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Singaporean (SGX) Industrial REITs Industry Analysis

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies9
  • 7D-0.3%
  • 3M-6.3%
  • 1Y3.1%
  • YTDn/a

The Industrial REITs industry has been flat over the last week, but UI Boustead Real Estate Investment Trust has lost 5.5%. The past year has been better, since the industry has gained 3.1% in that time. Looking forward, earnings are forecast to grow by 7.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 21 May 2026S$32.7bS$4.4bS$1.7b16.3x19x7.5x
Sat, 18 Apr 2026S$33.8bS$4.3bS$1.7b17.9x20.2x7.8x
Mon, 16 Mar 2026S$30.9bS$4.2bS$1.6b17.2x19.3x7.3x
Wed, 11 Feb 2026S$33.6bS$4.2bS$1.5b26.6x21.7x7.9x
Fri, 09 Jan 2026S$34.3bS$4.2bS$1.4b19x24.2x8.2x
Sun, 07 Dec 2025S$33.2bS$4.2bS$1.4b18.4x23.5x8x
Tue, 04 Nov 2025S$34.0bS$4.2bS$1.3b26.9x25.3x8.2x
Thu, 02 Oct 2025S$33.3bS$4.2bS$1.3b26.9x25.4x8x
Sat, 30 Aug 2025S$32.2bS$4.2bS$1.3b25.6x24.5x7.7x
Mon, 28 Jul 2025S$32.1bS$4.2bS$1.3b24.4x24.2x7.7x
Wed, 25 Jun 2025S$30.4bS$4.2bS$1.3b23.2x22.8x7.3x
Fri, 23 May 2025S$28.8bS$4.2bS$1.3b21.9x21.6x6.9x
Sun, 20 Apr 2025S$30.1bS$4.1bS$1.2b22.4x24.4x7.3x
Tue, 18 Mar 2025S$31.2bS$4.1bS$1.2b23.2x25.2x7.6x
Thu, 13 Feb 2025S$30.6bS$4.1bS$1.2b22.4x24.6x7.4x
Sat, 11 Jan 2025S$31.2bS$4.1bS$689.5m23.4x45.3x7.5x
Mon, 09 Dec 2024S$31.7bS$4.1bS$689.5m23.2x46x7.7x
Wed, 06 Nov 2024S$33.4bS$4.1bS$414.4m25x80.6x8.1x
Fri, 04 Oct 2024S$35.9bS$4.1bS$446.2m25.4x80.6x8.7x
Sun, 01 Sep 2024S$34.4bS$4.1bS$446.2m24.2x77.2x8.4x
Tue, 30 Jul 2024S$32.4bS$4.1bS$457.5m23.6x70.9x7.9x
Thu, 27 Jun 2024S$31.6bS$4.1bS$464.0m22.8x68x7.7x
Sat, 25 May 2024S$32.5bS$4.1bS$494.6m22.7x65.8x8x
Mon, 22 Apr 2024S$31.7bS$4.1bS$907.8m18.1x34.9x7.8x
Wed, 20 Mar 2024S$33.0bS$4.1bS$918.0m18x36x8.1x
Fri, 16 Feb 2024S$34.9bS$4.1bS$908.4m18.4x38.4x8.6x
Sun, 14 Jan 2024S$37.4bS$4.1bS$1.6b15.2x22.8x9.2x
Tue, 12 Dec 2023S$35.8bS$4.1bS$1.6b14.6x21.9x8.8x
Thu, 09 Nov 2023S$33.9bS$4.1bS$1.6b14x20.6x8.3x
Sat, 07 Oct 2023S$33.6bS$4.1bS$2.3b11.3x14.4x8.2x
Mon, 04 Sep 2023S$35.9bS$4.1bS$2.3b11.9x15.4x8.8x
Wed, 02 Aug 2023S$36.5bS$4.1bS$2.4b15.4x15.2x8.9x
Fri, 30 Jun 2023S$35.7bS$4.0bS$2.1b12.6x16.7x9x
Sun, 28 May 2023S$35.3bS$4.0bS$2.1b12.5x16.5x8.9x
Price to Earnings Ratio

16.5x


Total Market Cap: S$35.3bTotal Earnings: S$2.1bTotal Revenue: S$4.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Singaporean Industrial REITs Industry Price to Earnings3Y Average 33.6x202420252026
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 19.0x which is lower than its 3-year average PE of 33.6x.
  • The industry is trading close to its 3-year average PS ratio of 8.0x.
Past Earnings Growth
  • The earnings for companies in the Industrial REITs industry have declined 6.9% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Comparison

How does Singaporean Industrial REITs compare with similar industries?

SG Market-0.20%
Real Estate-1.59%
REITS-0.45%
Industrial REITs-0.30%
Healthcare REITs0.42%
Residential REITs0%0
Specialized REITs0%0
Retail REITs-0.15%
Diversified REITs-0.45%
Hotel and Resort REITs-0.49%
Office REITs-0.81%
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
A17U CapitaLand Ascendas REITS$2.511.6%
+S$199.7m		-3.1%PB1.2x
BUOU Frasers Logistics & Commercial TrustS$0.984.3%
+S$152.1m		25.6%PB0.9x
M44U Mapletree Logistics TrustS$1.180.9%
+S$51.1m		9.3%PB0.9x
ME8U Mapletree Industrial TrustS$1.940.5%
+S$28.5m		1.6%PB1.1x
O5RU AIMS APAC REITS$1.601.9%
+S$24.6m		27.0%PB0.8x

Latest News

M44U
S$1.18
Mapletree Logistics Trust
7D
0.9%
1Y
9.3%
Narrative Update • May 15

M44U: Future Returns Will Reflect Stable Distributions Supported By Higher Projected P E

Analysts have trimmed their SGD fair value estimate for Mapletree Logistics Trust from SGD1.43 to SGD1.40. This reflects updated assumptions around revenue growth, profit margins and a higher projected future P/E multiple, alongside recent Street research that has turned more constructive on the trust's positioning.
O5RU
S$1.60
AIMS APAC REIT
7D
1.9%
1Y
27.0%
ME8U
S$1.94
Mapletree Industrial Trust
7D
0.5%
1Y
1.6%
Narrative Update • May 09

ME8U: Steady Distribution And Softer Revenue Outlook Will Shape Near-Term Returns

The analyst fair value estimate for Mapletree Industrial Trust has drifted slightly lower from SGD2.10 to SGD2.03, as analysts factor in a softer revenue growth outlook alongside a modestly higher profit margin and a broadly steady forward P/E of about 19x. What's in the News Mapletree Industrial Trust declared a distribution of 3.09 Singapore cents per unit for the fourth quarter of Financial Year 2025/2026, covering the period from 1 January 2026 to 31 March 2026 (Key Developments).
BUOU
S$0.98
Frasers Logistics & Commercial Trust
7D
4.3%
1Y
25.6%
A17U
S$2.51
CapitaLand Ascendas REIT
7D
1.6%
1Y
-3.1%
Narrative Update • Apr 27

A17U: Recent Equity Offerings And Distribution Outlook Will Support Future Upside Potential

Analysts now set a revised price target for CapitaLand Ascendas REIT at about SGD3.15, compared with the prior SGD3.24, reflecting updated views on its discount rate, revenue growth, profit margin and forward P/E assumptions. What's in the News Completed a follow on equity offering of about SGD303.47m, issuing 129,134,664 new units at SGD2.35 per unit under a rights offering structure (Key Developments).
M1GU
S$0.47
Alpha Integrated Real Estate Investment Trust
7D
-1.0%
1Y
28.4%
9A4U
S$2.42
ESR-REIT
7D
0.8%
1Y
11.5%
UIBU
S$0.78
UI Boustead Real Estate Investment Trust
7D
-3.7%
1Y
n/a