Broker Name: DBS Group Research
Date of Report: 24 April 2026
Excerpt from DBS Group Research report.
Report Summary
- Stock Focus: ESR REIT (EREIT SP)
- Action: Maintain BUY
- Target Price: SGD 3.20
- Key Highlights:
- 1Q26 distributable income of SGD 44.8mn, up 8% q/q, forms about 25% of FY26 estimate.
- Positive rental reversions across the portfolio and lower borrowing costs.
- Balance sheet improvement expected with gearing set to drop to ~39.5% after divestments.
- Market focus: How quickly divestment proceeds can be redeployed into accretive acquisitions to sustain earnings and dividends.
- Major ongoing asset enhancement initiatives (AEI) and redevelopments, with 29 Tai Seng Street AEI near completion and 2 Fishery Port Road redevelopment offering attractive yield on cost.
above is an excerpt from a report by DBS Group Research. Clients of DBS Group Research can be the first to access the full report from the DBS website : https://www.dbs.com
