Narrative Update • Apr 18
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Singaporean (SGX) Office REITs Industry Analysis
UpdatedMay 31, 2026
DataAggregated Company Financials
Companies6
- 7D-0.5%
- 3M-11.2%
- 1Y0.7%
- YTDn/a
Over the last 7 days, the Office REITs industry has remained flat, although notably Prime US REIT gained 3.1%. Furthermore, the industry has been flat for the past year as well. As for the next few years, earnings are forecast to decline by 2.2% per annum.
Industry Valuation and Performance
Has the Singaporean Office REITs Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 31 May 2026 | S$5.4b | S$909.9m | S$291.5m | 11.7x | 18.4x | 5.9x |
| Tue, 28 Apr 2026 | S$5.5b | S$910.2m | S$291.1m | 12.7x | 19x | 6.1x |
| Thu, 26 Mar 2026 | S$5.6b | S$910.5m | S$299.6m | 12.4x | 18.5x | 6.1x |
| Sat, 21 Feb 2026 | S$6.0b | S$960.8m | S$245.4m | 14.4x | 24.4x | 6.2x |
| Mon, 19 Jan 2026 | S$5.3b | S$949.0m | -S$69,030,397.25 | 27.5x | -76.7x | 5.6x |
| Wed, 17 Dec 2025 | S$5.2b | S$950.3m | -S$68,839,001.16 | 26.2x | -74.9x | 5.4x |
| Fri, 14 Nov 2025 | S$5.5b | S$949.9m | -S$68,897,691.02 | 27.6x | -80.4x | 5.8x |
| Sun, 12 Oct 2025 | S$5.1b | S$949.7m | -S$68,926,435.73 | 26.5x | -74.5x | 5.4x |
| Tue, 09 Sep 2025 | S$5.2b | S$949.7m | -S$68,930,423.33 | 26.5x | -75x | 5.4x |
| Thu, 07 Aug 2025 | S$4.8b | S$996.4m | -S$58,209.77 | 25.6x | -81969.6x | 4.8x |
| Sat, 05 Jul 2025 | S$4.6b | S$979.0m | -S$44,480,614.38 | 27.5x | -102.7x | 4.7x |
| Mon, 02 Jun 2025 | S$4.4b | S$976.3m | -S$44,787,559.29 | 27.7x | -97.9x | 4.5x |
| Wed, 30 Apr 2025 | S$4.3b | S$978.3m | -S$44,563,846.97 | 23.8x | -96.2x | 4.4x |
| Fri, 28 Mar 2025 | S$4.4b | S$974.6m | -S$44,977,358.80 | 25.6x | -97.7x | 4.5x |
| Sun, 23 Feb 2025 | S$4.2b | S$968.0m | -S$179,864,978.62 | 25.7x | -23.4x | 4.4x |
| Tue, 21 Jan 2025 | S$4.5b | S$994.5m | -S$338,697,293.59 | 27.3x | -13.3x | 4.5x |
| Thu, 19 Dec 2024 | S$4.5b | S$995.2m | -S$339,527,074.36 | 26.6x | -13.1x | 4.5x |
| Sat, 16 Nov 2024 | S$4.5b | S$995.2m | -S$339,521,595.89 | 27.2x | -13.1x | 4.5x |
| Mon, 14 Oct 2024 | S$4.9b | S$995.9m | -S$340,282,355.84 | 29.4x | -14.4x | 4.9x |
| Wed, 11 Sep 2024 | S$4.8b | S$996.9m | -S$341,458,045.84 | 28.8x | -14x | 4.8x |
| Fri, 09 Aug 2024 | S$4.3b | S$991.5m | -S$353,517,758.37 | 25.9x | -12.2x | 4.3x |
| Sun, 07 Jul 2024 | S$4.1b | S$995.6m | -S$571,070,355.75 | 19.1x | -7.3x | 4.2x |
| Tue, 04 Jun 2024 | S$4.3b | S$995.8m | -S$571,288,842.55 | 19.4x | -7.5x | 4.3x |
| Thu, 02 May 2024 | S$4.4b | S$995.2m | -S$570,372,084.72 | 19.9x | -7.6x | 4.4x |
| Sat, 30 Mar 2024 | S$4.4b | S$995.1m | -S$570,229,927.66 | 19.6x | -7.7x | 4.4x |
| Mon, 26 Feb 2024 | S$4.4b | S$891.3m | -S$606,786,613.57 | 20x | -7.3x | 5x |
| Wed, 24 Jan 2024 | S$4.9b | S$960.3m | -S$267,768,908.00 | 12.1x | -18.1x | 5.1x |
| Fri, 22 Dec 2023 | S$5.0b | S$960.5m | -S$267,850,783.00 | 12.4x | -18.5x | 5.2x |
| Sun, 19 Nov 2023 | S$4.5b | S$960.8m | -S$268,075,184.00 | 10.6x | -16.7x | 4.7x |
| Tue, 17 Oct 2023 | S$4.2b | S$959.3m | -S$267,162,853.00 | 9.1x | -15.7x | 4.4x |
| Thu, 14 Sep 2023 | S$4.4b | S$960.6m | -S$267,914,524.00 | 9.8x | -16.6x | 4.6x |
| Sat, 12 Aug 2023 | S$4.7b | S$962.8m | S$41.6m | 10.9x | 113.1x | 4.9x |
| Mon, 10 Jul 2023 | S$4.9b | S$961.6m | S$332.7m | 8.3x | 14.8x | 5.1x |
| Wed, 07 Jun 2023 | S$4.8b | S$959.5m | S$331.5m | 8x | 14.5x | 5x |
Price to Earnings Ratio
14.5x
Current Industry PE
- Investors are pessimistic on the Singaporean Office 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 18.4x which is higher than its 3-year average PE of -642x.
- The 3-year average PS ratio of 4.9x is lower than the industry's current PS ratio of 5.9x.
Past Earnings Growth
- The earnings for companies in the Office REITs industry have declined 4.2% 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 Comparison
How does Singaporean Office REITs compare with similar industries?
| SG Market | -0.61% | |
| Real Estate | -0.60% | |
| REITS | -0.024% | |
| Office REITs | -0.52% | |
| Industrial REITs | 0.24% | |
| Healthcare REITs | 0.08% | |
| Residential REITs | 0% | 0 |
| Specialized REITs | 0% | 0 |
| Diversified REITs | -0.024% | |
| Hotel and Resort REITs | -0.064% | |
| Retail REITs | -0.26% | |
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?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| OXMU Prime US REIT | US$0.17 | 3.1% +US$7.2m | 22.1% | PB0.3x | |
| UD1U IREIT Global | S$0.23 | 2.2% +S$6.7m | -25.4% | PB0.5x | |
| CMOU KORE US REIT | US$0.19 | 1.6% +US$3.1m | -1.6% | PB0.3x |