ESR REIT

$ESR-REIT(J91U.SG)

Value Recovery Story with Improving Fundamentals

ESR-LOGOS REIT has quietly staged a turnaround after years of portfolio restructuring. FY2025 DPU rose 3.4% to 21.91 cents, while core DPU increased 7.6%, supported by acquisitions, AEIs and strong rental reversions of 11.7%. Occupancy remained healthy at 91.1% with a WALE of 4.4 years. The portfolio is increasingly skewed towards logistics and high-specification industrial assets, with 71.6% exposure to “New Economy” sectors.

Compared with larger peers such as CapitaLand Ascendas REIT and Mapletree Industrial Trust, ESR still trails in occupancy, balance-sheet strength and tenant quality. Its gearing stands at 43.4%, higher than most blue-chip industrial REITs, although debt costs have fallen to 3.35% and Fitch recently assigned a BBB investment-grade rating. Management is also actively divesting non-core assets to strengthen the balance sheet.

What differentiates ESR is its sponsor pipeline. Backed by the global ESR platform, the REIT has access to a sizeable logistics and data-centre ecosystem across Asia. Management is targeting S$8 billion of AUM over the next five years through redevelopments, AEIs and selective acquisitions.

At current valuations, ESR-LOGOS REIT offers a higher yield than most industrial REIT peers but carries greater execution and refinancing risks. For income investors willing to accept slightly higher risk in exchange for turnaround potential and sponsor-driven growth, ESR remains one of the more compelling value opportunities in Singapore’s industrial REIT sector.

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I think a single day’s movement is not a good predictor of future performance. Although it suggests the good earnings have been priced in this time, I think there is still a chance for further upside before demand exhaustion. I’m more worried about the effect of an interest rate hike on tech stocks.

Independent analysts use different methods to value SpaceX and I agree with Morningstar’s view. The current valuation depends heavily on future growth from Starship, Starlink, and xAI and not on its existing profits. In fact, SpaceX posted a net loss of $49.4 billion in 2025. Who ready care?

Would you be willing to risk your capital on this? Personally, I would rather invest in other GREAT companies. — that way, I can sleep well at night like a baby 😆.

Anyway check out the full infographic overview below for the latest updates on SpaceX 👇

Expectations may have been too high leading to a reality check. but AI infrastructure development and deployment is still a theme for the next decade as more bottlenecks are resolved like power, water, chip supply.