更在于其租约年期长、现金流可见度高,能为整体投资组合带来更稳健的收入基础。 从投资逻辑来看,这也是为什么 Hektar 的前景开始变得比较有意思。过去它比较容易被当成单纯的零售 REIT 来看,所以估值和市场情绪往往直接跟着商场人流、消费情绪走。但现在不一样了。随着工业、教育和长期租赁型资产逐步加入,Hektar 的收入结构正在变得更平衡,也更有机会获得市场重新估值。 当然,要讲得平衡一点,Hektar 也不是一下子就会变成完全不同的 REIT。零售资产仍然是它的重要基础,商场租赁表现能否继续改善,还是会影响整体表现。而且非零售收购能否顺利整合、真正提升分派与盈利质量,也还需要时间验证。 不过如果从目前的方向来看,Hektar 至少已经开始做对了一件事: 不再只是被动等待零售复苏,而是主动把自己转向更稳健、更具收益支撑的多元资产组合。 对 REIT 投资者来说,这种转型比单纯短期业绩波动更值得关注。 Hektar REIT 现在最值得看的,不只是最新季度业绩有改善,也不只是派息恢复到 1.13仙 ,而是它的整体方向已经开始改变。零售组合承租率回升、租金有正增长,同时非零售资产也开始进入贡献期。