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Singaporean (SGX) Industrial REITs Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies8
  • 7D0.9%
  • 3M1.4%
  • 1Y5.9%
  • YTD0.7%

In the last week, Industrial REITs has been flat. As for the the longer term, the industry is up 4.8% over the past 12 months. Earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

Has the Singaporean Industrial REITs Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026S$34.1bS$4.2bS$1.4b19x24.1x8.2x
Sat, 06 Dec 2025S$33.2bS$4.2bS$1.4b18.4x23.5x8x
Mon, 03 Nov 2025S$33.9bS$4.2bS$1.3b26.9x25.3x8.1x
Wed, 01 Oct 2025S$33.2bS$4.2bS$1.3b26.7x25.2x7.9x
Fri, 29 Aug 2025S$32.0bS$4.2bS$1.3b25.3x24.4x7.7x
Sun, 27 Jul 2025S$32.1bS$4.2bS$1.3b24.4x24.2x7.7x
Tue, 24 Jun 2025S$30.1bS$4.2bS$1.3b22.9x22.6x7.2x
Thu, 22 May 2025S$29.1bS$4.2bS$1.3b22.4x21.8x6.9x
Sat, 19 Apr 2025S$30.1bS$4.1bS$1.2b22.4x24.4x7.3x
Mon, 17 Mar 2025S$31.3bS$4.1bS$1.2b23.3x25.3x7.6x
Wed, 12 Feb 2025S$30.7bS$4.1bS$1.3b22.4x24.5x7.4x
Fri, 10 Jan 2025S$31.3bS$4.1bS$689.5m23.8x45.4x7.6x
Sun, 08 Dec 2024S$31.7bS$4.1bS$689.5m23.2x46x7.7x
Tue, 05 Nov 2024S$33.6bS$4.1bS$412.6m25.5x81.4x8.2x
Thu, 03 Oct 2024S$35.8bS$4.1bS$446.2m25.5x80.2x8.7x
Sat, 31 Aug 2024S$34.4bS$4.1bS$446.2m24.2x77.2x8.4x
Mon, 29 Jul 2024S$32.3bS$4.1bS$457.5m23.5x70.6x7.9x
Wed, 26 Jun 2024S$31.5bS$4.1bS$464.0m23x68x7.7x
Fri, 24 May 2024S$32.6bS$4.1bS$494.6m22.4x66x8x
Sun, 21 Apr 2024S$31.7bS$4.1bS$907.8m18.1x34.9x7.8x
Tue, 19 Mar 2024S$33.2bS$4.1bS$918.0m18.1x36.1x8.2x
Thu, 15 Feb 2024S$34.4bS$4.1bS$908.4m18.5x37.9x8.5x
Sat, 13 Jan 2024S$37.4bS$4.1bS$1.6b15.2x22.8x9.2x
Mon, 11 Dec 2023S$35.8bS$4.1bS$1.6b14.8x21.9x8.8x
Wed, 08 Nov 2023S$34.3bS$4.1bS$1.6b14.1x20.9x8.4x
Fri, 06 Oct 2023S$34.3bS$4.1bS$2.3b11.3x14.7x8.4x
Sun, 03 Sep 2023S$35.9bS$4.1bS$2.3b11.9x15.4x8.8x
Tue, 01 Aug 2023S$36.4bS$4.0bS$2.4b15.5x15x9x
Thu, 29 Jun 2023S$35.4bS$4.0bS$2.1b12.6x16.6x8.9x
Sat, 27 May 2023S$35.3bS$4.0bS$2.1b12.5x16.5x8.9x
Mon, 24 Apr 2023S$36.8bS$4.0bS$2.6b12.4x13.9x9.2x
Price to Earnings Ratio

13.6x


Total Market Cap: S$36.0bTotal Earnings: S$2.7bTotal Revenue: S$4.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Industrial REITs Industry Price to Earnings3Y Average 34.3x202420252026
Current Industry PE
  • Investors are pessimistic on the Singaporean Industrial REITs industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 24.1x which is lower than its 3-year average PE of 34.3x.
  • The industry is trading close to its 3-year average PS ratio of 8.1x.
Past Earnings Growth
  • The earnings for companies in the Industrial REITs industry have declined 19% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Singaporean Real Estate industry?

SG Market1.68%
Real Estate1.57%
Industrial REITs0.89%
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
BUOU Frasers Logistics & Commercial TrustS$1.033.5%
+S$132.7m		17.7%PB0.9x
M44U Mapletree Logistics TrustS$1.341.5%
+S$102.1m		6.3%PB1x
A17U CapitaLand Ascendas REITS$2.850.7%
+S$92.2m		10.5%PB1.3x
9A4U ESR-REITS$2.772.2%
+S$48.2m		8.6%PB0.9x
ME8U Mapletree Industrial TrustS$2.090.5%
+S$28.5m		-7.1%PB1.2x

Latest News

A17U
S$2.85
CapitaLand Ascendas REIT
7D
0.7%
1Y
10.5%
M44U
S$1.34
Mapletree Logistics Trust
7D
1.5%
1Y
6.3%

M44U: Fair Outlook As China Rent Gains Meet Slower Ex China Reversion

Analysts have lifted their fair value estimate for Mapletree Logistics Trust from S$0.97 to S$1.25, reflecting updated assumptions on revenue growth, profit margins and future P/E, while also acknowledging recent share price strength and the view that improving Mainland China rent reversion is now largely priced in after the recent downgrade to Neutral by the Street. Analyst Commentary Recent Street commentary around Mapletree Logistics Trust has turned more cautious, with attention shifting from past share price strength to what might be achievable from here on current fundamentals.
ME8U
S$2.09
Mapletree Industrial Trust
7D
0.5%
1Y
-7.1%

ME8U: Maintained Distributions Will Support Stronger Future Earnings Multiples

Analysts have maintained their SGD 2.54 price target for Mapletree Industrial Trust, noting that marginally lower discount rate and revenue growth assumptions are effectively offset by a slightly stronger profit margin outlook and steady future valuation multiples. What's in the News Announced a 2QFY25/26 distribution of 3.18 Singapore cents per unit for the period from 1 July 2025 to 30 September 2025, payable by 10 December 2025 (company announcement) Books closure set for 5.00pm on 6 November 2025, with unitholders on record at that time entitled to receive the declared distribution (company announcement) The distribution comprises 2.34 Singapore cents of taxable income, 0.23 Singapore cent of tax-exempt income, and 0.61 Singapore cent of capital per unit, reflecting a detailed breakdown of payout components (company announcement) Valuation Changes Fair Value: Maintained at SGD 2.54 per unit, with no change to the target price.
BUOU
S$1.03
Frasers Logistics & Commercial Trust
7D
3.5%
1Y
17.7%
O5RU
S$1.52
AIMS APAC REIT
7D
1.3%
1Y
17.8%
9A4U
S$2.77
ESR-REIT
7D
2.2%
1Y
8.6%