ESR-REIT

SGX:J91U Stock Report

Market Cap: S$2.1b

ESR-REIT Valuation

Is J91U undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of J91U when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
S$0.37
Fair Value
31.6% undervalued intrinsic discount
5
Number of Analysts

Below Fair Value: J91U (SGD0.26) is trading below our estimate of fair value (SGD0.37)

Significantly Below Fair Value: J91U is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for J91U?

Key metric: As J91U is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for J91U. This is calculated by dividing J91U's market cap by their current revenue.
What is J91U's PS Ratio?
PS Ratio5.5x
SalesS$374.31m
Market CapS$2.05b

Price to Sales Ratio vs Peers

How does J91U's PS Ratio compare to its peers?

The above table shows the PS ratio for J91U vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7.6x
O5RU AIMS APAC REIT
5.6x0.6%S$1.0b
BUOU Frasers Logistics & Commercial Trust
7.2x5.2%S$3.2b
ME8U Mapletree Industrial Trust
8.9x3.4%S$6.3b
M44U Mapletree Logistics Trust
8.7x4.5%S$6.3b
J91U ESR-REIT
5.5x3.9%S$2.1b

Price-To-Sales vs Peers: J91U is good value based on its Price-To-Sales Ratio (5.5x) compared to the peer average (7.6x).

Price to Sales Ratio vs Industry

How does J91U's PS Ratio compare vs other companies in the Asian Industrial REITs Industry?

0 CompaniesPrice / SalesEstimated GrowthMarket Cap
J91U 5.5xIndustry Avg. 8.8xNo. of Companies7PS048121620+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: J91U is good value based on its Price-To-Sales Ratio (5.5x) compared to the Asian Industrial REITs industry average (8.8x).

Price to Sales Ratio vs Fair Ratio

What is J91U's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

J91U PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.5x
Fair PS Ratio6.2x

Price-To-Sales vs Fair Ratio: J91U is good value based on its Price-To-Sales Ratio (5.5x) compared to the estimated Fair Price-To-Sales Ratio (6.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst J91U forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentS$0.26
S$0.34
+31.8%
4.5%S$0.36S$0.32n/a5
Jan ’26S$0.26
S$0.34
+31.8%
4.5%S$0.36S$0.32n/a5
Dec ’25S$0.26
S$0.34
+29.2%
4.5%S$0.36S$0.32n/a5
Nov ’25S$0.28
S$0.34
+17.9%
4.5%S$0.36S$0.32n/a5
Oct ’25S$0.29
S$0.34
+15.9%
4.5%S$0.36S$0.32n/a5
Sep ’25S$0.27
S$0.34
+24.4%
4.5%S$0.36S$0.32n/a5
Aug ’25S$0.27
S$0.34
+24.4%
4.5%S$0.36S$0.32n/a5
Jul ’25S$0.27
S$0.34
+27.4%
7.5%S$0.39S$0.32n/a5
Jun ’25S$0.29
S$0.35
+20.7%
8.5%S$0.39S$0.32n/a5
May ’25S$0.29
S$0.35
+21.8%
8.0%S$0.39S$0.32n/a6
Apr ’25S$0.30
S$0.35
+18.3%
7.4%S$0.39S$0.32n/a6
Mar ’25S$0.30
S$0.35
+16.2%
6.9%S$0.39S$0.32n/a7
Feb ’25S$0.31
S$0.35
+13.6%
9.2%S$0.40S$0.31n/a9
Jan ’25S$0.32
S$0.35
+9.4%
10.1%S$0.40S$0.30S$0.269
Dec ’24S$0.30
S$0.35
+16.7%
10.1%S$0.40S$0.30S$0.269
Nov ’24S$0.28
S$0.35
+27.3%
10.1%S$0.40S$0.30S$0.289
Oct ’24S$0.28
S$0.37
+33.7%
6.9%S$0.40S$0.31S$0.299
Sep ’24S$0.31
S$0.37
+20.8%
6.9%S$0.40S$0.31S$0.279
Aug ’24S$0.34
S$0.38
+10.1%
9.1%S$0.45S$0.31S$0.279
Jul ’24S$0.34
S$0.38
+13.4%
9.9%S$0.45S$0.30S$0.279
Jun ’24S$0.32
S$0.39
+22.9%
9.7%S$0.45S$0.32S$0.299
May ’24S$0.33
S$0.40
+21.7%
9.3%S$0.45S$0.32S$0.299
Apr ’24S$0.33
S$0.41
+25.1%
10.4%S$0.45S$0.32S$0.309
Mar ’24S$0.33
S$0.40
+23.5%
10.4%S$0.45S$0.32S$0.308
Feb ’24S$0.38
S$0.43
+13.2%
11.7%S$0.55S$0.38S$0.318
Jan ’24S$0.37
S$0.44
+18.2%
13.4%S$0.55S$0.35S$0.328
Analyst Price Target
Consensus Narrative from 5 Analysts
S$0.34
Fair Value
24.1% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/14 01:20
End of Day Share Price 2025/01/14 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

ESR-REIT is covered by 18 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Justin JenkinsCGS International
Brandon I. LeeCitigroup Inc
Yew Kiang WongCLSA